All Forum Posts by: Marcus Wright

Outsourcing and balance is key. Tbh most of what you do can be handled in simple phone calls. Most importantly, you have to know how much your time is worth—they actually have a formula for it. I’ve got a demanding career too and I often crunch the numbers of how much I could make if I quit or switched to something with fewer hours. Eventually I will, but for now I let the career be the resource to purchase more. Banks love stability. Plus I love the idea of making money and putting my money to work as much as I do. As my son and I get older, I plan to work less and less, because truthfully time is the only real currency.

@James Jones Thank you. It is a solid deal. No denying that. Learning some stuff lesson on my first one. Wasn't aware that I could put appliance is the rehab bid and I bidded 75 and I may have been short 15-20k (Ouch). Have to roll with the punches sometimes. The Figure "HELOC"? Is that something I should steer clear of instead of borrowing from family/friends?

Thank you for this. Very informative. It's a great deal and my first fix/flip-hold. I have already closed last week. I do wish it worked that way and with the numbers I shouldn't be paying anything which is how I "thought" it worked BUT how it played out is more so 85/15 when closed so I funded the 15% out of pocket. That ate up a lot of reserves. The rehab is being paid 100% (75k) but I have to pay up from for the draws to be reimbursed. I got approved for a HELOAN of 58k but I'm holding off for more information before I accept it or I can use my 30-45k in business and person LOC to fund it and do it in phases. First time so I'm sure I'm overthinking a lot of the deal. Just don't want to put my self in any situations I can't get out of.

Closed on a deal at $190K duplex, appraised at $285K, with an ARV around $385K. Rehab will be funded through draws, but I don't have all the upfront cash. I've got about $33K available on business LOCs/cards and another 15k in personal LOC. Where i am getting nervous is that i beleive i bidded it correctly in total but on the scope of work aligned it incorrectly per item. Example: i put 28k for both units but im sure it's 20-25k for each. Total rehab budget approved 75k. It is however enough for each unit and exterior but the scope line items per cost may be misaligned. Hoping they don't decline a line item upon completion(s). Learning lesson here.

Question: how do you all keep projects moving between draws? Do you float with credit, private money, or negotiate with contractors? Also any info about the line items would help.

Any one know of any lenders that do HELOC's for rental properties? I have one that is worth $185,000 with a mortgage of $114,000 & another that is free and clear worth $70k. Not sure if it's possible, but I'd love to combine these to make one combine total HELOC with a competitive rate. Thank you I'm advance. Both are currently rented and cashflowing beautifully.

ISO recommendation for verified Virtual Address & Registered Agents for LLC’s?

Do you use someone local or with an VA & RA, Would it even matter?

Thank you in advance.

I've been very interest in JV'ing on deal within the two state I invest in. I'll look into that diligently, Thank you!!!

 That’s was a great response. I’ll look more into my options beforehand and I’ve been looking diligently into interest only. Thank you very much. Best of luck to you as well.

For 2023, I'm thinking over a few ways to add more assets to my growing portfolio. Ran across the thought of obtaining an unsecured loan to help assist in my growth. The lenders mentioned the loan would be in my personal name using my personal credit score which would add to my DTI & possibly drop my score as well. 3/4 of my portfolio isn't traditional meaning most were financed using commercial loans, private money or DSCR and I would more than likely utilize the same options moving forwards since they allow me to purchase within my entity.

I love to group think so has anyway had any experience building their portfolio in this fashion. Any other options that may work as well when there’s plenty of deals but lack of funds. Any pros or cons that may come to mind? Thank you in advance.