All Forum Posts by: Mark Munson

Hi @Nathan Frey

    Are you listed just on the Operating Agreement or on the actual Articles of the company as well? I would want to be on the actual company too. Without knowing the numbers on the deal, I'd likely just prefer to be the lender, that way I don't have to deal with any difficulties if things go south. 

Hi @Tom Conant

     I would try InfoUSA, Yardi, or ExactData. You can pull self-storage lists from there and run the same play with direct mail. I would also call the facilities as well, typically after they have received your mailer. 

Hi @Marcus Wright

With values in that range, it may open moor options up for you if you bundle them together in a portfolio loan. 75% LTV is likely to be your max cash-out, assuming you go with a DSCR product. Feel free to reach out if you need recommendations.

Hi @Sean Dezoysa

You shouldn't be paying an application fee, as most of your major HMLs don't charge one. The only upfront cost may be for the appraisal or inspection. I would be cautious of having your credit pulled, especially if that lender does a hard pull, as those are typically only good for 90 days (varies by lender). You also don't want to handcuff yourself to a specific lender's program with a hard pull, as the deal you may find may not fit their lending guidelines. For example, you may get prequalified with someone and the deal you find may be off-market, by a wholesaler for example. Now that you are prequalified and have found a deal, you will send it to the lender thinking everything is okay, but then you find out they don't finance all of the assignment or any portion for that matter. It's best to have your LLC in place, a decent credit score, and of course the capital; that alone will allow you to have some options when the time is right. Talk to as many lenders as you can and have numerous options, or find a high quality broker that works with all of the major HMLs, that way they can help you navigate the landscape. Feel free to reach out, I'm happy to go into more depth if needed.

Hi @Simon Huber

     It ultimately depends on your goals. If you are well capitalized and are only seeking one rental, then buying cash is fine. If you are looking to grow a rental portfolio, then I'd suggest leveraging your money with a loan, so you can acquire more properties. In this market, I'd prefer to remain as liquid as possible, in the event a good deal comes along and I can buy it cash to beat out competitors. Ultimately, to grow your portfolio you will likely need to finance some deals, so just be open to that idea as well. Feel free to reach out if you need any more feedback or advice, happy to help. Best of luck!

Hi @Rebecca Tingley

      I'd be happy to give you some feedback on the capital/financing side of things, feel free to reach out. Also, I have a number of clients that are large operators in Dayton, so happy to share any connections I can. 

Hi @Tammy Ginsburg

I can't speak to Lansing, MI as a good BRRRR market or not, but I can walk you through the BRRRR method and how to do it properly. To truly get your money back out, regardless of the market, you need to be buying deeply discounted properties or find a value add opportunity on a property that yields you a much higher ARV. Feel free to reach out, as I'd be happy to help. Best of luck!

Hi @Lance Mundo

      You can use a site like InvestorLift to source wholesalers with deals in that area. I know a few that operate in that area, but they aren't physically located there necessarily. 

Hi @Devin Clark

      I'm not sure of anyone hiring MLOs part-time, but you can start networking with investors and brokering their hard money loans to HM lenders. I'd be happy to connect and give you some advice on that front, best of luck and thank you for your service!

 Once the property is rehabbed, you can refinance into a long-term loan with a lower rate, so it wouldn't be at 11%. If the property doesn't cash flow at 7-8% rate, then it probably isn't a good hold for your strategy and just selling it may be best.