All Forum Posts by: Matt McCourry

Welcome!

Ken,

Lending is always a hassle so don't let it get you down!  @Jesse Peña great articles!

Most local banks should finance a rental property with 20% down at a 20 year amm. That has been my experience as long as you have a 1.25% or higher DSCR.

I would defiantly use the bigger pockets rental property calculator and show the results to the bank, sometimes they can be stubborn on values as well but this is something you can come with accurate comps from an agent and your own personal financial pro forma of the property.

Also, don't take the banks appraiser at face value, you may have to defend your position against one and it helps having the numbers in hand...

Good Luck!

Nice deal!  Love to hear the success stories!  

@Peter Mohylsky I had to give you a shout for quoting kenny!!!  LOL!

@Jon Q. Love the links!  I have been on a market cycle kick for the past six months and am building a database in my spare time!  Tacking this things is tough and it helps to coattail the experts!  

@Ricardo Meza I would get ahold of the presenter and ask for a copy of an executive summery on some of his or her previous deals.  When it comes to taking investor money, investors want and deserve to know everything about the company and about the project so don't be afraid to ask!  

Then once you get your hands on one analyze it and if you get stumped ask questions here on BP!

Good Luck!

@Adam Smith Great post as well, theres no reason to be afraid of an hour long drive.  Get some contacts that are there locally, find a deal, analyze and make sure the numbers work, buy it and put it under good property management.  Then all you have to do is make sure you check the place out every so often to ensure things are running smoothly.

Great advice @Hattie Dizmond !  I think you should expand a little on syndication that you mentioned in the last comment.  Being on the investor side of syndication would be a great way to start for anyone who lives in a hot market and can't exactly pick up and move to start full time in RE, heck just reading an executive summery that was put together by a half way decent RE syndicator is excellent education in and of itself!  @Derik S. I would recommend reaching out to syndicators on the site and getting the convo going with them, most of them will basically give you a free education over the different conversations you will have with them and you will get to make a buck or two.  I also recommend getting in touch with some turn key operators.  I have personally never used them and wouldn't even know where you send you, but I have always liked the idea of turn key real estate for someone in your situation...  Anybody who has experience in this please feel free to weigh in...

Good Luck! 

Awesome Nick!  Build up the network and the dollars will flow!

Welcome to BP!