All Forum Posts by: Jonathan Buckelew

Thanks everyone. Looks like signing up for auctions are my best bet (in addition to creating relationships with the right people).

All,

What’s the best way, in your opinion, to find preforeclosure/foreclosure properties? It is signing up for the BP foreclosure website, is it being in constant contact with bankruptcy lawyers? I, like many, use Zillow as a tool but as most know that just leads to more competition.

Really appreciate everyone’s advice and guidance.

Thanks,

Jon

Thanks for everyone’s input. Really appreciate it- very educational for me.

Hey All- 

I'm currently talking with a lender at a large multi-national bank regarding resi properties (2-5 units) and his covenant seems a bit high. As I will be purchasing property through an LLC, the lender stated that the main threshold is to have an in-place DSCR of at least 1.4x and the spread will be L + 170 (which compared to deals at work is actually not a bad rate).

My question is this: What are people seeing out in the marketplace for loans (very general question and aware that a lot of different variables exist but I'm assuming some commonalities must exist throughout the country) and where have people been finding the best loans/how are they finding them (e.g. mortgage broker, personal connections, etc). 

I hear a lot about FHA loans on BP so maybe that's the right route but would love to hear everyone's opinion.

Thanks,

Jon

Hey everyone- do I saw a post earlier this week asking about any negative aspects to getting one’s RE license. One that stood out was the liability component. For example, being a licensed RE broker, you have to always be aware of the laws and even asking something as subtle as “where are you from?” can get you in a lot of trouble.

That example has stuck with me for the past few days and has in a sense taken away some motivation to complete my studies and sit for the licensing test. Am I being a bit too influenced by that? My goal is not to be a full-time broker but to be an investor/sponsor in the acquisition of Multi-Family properties and thought I could command more fees on the sale side with my license.

Would love to hear the positive of getting a RE license and if my aforementioned example is a bit far fetched