All Forum Posts by: Derek Carroll

Have an opportunity to buy two properties in rough areas with DSS tenants on owner financing. Owner just recently received c/o.

Other than the numbers what are problem areas that I should be aware of. I uteently only have one property to good tenants in a nice area

I don't think so. I have the ipad with cell service so anytime I'm not using wifi I can use cellular. They also have phone apps and a mobile site that you could access from your phone

Sorry that I can't help with your specific question but I just wanted to throw out that you might want to try salesforce. I use and love it and you can customize it to do almost anything that you'd like.

I used to run an Internet company and always tested out the latest and greatest software but keep coming back to salesforce. It's worth the 30 day trial at least

Although its strange to me what well is telling You, Why don't you just use an LLC?

Is this a single purpose entity? Most lenders require or at least strongly desire investment vehicles to be single purpose/asset

Search and landscape mode. I'm discouraged to post any lengthy replies to people with out using the larger landscape mode keyboard.

Also would love it if I was automatically subscribed to and received notifications for posts / replies that I made. Otherwise I have to remember to go back and check on topics

What type of commercial propert? Is it generating any income?

You should be able to approach almost any lender that works in your product type an in your area and obtain a cash out refinance, especially if you request at a low LTV.

Let me know if you have specific questions. I do this stuff all day long.

You mentions credit from the lender as well. What were the credits for and in what amount?

There's always a story to tell a lender. You'll have to pay a higher rate, Provide personal guarantee (might need net worth equal to the loan request), and if the LTV is low enough you'll find lenders. Try local banks ans credit unions. Private lenders and hard money is also an option.

I am close with a couple of very large developers/investors who have become wildly successful. They each partner on almost every deal. Food for thought.

We tell borrowers (or larger deals) to expect 3% in closing costs. Sometimes less, sometimes more. Depends on the lender but its a good rule of thumb to start with.