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All Forum Posts by: James Brown

James Brown has started 6 posts and replied 16 times.

Post: Financing First GUC

James Brown
Posted
  • Posts 16
  • Votes 5

Personal Guarantor? I don’t think that’s an option. Not interested in the risk.

Post: Financing First GUC

James Brown
Posted
  • Posts 16
  • Votes 5
Quote from @Chris Seveney:
Quote from @James Brown:

Greetings BP,

I'm looking for any direction on finding a lender for my first GUC for a multi-family project. I've rehabbed before but lenders want construction experience on 1-2 builds. I will own the land free and clear so that won't be an issue. I have my builder ready to go. Just need the financing. I considered just doing an FHA One-Time close loan for a SF just to get a project under my belt. I would much prefer to use the land for a mfh to produce max return though.

Anyone know of any products that will lend with no experience?


 Bring on a partner with experience. That is what many do to get over the hump. When you say MF are you referring to 5+ units? 


 No at max a 4plex. I wish it was that easy, when I told them my builder has the experience needed, they wanted me to have completed the GCU projects.

Post: Financing First GUC

James Brown
Posted
  • Posts 16
  • Votes 5
Quote from @Mike Grudzien:

Yes, can you describe the project just a little bit, a little info, maybe some numbers to show a business case?


 .6 acre lot that can hold 2 duplexes or 1 4 plex. 30k for the lot. 250k for duplex. 2 bed 1 bath. Rent 1200/unit should produce 4800 total rent income. Another duplex few houses up the street. Credit score about 600 currently. 
First project renting at 1700/month.

Post: Financing First GUC

James Brown
Posted
  • Posts 16
  • Votes 5
Quote from @AJ Exner:

Hey James,

How many units specifically are you looking to build on this parcel?


4 units. If Loan amount cant cover will settle for a duplex.  

Post: Financing First GUC

James Brown
Posted
  • Posts 16
  • Votes 5

Greetings BP,

I'm looking for any direction on finding a lender for my first GUC for a multi-family project. I've rehabbed before but lenders want construction experience on 1-2 builds. I will own the land free and clear so that won't be an issue. I have my builder ready to go. Just need the financing. I considered just doing an FHA One-Time close loan for a SF just to get a project under my belt. I would much prefer to use the land for a mfh to produce max return though.

Anyone know of any products that will lend with no experience?

Post: Financing First GUC

James Brown
Posted
  • Posts 16
  • Votes 5

Greetings BP,

I'm looking for any direction on finding a lender for my first GUC for a multi-family project. I've rehabbed before but lenders want construction experience on 1-2 builds. I will own the land free and clear so that won't be an issue. I have my builder ready to go. Just need the financing. I considered just doing an FHA One-Time close loan for a SF just to get a project under my belt. I would much prefer to use the land for a mfh to produce max return though.

Anyone know of any products that will lend with no experience?

Post: [Calc Review] Help me analyze this deal

James Brown
Posted
  • Posts 16
  • Votes 5

@Kevin Sobilo good information! 1. In this instance, I chose not to include those since I replaced everything in the home, almost a gut out. 2. I will definitely be putting the sewer utility in my name. Good call out.

Post: [Calc Review] Help me analyze this deal

James Brown
Posted
  • Posts 16
  • Votes 5

View report

*This link comes directly from our calculators, based on information input by the member who posted.

First time rehabber here, looking for any helpful information. I used a HML for this project. Purchase price 100k. Estimated rehab about 44k but may be less ( I wanted to be conservative). 12.99% annual interest rate, Originator fee, 2.99 points, closing fees $990. Loan term 6 months.

Post: Propstream good to use?

James Brown
Posted
  • Posts 16
  • Votes 5

Thanks a lot Tim. I needed this type of guidance to navigate it. Hopefully it will produce some good leads.

Post: Propstream good to use?

James Brown
Posted
  • Posts 16
  • Votes 5
Quote from @Tanner Lewis:

I use BatchSkipTracing to find owner info, phone numbers, and emails. With a lot of these deals, they will be very disheveled, and you will need to buy them with hard money instead of conventional financing. 

Thanks I’ll try them instead. Propstream has been giving delayed/old info. Nice features but outdated data.