All Forum Posts by: Erickson Sainval

This blog by Brandon could help

https://www.biggerpockets.com/...

He also has the book that goes in great detail

https://www.biggerpockets.com/...

To lock down the refinance part is to have a relationship with your lender and keeping them in the loop of your plan. If you can secure or at least have the refinance ready, it will help the transition be a little easier. The problem many run into is requirements from lenders that they did not know before hand and end up squirming to find a lender to complete it. Make sure you have everything they need and the requirements.

Great work, Portsmouth is also a area I look at. We should connect!

Brandon breaks it down here in his ultimate guide.

https://www.biggerpockets.com/...

I suggest always providing 3 options if you can and let them decide. 

Some do fixed and some bill by hour. Your best choice is to call and get a free consultation and ask for the pricing upfront.

You wont be able to list it on the MLS without an agent/broker. All you can do is list it on all these 3rd party sites (FB, Craig, zillow,redfin, etc).

Just basically a resume of all your projects. Holding time, returns, etc.. 

Bio about you. Small synopsis of your plans for the property.

Definitely check how conservative your being. They say you will go through a 100 deals to make offer on 10 to close on 1. It could also mean those deals do not pencil out at that price. Also if its not your model, make sure you try different models. See what the numbers are doing and understand why they are changing. I've had deals where I'd only need the price to drop 100-200k and it works. Ive seen deals where I have to take out a whole 1M to work. 

Basically need a networth the same as the price of the building your trying to buy. You will also need post liquidity. They might also ask for experience in commercial, if you do not have it, just put your residential experience. 

Most likely you will need to partner with someone who has commercial experience to give the bank a warm and fuzzy.

Good points and this is also my thinking.