All Forum Posts by: Mark Munson

Hey @Sylester Pearson

Welcome to BP!

Hey @Zhesheng Ren

. I'm in FL and I'd be happy to connect and answer anything I can for you. You can use a DSCR loan (you can find lenders by using the "Find a Lender" tab on BP) and not have to worry about a tax income or W-2s, the underwriting is done based off of the property's cash flow. You could also utilize a P&L loan from your business income or a bank statement loan. You have a number of options, it just sounds like you need someone competent to explain them to you. Feel free to reach out.

Hey @Elaina Diaz

Welcome to BP! 

Hey @Conor Neville

.     It never hurts to have more than one lender in your stable. The reality is that most can't fund every deal or may have an underwriting guideline that doesn't suit your deal. Prioritize the lender that communicates well and actually answers your questions correctly and in a timely manner. Chasing the lowest rate/fees doesn't always yield the best result. You want a rep that can talk actually real estate investing with you, not just someone there to hand you rates and terms. They should also be well versed in underwriting, not just being a loan officer. 

Hey @John Thomas

.        Welcome To BP! Feel free to reach out, I'd be happy to give you some feedback. I think before you start narrowing down your team, you need to narrow down your markets. You'll need to do the latter to properly create the former. 

Hey @Koushik Saha

      If you have good credit, your rate should be much lower. I wouldn't necessarily go for 15% down, but if that allows you to use the remaining capital to out preform the cost of the higher rate, then I get it. 

Hey @Philip Kugel
     

        Welcome to BP & thank you for your service! There are great local groups like the North Carolina Real Estate Investor Association and TREIA. The NCREIA main meeting is in Raleigh everything month, this month's is today actually. I'd suggest joining those groups if you haven't already. Feel free to connect and best of luck!

Hey @Carmine Moscardelli

      As long as it is a deal for the end buyer, you can wholesale any home. 

Hey @CJ Bennett

I'm in Central FL and know the market well. I guess one question I have is how are you looking for your deals? If you are solely searching MLS and not looking off-market, you are limiting yourself. You may find a property to BRRRR, but that is ever more difficult in FL, especially in the Tampa Metro. I would expand your search radius and what you are looking at, meaning not only location but more distressed properties as well. If you buy distressed, leverage your cash against hard money and put 10-15% down and rehab the property. When underwriting the deal, just make sure you have the two exit strategies available, flipping for profit or refinancing and renting for cash flow (outline what metric you are after for the cash flow side, meaning what cash on cash return or whatever metric you are looking for). I always think it is a good idea to build a system that combines flipping and renting, as flipping allows you to continuously reinject capital into your capital and doesn't hinder your ability to continue growing your renal portfolio. Feel free to reach out if you need any advice, best of luck!

Hi @Paul Meiners

Firstly, I wouldn't refinance out of your 3.25% rate. Look into getting a HELOC on the property and using those proceeds for repairs and, possibly, for your next rental property.