All Forum Posts by: John Foresman

BP used to just have a list of lenders you could click on to start browsing based on your state. Where can I find this now? I don't want to answer a bunch of questions to have them narrowed down to 1-3 lenders for me. I know there are a number of them that have been vetted already. Does this page no longer exist at BP?

Do you guys do anything in 2nd lien position? 

First time asking for something like this on here so I apologize if I don't have all relevant information here. Please message me for more info.

Looking for $600k loan secured by 2nd lien position on a 25 unit complex. Offering 1%/mo interest only payments. Willing to entertain open ended, closed ended, and balloon options.

I have recently passed my test to become an MLO. Looking for a broker to hang my license with in NY. I have a decent enough lead source to self gen in my opinion as long as I am able to originate loans for FHA and VA. The problem I am running into is the brokers I have spoken with that will actually return a call have only been able to do business loans in NY. Any recommendations for where I can get started?

@Kevin Lanphear you should try nexo. You can hold stable coins like usdc and usdt to avoid the volatility and get 8% interest paid out in that stable coin. It is paid out daily and there are no lock in times. Withdraw whenever you need. If you keep enough of the nexo token in your wallet to equal 10% of your portfolio then you get an extra 2% interest.

@Alexis Bandera go Bills!

Personally I plan to focus on markets near large military bases. I live near Ft Drum in upstate NY. Very little of our market was affected by the collapse in 2008 when compared to national averages. 100+ year old homes with little to no updates maintain higher values than they really should and Ft Drum single handedly keeps the economy of our entire county churning no matter what happens elsewhere in the nation.

There are always new tenants being shipped into town looking for a place off post to stay and most will get a guaranteed housing allowance. You can even set up allotments so your rent will get automatically deposited before they have a chance to spend it, so your risk with poor credit tenants even reduces drastically.

It may not be the sexy boom/bust market cycles some other places have to offer but for my money, large military bases are the safest places to invest for a quality return. I will be looking into opportunities near Ft Benning (GA), Ft Bragg (NC), Ft Carson (CO), and Ft Hood (TX) when I start feeling like I have to look too hard to find deals in my area.

@Harjeet Bhatti the lenders I have spoken to are telling me that because there is a break in that 2 year history, it is disqualifying me. I have been employed since march 2019. My employment previous to that ended in July 2018. I was employed for 10 years straight prior to that but that doesnt seem to matter

Long story short, I am having some trouble funding a deal I found in my area. A 9 mo break in my employment from 2018-2019 seems to be disqualifying me from conventional lending sources, and only needing a $100k loan is a deal breaker at some other places. I am currently looking at a fully rented duplex giving me a 20% cash on cash return using the rental calculator. I have submitted information to a few of the mortgage brokers on the bigger pockets network and I have been blown off by all of them.  I am struggling to figure out where to go from here.  I have been told I should look into private lending.  I would like to place an offer but I would also like to know I can go through with the purchase without wasting everyone's time.  Any advice besides "wait for the next one to come around"?

@Ryan Guffey just to throw an "outside the box" idea at you... you said you were an electrician by trade correct? Maybe try marketing yourself to some of your local property managers and real estate agents and offer to partner with investors in exchange for electrical work. Try the same thing with local real estate investment groups. Maybe I'm misunderstanding the situation but it sounds like you have something to offer other investors. You just need to put it in front of them and get creative!