All Forum Posts by: Joseph Coleman

@David Garcia There are many folks willing to do ground up construction. However, there are not any true hard money lenders that I know of who do ground up. The reason I say that is because most lenders who lend on ground up construction will run your credit score and want some documentation to support the underwriting, which technically does not make them hard money.

Feel free to try our Lender Match Service (in beta) and we can run a free search for lenders on BiggerPockets for you.

Also, please do your research before reaching out to the lenders above who offer to find a lender for you. I would recommend looking up their NMLS number to see what the status of their license is and keep in mind that some lenders may be trying to earn a split of the commission by referring you to another lender instead of just sharing their names like you can find in BP's HML directory.

Best,

Joe Coleman

@Vashist D.
"I don’t want to live paycheck to paycheck, so what should I do to get
into real estate and make good money early? I just want the reassurance
that I’m not making a mistake by not going to traditional college."

I would encourage you to ask yourself, what would make not going to college a mistake to you? And how soon would you find out so you could course correct?

There is no reason you cannot go to college and pursue real estate. To be successful as an agent you will need to know how to read and write legal contracts, manage finances, network and communicate well. Going to university will only help you in these endeavors.

As far as your concern about real estate agents becoming obsolete, I would ask you what you are comparing against? AI and robotics are going to make most jobs of today obsolete no matter what industry you are in. I would focus on how you can create value for people today and take time everyday to learn about new ways to create value for people in the future.

@Andrew W. Have you talked with Hurst Lending? 

https://www.biggerpockets.com/... 

If you still need help, feel free to try BiggerPocket's Lender Match tool (currently in beta). 

@Verlane Phizema Thanks for your post.

Great work! Sounds like you have built up a large amount of equity in this property in a short period of time. 

Have you put this in a spreadsheet to model out the return on equity for this idea compared to your other options?

Looking for 2 tickets. Please shoot me a DM or email me at [email protected]. 

@Isaiah Stark As a few people have pointed out this is definitely possible. 

Are you working with a loan broker who can help you find a HML and then help to refinance into a conventional loan?

If you can find a great investor focused loan broker they should be able to do both and can break down the process for you. 

@Tasha Barnes I manage our relationships with Hard Money Lenders on BiggerPockets and would be glad to help. The HML Directory is a great place to start. 

George from Mofin (above) serves North Carolina. He is not one to brag in the forums but I can share that he has one of the highest ratings of all of the Hard Money Lenders on BiggerPockets and is a great resource to learn from! 

@Sebastian Warg I am going to go against the grain here and suggest you look into Austin, Texas. 

For cashflow and low barriers to entry, I agree Ohio would be a great place to build a small portfolio. Colorado (my favorite state) would be an incredible place for lifestyle and real estate appreciation. 

But given your age and where you are in your career, a city like Austin is going to be so much more dynamic and young and has so much to offer to someone your age that you just can't get in other cities. And even in a down market, the RE market in Austin will come back with a roar. 

Hey @Elliot Sun!

I manage our relationships with lenders at BiggerPockets. We have a lot of great lenders from within the BP community in Colorado. 

I have worked with Mike Stone from Megastar and would highly recommend him for conventional loans. I have also heard very positive feedback about Matt Nockels from Impact Home Lending who also has some creative non-qm financing options.

If you would like to get a direct introduction to a lender, you are welcome to try our Lender Match service (in beta).  CLICK HERE TO MATCH WITH A LENDER

Hi @Michelle Figueroa! Ideally, I would recommend working with a broker or lender that is familiar with your strategy and has access to the types of loans that you need. 

When you say that you are looking for a lender that might refinance a property in 6 months are you thinking about a conventional lender or non-conventional lender like a private money or hard money lender? They are very different. 

In general I would break down lenders for BRRRR strategies into 3 categories,

1. Conventional lenders (this only works for properties that qualify and do not have any major issues) 

2. Non conventional lenders (i.e. private money or hard money) this is more expensive but very useful for rehab financing or funding the purchase of properties that do not qualify for conventional financing. You can find these lenders on BiggerPockets hard money lending directory. 

3. Brokers. These lenders charge a fee, usually 1% to find the best loan and they should have access to many types of loans. 

In regards to the refinance, this will depend on the type of loan that you get. For example, if you are buying a property that qualifies for conventional financing, I would recommend a lender that offers free (or inexpensive) refinances, like Lower.com. We have some LOs from lower on BiggerPockets.