All Forum Posts by: Michael Kinsella
Michael Kinsella has started 0 posts and replied 573 times.
Post: My First BRRRR property
- Lender
- Posts 617
- Votes 275
@Luis Collazo Congrats on adding to your portfolio!
Sounds like a very solid deal all around.
Post: Doing your first house flip
- Lender
- Posts 617
- Votes 275
A few lending suggestions...
1. Speak with local investors about who they've had a good experience with, and try to speak with multiple lenders.
2. You can also use BiggerPockets as a supplement. Click on Network --> Hard Money Lenders --> Filter by state
Below is a reasonable list of questions you can ask regarding cost of capital and leverage;
Cost:
- What is your typical interest rate?
- How many points do you typically charge?
- What additional fees do you charge?
- Do you charge interest on the full loan amount, or just funded amounts?
- Do you charge a prepayment penalty?
Term/Leverage:
- What is your typical term length?
- What is your typical LTC (loan-to-cost)?
- What is your typical LTV (loan-to-value)?
Post: First Property Home to Rental
- Lender
- Posts 617
- Votes 275
@Patrick Jackson Congrats on your first deal!
Post: rehab rates for a flip
- Lender
- Posts 617
- Votes 275
@Michael Mastantuono Probably somewhere between 9-13%.
Post: Can I get a POF from a Hard Money Lender?
- Lender
- Posts 617
- Votes 275
@Mary Eubanks It's dependent on the lender. Them sending a pre-approval for cash doesn't make sense.
What @Jay Hinrichs said is spot on with respect to the process and content of the PoF.
Post: 2nd Time Was Much Better
- Lender
- Posts 617
- Votes 275
Congrats on a successful flip!
That ROI is impressive.
Post: Chinese Drywall House
- Lender
- Posts 617
- Votes 275
Congrats on a successful fix & flip! Very solid profit.
Post: Local hard money lednders
- Lender
- Posts 617
- Votes 275
Two places to start beyond referrals generated by the BP community...
1. BiggerPockets -> Network tab --> Hard Money Lenders --> Filter by state
2. Local REIA events
Post: Just Completed BRRRR of Triplex
- Lender
- Posts 617
- Votes 275
Excellent. Congrats on a successful deal!
Post: How do i find a DSCR lender in OHIO
- Lender
- Posts 617
- Votes 275
@George Duchatelier Many HMLs have a rental or 'DSCR' product.
You can use BiggerPockets and follow: Network --> Hard Money Lenders --> Filter by state as a starting point.
It appears some of the posters above may have some good referrals as well.
I'm seeing rental product interest rates for SFRs in the 7's right now.