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All Forum Posts by: Rob Beeman

Rob Beeman has started 58 posts and replied 264 times.

Post: ATTENTION EXPERIENCED REAL ESTATE INVESTORS!

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

Do you purchase properties often, for flipping or holding?

With rates rising, does locking in the terms and source of funding sound smart to you?

Would it be nice to know that you have the funding lined up, do not have to go searching for it on every deal, and can focus on finding the deals that make sense?

Would a $5MM line of credit help grow your business?

If so, complete this no obligation form and we will follow up to discuss how this could happen: https://g8kpr.wufoo.com/forms/p5kwfq40lj3ri9/

Post: Should I buy an investment property under LLC or under my name?

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Sean Beyrouthy I did my first couple dozen flips in my own name (didn't know any better) BIG MISTAKE!

My experience since then has been, buy what is personal to you (house, cars, etc.) in your name and anything that is business buy in an entity (LLC). And do not mix the two (personal & business), keep them separate.

Post: How to Become Commercial Mortgage Broker

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Sneh Lathiya Message me if you have an interest in being a referral partner for us, a direct lender to real estate investors.

You receive your fee (points) at the closing of the loans.

Post: 80% LTV Cash Out Refi for Triplex?

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Christian Hollinger We are capped at 75%LTV on cash out refis.

80% rate & term refi on SFR's (but not 2-4 units).

Post: HELOC on Rental Properties in Kansas and Indiana?

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Matthew Lucherini Understand why the HELOC is appealing. However, if that doesn't pan out - keep me in mind as we have a cash out 30 year rental loan product with the loan supplied to the LLC (stays off credit). If the property(s) is currently in your name it can be transferred to the LLC at the loan closing. There is NO CAP on the number of loans you can have in this way. The lease income is the income source (no tax returns, bank statements), not your personal income. Message me if you have q's.

Post: LENDER - Does anyone have experience with Stratton Equities?

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Jeremy Sullivan Can't say that I am familiar with them, however I am very familiar with fix n flip loans as I used them for many years and now supply them. Happy to help with any questions that you have about the loan type.  Also, I think I recently posted a blog here on BP about "Understanding Rehab Loans".

Post: Cash out refi lender recommendation

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Sina Bigdeli  Try Civic Financial Services. They are based on the West Coast and have a rental loan for 1-4 unit properties.

Post: Learn from their mistakes & accomplishments - FOR FREE

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

How many times have you thought "I sure wish I had a mentor"? A seasoned mind that has already done what you are thinking of doing. Has already walked the path that you are walking (or thinking of walking). Has already made the mistakes, or the accomplishments and learned lessons in doing so.

Now, you can get access to those seasoned minds - at ZERO COST! www.REIKnowledge.com is a online newsletter delivered to your email inbox that contains: Knowledge, Resources & Contacts for real estate investors (of every level). The contents are from hands-on experiences via seasoned operators.

No fluff, just "nuggets" that might be useful to your growth & success. Best of all, subscribing to receive the newsletter is FREE! Your info isn't sold, or shared, so you have free access to those mentor-like minds that want to share what they learned with others for the reader's benefit.

Get your no cost subscription (No strings!) at: www.REIKnowledge.com

Knowledge is POWERFUL - Always be learning!

Post: Financing 2 homes in bundle

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Eileen L. You can use the services of a commercial style lender that will loan to your LLC (one that you have or will create) even if the properties are residential style properties. The fact that the loan is to an entity (LLC) and not a person (consumer) makes it a commercial style loan. These lenders offer a loan tape product of 2+ properties within the tape. This is sometimes used when a single property within the tape might not qualify for financing (value, lease income vs expenses, etc.), however when that [property is mixed in with others within the tape, the average value, income, etc. makes sense.

The downside to a loan tape of 2+ properties: If you choose to sell or payoff one of the properties within the tape, the lender might require what is referred to as a "turbo paydown". They might require a 20% additional payoff for the turbo paydown.  The purpose of this is so that the "quality properties as collateral within the tape aren't sold off/paid off, leaving the less attractive properties as the remaining collateral. Lenders are always thinking about the downside.

Personally, I would do them as separate transactions, even though it might be a few dollars more for double fees, as I like flexibility and feel that some of that is lost with a loan tape.

Post: Interest only loans vs regular loan??

Rob Beeman
Posted
  • Specialist
  • Philadelphia, PA
  • Posts 295
  • Votes 116

@Matt Sora  Matt - on short-term loans interest only might make sense as the funds are not used for a long period of time, and the loan is paid off in a lump some on the exit (either via refi or property sell).

On long-term loans, interest only typically is used when there is a debt service coverage ratio (DSCR) issue and it is needed to qualify for the loan OR if the borrower is trying to gain a little more cash flow. Typically the interest only is limited to a period of time and then converts to a principal & interest loan at some point.