All Forum Posts by: Janie G.

Did anything ever come of David and David, LLC? Are they legit?

Thanks!

We have an excellent Lawyer in Florida who has spent ~ 15 years suing people and another 15 years or so protecting his clients from liability issues.  My husband and I have an almost bullet proof system in place in case of a lawsuit. We have a corporation, a family limited partnership (FLP) and land trusts for each property. Basically, if someone were to sue me for a particular property, not only would they sue my corporation which in itself is quite a good protective layer, but they would also have to sue my family limited partnership which holds each property and they wouldn't know if I had any other properties because the land trusts act as bubbles around EACH property.  Even if we were to have 20 properties under the corporation and FLP, they wouldn't see it. We have 3 levels of protection + insurance. 

We are out of state investors and the last thing we want is deal with a lawsuit. Yes, it's a little pricer to have these 3 entities set up but we think it's really worth it.  

Thank you

Excellent Don,

Thank you. Will give you a call shortly. 

Thank you!

Hello! 

We are looking to find lenders that will refinance our properties in Cleveland, OH. We buy our properties cash and would want to refinance them asap, with 0-3 months seasoning. 

However, we are Canadian investors. We have a C-Corp in OH with EIN but no ITIN yet (in process). 

Anybody know a good lender/mortgage broker you could refer us to?

Thank you! 

All valid concerns. 

But, has anyone ever actually gone through an entire application with them? That is, received funds...

Before reading this thread, I submitted a loan application (took 2 minutes). It took about one hour to receive the following response:

``Hello,

Thank you for filling out the application form with us here at steady private loan company, here is the term, go through it carefully and send back a confirmation if the term is okay with you and also a copy of your I.D for confirmation.

Loan Balance: $50,000.00
Adjusted Loan Balance: $50,000.00
Loan Interest Rate: 6.00%
Loan Term: 24 months
Monthly Loan Payment: $250.00
Number of Payments: 25
Cumulative Payments: $56,000.00
Total Interest Paid: $6,000.00

Note: The monthly loan payment was calculated at 24 payments of $250.00 plus a final payment of $50,000.00

Only interest is charged during the term of the loan. Principal is paid in full at the time of loan maturity.

I await your urgent response,

Regards.``

I then called them and upon inquiring further, received the following information:

There is a one time application fee of $800 and they require a copy of an ID to ``know who they are dealing with``. I asked if this fee could be waived. ;) He said no.

They do not charge points. 6% interest, no prepayment penalty fee, 10k minimum loan, 50M maximum loan; they can also do blanket loans.

No maximum number of properties per portfolio, they will lend anywhere in the US. They do not lend to investors in Asia or Africa.

Financing 100% LTV loans. Same thing with refinancing (no seasoning period).

Loans are not credit-based, but a credit cheque from your country of origin will be done.

Finally and perhaps most importantly, I asked them to send me the legal paperwork surrounding the loan so that my attorneys could look over it. This did not phase him. He simply said that once I send the ID, he will forward the documentation to me.

Clearly, if all the above information is legit, then we have found the most flexible lender out there. But... yeah. If anyone has actually done something with them, we would like to know. 

Take good care and stay wise, 

Good day !

My husband and I are Canadian investors. Collectively, we have 10 years of experience in the Canadian real estate market. However, our expansion is not as rapid as we would like. In Canada, the 6% CAP rate is amazing for a residential rental property. Besides the monetary factor, we are both passionate about real estate. We feel that we could make a difference helping people in this business.

Therefore, we have decided to ``jump ship`` to sink into the US real estate world. We currently have a C-Corp and an FLP in the state of Ohio. Our goal is to acquire 5-20 properties a month for the next few years.

We are mainly looking for turnkey or almost turnkey properties (under 5k repairs), tenant occupied, ideally sect.8 or equivalent in place.

One of the reasons we enjoy section 8 is it forces us to have the property up to code and inspected every year which reassures us that the property is and will continue to be, in good shape. We ideally would want all our properties to be VA/section 8 for that exact reason. It also helps knowing rents are usually higher and guaranteed.

We feel like there is a lot of people who would benefit from more VA/section 8 properties in Cleveland and surrounding areas. Why not help people settle in a nice house totally up to code.

We're in the helping people business... Not just real estate.

In order to expand at the rate we want, we need lenders. We currently have 3 properties closing next month and another 50 that meet our investment criteria (all due diligence done except the inspections) that we would like to snatch up. We are waiting until funding is available before committing to any purchase and sale agreement. With the appropriate funding, our ultimate goal is to buy & hold.

As I mentioned, we are new to the US market, but we have already built up our power team in Cleveland (amazing investment realtor and contractor, property management... amongst others).

Ideally, we are looking for 100% financing, which would include closing costs, and minor repairs (if needed). We are purchasing properties well under market value, therefore, an LTV of 70% would normally suffice. After a seasoning period of 3 - 12 months, we plan on refinancing with a bank (or other financial institution) and continue using your lender's money to acquire many more.

Would you know anyone who might be interested in connecting with us? Yourself perhaps? :-)

We are open to any type of financing you may have to offer! Would love to chat!

We look forward to hearing back from you.

Best regards

Kyle Duelund & Janie Grenier

Wemindji Properties Inc.

[email protected]

(567) 343-7100

Hello Aristotle,

Thank you for your feedback. We are new to the CA market and didn't realize the Cap rates were that low. It's good to know- we might have to re-discuss our strategy. 

In terms of goals; We were hoping to get a little of both. 

I'll bring it up during our next meeting. 

Thank you for your time. 

Hello,

My partners and I are looking to buy apartment buildings or a package deal of several multi-units in Orange County or Los Angeles County CA.

The units need to be rented and cash flowing. We're hoping to get a CAP rate of 12-15% (if possible) and can pay up to 8M$.

If you have anything available in these waters, please send the information my way. 

Thank you for your time.