All Forum Posts by: Zack Lofton

Welcome to BP and congrats on getting started! If there's anything I can do I'd be happy to help. 

Send me a message, I'd be happy to speak with you.

Really enjoying the sub-forums for states and even cities. I've already used and it makes connecting with people so much easier.

I recently got a call from a company called CIX (Connected Investors) and wanted to see if anyone had experience with them. They claim to supply leads for asset based and hard money lenders across the nation (fix and flips, construction, etc.). I'm a hard money lender in Texas and am more than a little skeptical of this as they ask you to buy a few thousand dollars in leads before you have ever seen one. If any can help I'd appreciate it!

I should have mentioned I'm looking for a BPO in the Houston, TX market

Hi everyone - I've had a very hard time finding a broker who will do a BPO or even CMA on commercial investment property and wanted to see if anyone had any recommendations. I really just need past sales comps to look at for this deal and haven't been able to find them. Thank you in advance for any help!

Welcome and good luck on starting RE investing! I'm a hard money lender in Austin so hopefully our paths cross at some point.

Hi Gabe - Banks are usually a little more conservative, especially on construction loans so without a big track record or a strong credit score/reserves it may be difficult. You may want to look into a hard money lender to get an idea of how much this will cost. I always recommend looking into local lenders as they tend to be a lot more understanding and flexible.

Good luck!

@David Oldenburg I have had a lawyer draft a strong set of documents for me (about $600) who is familiar with hard money. From there you have a great template to use and can set up a simple mail merge in excel for future deals.

Hi @Zachary Gamza I'm a hard money lender in Texas but used to be one in AZ so I answered your questions below:

• do most hard money lenders want to meet in person, or do most deals happen over the phone or through email - Almost all phone/email. Most do too many deals too quickly to meet in person.
• if i have no relationship with the lender, what information should I be providing - Simply call into ask about rates and if you have a deal, give them the info (purchase contract, budget, plans)
• should i have my reno budget in hand before going to a lender, or should I just have the projected ARV of the home, which I presume would be provided by my real estate agent based on comps - Depends on the lender, I'd have both just in case as you should have both before committing to a property anyways.
• as a first time investor, what sort of interest and up front fees am I looking at. I have good credit, income and savings, and own a home but am paying a mortgage on it. - Most won't look at your credit at all in AZ. I'd expect 12-14% interest and about $500-1,000 in fees.