All Forum Posts by: Denise Brown-Puryear

Hello Drayden. I'm currently doing a cash out refi and purchase of another town home just outside Greensboro, NC. I'm not using a traditional bank or credit union... but a private mortgage bank/lender who is investor lender specific and friendly. This is my first one with this lender. So far the process has been moving along quickly. Note: We do all of our business in our LLC's names including financing which I personally prefer. PM me for more specifics.

 Hi John.  Just read your response.  We do not fix and flip.  We buy, renovate and rent and have a portfolio of approximately 14 properties (one of which is an AirBnB) and all are rented except 3 units that need final rehab.  In addition, a purchase opportunity has come up next to properties we already own and would like to take advantage of that without using our cash to make the purchase. 

 I was thinking about using them as well and have spoken to a rep.  But based on the above feedback (especially regarding the purchase, rehab, refi and hold), I have some doubts.  I'm leaning between LendingOne and Lima Capital.  I really don't like the baiting and switching that goes on.  Put your cards on the table after the initial review rather than tie up and waste an investor's time.  Then a decision can be made whether or not to proceed based on the final approval.  Sounds a little bit scamish to me.  And I've been doing this a very long time.  I have no problem with anyone trying to make their money... they just need to be straight up about their fees.  Just saying........

 Thanks Caleb.  Will do!

Caleb Heimsoth Rental Property Investor from Durham, NC

This is from 3 different banks. Some larger and others smaller.

Hi Caleb.  I'm a rental property investor in Greensboro, NC.  Are these banks local, Credit Unions, etc.  or mortgage banks that deal specifically with Landlords?  Thanks.

 Thanks Jeff for your feedback.  Unfortunately, this is an opportunity deal and I've been given the first opportunity to make the purchase in the existing development where we have several TH's.  We've been purchasing cash in the past, but rather find a "quick" lender.  We have relationships with several local banks, but felt the process would take too long after meeting with loan officers.  I've done some research and have found a landlord specific lender.  I personally don't have a problem with the interest rate (as long as the numbers make sense).  We have a long-term strategy in place in any event.

Again, thanks!

I was thinking about going with Lima One Capital for a rental purchase which would add to our existing portfolio in the same area.  However, I'm hesitant to even go that route now given the slow process time and lag expressed by other investors here.  All of our other properties are owned outright (no mortgages!).  I just got a call and want to move on it without a lot of wasted time and energy.... Time is money!  

So if anyone has any other leads for a "decent" timely lender, please send me a message.  It would be greatly appreciated!  Thanks.

I'm seeking lender financing for a townhome investment which would add to our existing TH portfolio of 8 in this particular area.  Located in Greensboro, NC.  Would love referrals from other BP landlords and investors and have had a good experience with that particular lender.  Thanks!

Thanks Gita.  Decided to use Desktop instead.  Has way more features and I don't need portability or to access on the go. 

I'm thinking of going back to Desktop. Can someone also explain why QBO is putting limits on the number of Classes one is able to set up? And how would this affect cost segregation in breaking down of renovation costs? We also have our properties divided into 2 LLC's with their own EIN #s. Thanks.