All Forum Posts by: Mandi Lambert

Hello! I just received my final docs for my LLC formation and waiting on info to access my Heloc to purchase my first buy & hold multi-family. Very exciting and it can't happen soon enough! I think my next step is to find a lender (or three) to get pre-approved. How do I even start?

I know I can literally just pick one because there are so many but is there a website or app I should start with that will show me which lender will give me the best rates and terms before formally applying? Like an Expedia, but for mortgages? Did I hear that David Greene has a lending company now - maybe I should start there?

Also, do my Heloc funds have to be seasoned to get pre-approved? I would like to avoid paying the interest on the Heloc prior to having the cash flow from a property to cover that.

@William Baneky

Following! Def need to tap into this method because everything I'm seeing is at it's peak. Every realtor I talk to say properties aren't lasting a week and bidders have to offer $20-30k above asking price! Looking to BRRRR but I'm concerned that even after a rehab, I won't be able to increase rents or get enough back from cash out refi due to the already outrageous asking prices.

@Larkin Adey

Please tell me where! I just spent 9 hours yesterday analyzing markets and properties with two sick little girls at home and everything is priced so high, the numbers just don’t work out to even cash flow $100/unit... feeling a bit discouraged as I am looking for my first deal while continuing to educate myself. I live in CA so the likelihood of finding something close by for me to rehab is slim to none. I’ll have to buy and hold/rent out of state. I know people do it every day but seems like one should have a contact at least in that state to be able to give input on specific locations and other area info? 😞

@Gaston Barua

Hello, did you ever find out what is considered a commercial investment? I’m asking because I’m looking to purchase a multi family property but if that is considered “commercial”, then the deposit would be 10% as opposed to the standard 20%. Is it the amount of units?

@Parker Eberhard Oh I absolutely agree! I would design for budget and longevity. What’s going to get me the best look at the lowest cost, whilst being a long-lasting and durable material. Also where I should put my money and what areas can I hold off on. I hope you’re seeing lots of benefits from your experience in your friend as well :)

@Jason Turgeon I love this response!!! You just totally boosted my excitement for this next chapter. And that's exactly what I was thinking - managing both, and rehabbing all as needed. The toughest part of my job is playing marriage counselor or trying to design based on an individuals likes and dislikes. Remove the client, and I can move so fast, designing like a spec home! I recently did a remodel on my first home prior to move in... and it was so great not having to spend so much time on approvals! My full scale remodel took 2 full months and my house did a complete 180! Design is tough, but learning this whole new world of REI is so intimidating! Not knowing all of the logistics and loop-holes and how-to's stresses me out... I don't want to wait but feel that I should get a better grip on ironing out the details and educating myself. I've heard a lot of WHY I should get into REI, but not many specifics on how to!

@Greg Dickerson Thanks so much Greg! I appreciate your input... not to find an attorney to figure out the details :)

@Keith Thomas I’m a designer and we work in many different ways, obviously the needs of a client are always different. I would hire a designer on an hourly consulting basis and go from there. If you like their ideas and feel that the scale could grow, thus allowing for a larger return for you, then I think it would be worth it. If you want a designer for the full project, I would not recommend an hourly fee, but a project fee OR what I have done in the past is draw a contract of initial deposit and remaining balance of design fee paid when the property sells. In this method, designer would make a slightly higher fee due to having to wait for payment.

I've been an interior designer for over a decade now, and truly feel that my experience and degree have brought me to this new venture! I love my job, but recently turned my focus to [somehow] investing in either SFH or multi units... have not decided where I'll start yet. I feel that with my trade discounts, connections, management and construction experience, I have a pretty good advantage to start making things happen! My question is, would I start another sister company (for liability purposes) and utilize my design business discounts and sub-contractor connections to flip houses OR is it more profitable to buy and rent out multi-family and hold onto that for long term? I'm very confident that I can manage a full scale remodel while still running my design business, but I'm not too sure I'd want to sell right away due to loosing $ on capital gains.