All Forum Posts by: Michael Faulk

Thanks @Account Closed this week to discuss

@Micki M. @Daniel Campbell is a great resource for information. 

@Mariela... We have done quite a bit of this same strategy you are looking to put into play in the Shreveport, LA area. I completely understand your question or frustrations that banks are not offering what you would expect and I too have been down this path. 

From my perspective...I would change your approach when contacting lenders. I would take the approach of inquiring what metrics (LTV, terms, seasoning, etc...) they would lend on (basically gathering data. Maybe rephrase your back story to something like... I have a property that has substantial equity based on the current valuation and am looking to complete a cash out refinance on that property. I intend to use the funds from the refinance to acquire additional properties. Does your bank work with investors that are in my situation?

Also, from my experience... Lenders want to know about your character, your capacity to repay the loan, capital, the collateral in that particular asset (as well as globally) and conditions. Other questions might include... your investing experience, operationally how are you going to manage the property (or are you going to hire it out), they might question your team and so on...

If your agent works with investors regularly he/she should be able to recommend to you local lenders that would be able to satisfy your needs. 

My two cents...

@Robert Leonard... Are you still coordinating a BP meet up group in Lake Charles? If so I would like to attend in September. 

@Shevroy Green.. next meeting will be the third thursday in August

@Austin Works. yes. Look up RE360

@Pierce Cooper... This is the same strategy I have used in the past. Let me know if I can help. 

@Ryan Taylor... Hey man. We meet every third Thursday at Pizza Rev on Line Ave. You're more than welcome to join us. 

@Austin Works

Hey Austin. We meet every third Thursday at Pizza Rev on Line Ave. We would be happy to have you join us.