All Forum Posts by: Marcus Powell

I have been wracking my brain for strategies to finance the purchase and rehab of a 7500 sqft, abandoned, 3 story, multi family property in the middle of our downtown. My realtor is also the manager of our city's largest property management companies and isn't sure how to give it an ARV since it is so unique and has some historic value. It was origanily a 3 bed 1 bath on each floor but I would like to make it a 2/1 and 1/1 on each. Has anyone done something like this before and have suggestions? Thank you all.

I can't speak for everyone but as a new investor my first task was to go to a lender for pre approvals. Eventually they ended up pulling my credit, little did I know this would alert every lender, wholesaler and debt consolidator in the nation. I recieved between 5 and 10 calls a day for a week then they slowly tapered off. You'd think that more info would be helpful but to a newbie it seemed like a tsunami and I was going to drown. 

Thank you. My friend is a property manager here in CA and said he would help look for/screen perspective managers.

I live in California and am looking to invest out of state. I've seen some seemingly nice deals in Oklahoma City and was hoping some of you might have some recommendations for a good property manager. Thanks in advance.

@Chris Seveney Thank you. This would be my first deal and I think I'm over analyzing everything and making it more complicated than needed.

@Joyce Ann Magallanes thank you so much for walking me through the process. I am going to approch my great uncle (who has been a lender to others in the past) to see if he is still interested in lending and I was hoping to present as professional a packet as I could. But it is great to know that there are people here willing to help give guidance and even step in if needed.

@Mike Klarman Thank you so much. Seeing that you had contact with your lender for 12 months to get to know each other puts this a little more in perspective for me. My potential lender is a distant family member but I've clearly not been doing all that I can since I've not made it know to him that I've begun real estate investing. 

@Kyle Mccaw This is awesome! I would not of thought to incorporate my exit strategy. Seeing it laid out like this makes it seem less daunting. Thanks and congrats on the upcoming deal.

Hey guys, I'm new to real estate investing and was hoping for advice on how to approach a private lender. I'd like to have all relevant information in a folder I can walk them through, but am struggling on what all should be in there. Just looking for some thoughts or maybe even a template that has worked well for one of you. 
Thanks in advance.

I am looking to buy my first REI property using a relative as a private investor for the total purchase price. We are both new to this and a little lost. It's a 450k at 6% but the term is where we struggle. She is older and would like her estate to be liquid for her children. Will I be able to refinance through a bank after a year or 2 and if so how does that help to make my relative whole? Sorry if the question make little sense, I feel like I'm in the deep end.