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All Forum Posts by: Mike Davis

Mike Davis has started 1 posts and replied 143 times.

Post: Looking for good zip codes to invest in Memphis, TN

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Carolina Sotola congrats on starting your rei career. Have you established your LLC? If so, great! If not get that started, this is how you will want to purchase your properties to keep them off your personal credit. However, if you're looking to househack (for example, buy a duplex and live in one side and rent the other side) forget the LLC, this is a good way to start also.

Post: Investing with little time/experience

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Paige Harrison several other things to consider, form your LLC now. Investing in WV, you will run into rural properties that will affect your terms on the loan you get, but it is doable. Also, if you partner with someone on this first one that has bought investment properties before (more the better), this will improve your terms as well.

Post: Help finding loans to put on real estate investments

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Christopher Tokarski if you are going to be investing and this being your first, you want have the best of terms because those projects were none of your own. If you are going to start investing and using hard money, I would first get your LLC set up. Definitely make sure you can get approved before going through the trouble first.

Post: Information on location of loans

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Lydie Darrah when you say bad credit, you will have to elaborate more. Do you have 25% or more to put down? Please provide more information so that someone can point you in the right direction.

Post: 1st Time Home Owner Loans for someone who owns a home

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Jessica Torres if you are doing the same type of work even if it is a different company, lenders will normally do a work around for that.

Post: Questions to ask Lenders

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Robert Williams when you are asking these questions, ask them point blank if they are investor friendly. Good Luck!

Post: Refinance cash out to grow

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Ronald Cooperman a commercial residential portfolio product with a HML may be the way to go. Properties would all need to be 1-4 units. The LTV you are looking for and the amortization seems reasonable and no pre-payment penalties. Of course this is based on the information you gave above.

Post: Financing investment property

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Preston Rogan if the property needs any REHAB, this being your first project (I'm assuming), given your overall criteria, you would be looking at 25% and financing this under an LLC. Make sure that if you do finance under an LLC, go with a lender that will not require you to sign a personal guarantee.

Doing this under your new LLC, this will keep it off your personal credit report as well. If you go the LLC route, get started on that first.

Post: Here is my plan. Tell me if I'm in over my head.

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Keith Aiello overall nothing wrong with doing what you have listed above. As long as you have considered going from a fixed known income source to a eat what you kill income model and are ok with that. I would definitely not touch your savings. Start now to save up 6-months of your salary, get your license and start now interviewing real estate companies. In my opinion your best bet would be to get onto a real estate team as a buyers agent where you will be fed leads to start. While doing this, you will gain all the knowledge in that area you need to do what you want.

This is from my experience of owning a firm for 13 years. Good luck to you!

Post: BRRRR Financing in Charleston, SC

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Kyle Ewanic a reputable HML will be able to give you a very good idea of what your deal will look like after gathering information about you/business and the deal and without pulling your credit.

Charleston is a beautiful area!