All Forum Posts by: Matthew Raby

@Elijah Tisdale Not meaning to post hack here but after you get this all figured out get in touch with me. I have 10+ years in the Finance Sector (not investments) but I can help you with your credit and give you pointers on how to improve your credit and increase your odds of better terms in the future. This would be more of a credit education not anything along the lines of disputing or trying to get things removed. Just experience with education and explaining how it all works and what all you need to look for. You have great monthly income and there is no reason you shouldn't be 740+ with the correct kind of debt. 

After being laid off back in Oct 2023 from Upper Management change (New COO) that let my General Manager and then myself go 40ish days later. There were others in the same organization at other locations that had the same thing happen. Either way I took this as an opportunity to expand my portfolio. I was fortunate enough to have saved a decent amount of money to survive this long.

I started my journey back in 2017 with a New Construction house that I purchased and lived in as my primary residence. Then about 18 months later I got an out of state job offer and left Arkansas and I decided to rent out this property. I have had it rented out since July 2018 and have had a great property manager handle everything since. Part of the reason I purchased BP Pro was for Rentredi so I can take over the Property Management myself.

Earlier this month I got my first Fix & Flip property under contract. Should be closing next week. Didn't have a choice but to go Hard Money on this deal because the only Private Money Lender I have found didn't want to do a deal out of the state of Florida (property is back in Arkansas).

So far the numbers are looking pretty good and I hope everything goes well with it. I will likely be seeking advice here if I run into issues.

Purchase Price: $155,000 (Down from asking of $175,000 to $160,000 and finally to $155,000 after higher rehab)
Rehab Price: $79,900 (Original estimate was $60,000)
Appraised value: $310,000 (Original Estimated ARV: $285,000)

I am hoping to list it for $319,900 or $314,900 when the rehab is completed in about 7 weeks.

This is so far my only journey into Real Estate investing and hope to do much more and learn to scale my portfolio quickly and get to use the BRRRR method when it is available and makes sense.

Glad to be apart of the BP Pro members.

 Not meaning to hijack the thread. But Cameron, I live in Florida. And I am looking for a mentor. Can you DM the information?

 Jayson,

Would love to chat sometime about your experiences and projects. I am new to the DSCR space. Send me a dm and we can connect sometime.

@Matthew Crivelli, great! Any suggestions on finance companies? Is it best to do ARM vs fixed since the rates are so high that if they go down my mortgage would go down? What would be the best suggestion with the current market with a loan under the LLC? At this point even with a duplex is it still considered a commercial loan? The reason I ask because I have looked at some 7 unit properties as well but knew that anything over 4 units would be considered commercial.

How long before I could use the equity (from the 20% down) to purchase my next property? This way I could get to a larger portfolio vs only doing 1 property a year.

@Matthew Crivelli, I don't really have a problem with the personal guarantee. I just don't want to have it tied to my personal credit or debt-to-income.

@Brian Cauldwell, Thanks for letting me know. Yes this would be a buy and hold. I do not need to do any rehab other than basic paint, patch a few holes, etc.

Do you have any lender suggestions for financing under the name of the LLC? I have personally great credit. I was just trying not to increase my personal debt-to-income.

I am looking at purchasing my first investment property (Duplex) under the name of my LLC. The LLC has been established since 2008. I have business credit cards and a long time account that reports my good business standing. I personally have 1 rental property under my personal name but I am wanting to make a switch to having everything ran under my LLC including this property I am wanting to purchase.

I am looking for suggestions on how I could possibly purchase this investment property without having to personally guarantee the loan as the rent will be more than enough to cover the mortgage payments. Will I need to put 20% down? Should I first deposit the down payment money into my business bank account before applying to show available funds for the down payment?

I just would like a little guidance with this.

Thanks in Advance. - Matt

 I do believe that is an option. I do not know how much he would require. Is it possible after a year or 2 to finance traditionally showing as the new owner?

Dear esteemed members of the BP forum,

After conducting thorough research, I have come across a property that has captured my keen interest. With this in mind, I am in search of lenders or investors who would be willing to assist me in financing the purchase of this particular property. Allow me to provide some enticing details about it: boasting a remarkable 10% CAP rate, a commendable 90% occupancy rate, and an additional space that encompasses a full liquor license and bar, this property presents an exceptional investment opportunity. Furthermore, several tenants have signed leases with a few years remaining, while the current owner is selling in order to retire.

Allow me to share a bit about myself. I have been fortunate enough to enjoy a stable and rewarding career, with a credit score exceeding 780. In addition, I possess a rental property within my portfolio and have over $100,000 in liquid capital. As such, I am actively seeking to expand my investment portfolio.

Thank you for your kind attention and any assistance you may provide.

Warm regards,

Matt Raby