All Forum Posts by: Matt Miller

Hey BP fam,

When wholesaling an entire portfolio, what is the appropriate assignment fee to expect? I have a 21 parcel portfolio that the sellers have agreed to $2.75 mil and I have people interested at $3m. Do I write in the assignment at $250k on the info I send them? 
Seller is offering a Seller finance option as well. 
Here is how I have it right now:

PP: $3,000,000

Entry: $450k + CC

Interest: 3.25%

Monthly Payment: $12,000

Balloon: Split Balloon- one partner wants out

in 3 years the other at year 10.
Loan: $2,550,000

I've been in a similar situation and found a few great options that integrate with QuickBooks Online:

1. Stessa: Seamless integration with QuickBooks, real-time visibility, plus historical P&L, cash flow, and return on equity. Very user-friendly.
2. Buildium: Comprehensive property management features, solid financial tracking, and an excellent real-time dashboard.
3. Propertyware: Extensive reporting capabilities with historical P&L, cash flow, and return on equity metrics.
4. AppFolio: Detailed financial insights and an intuitive dashboard that keeps everything up to date.

Checking out their demos will help you find the best fit!!

Congratulations on your recent marriage and expanding your real estate portfolio! Your situation is unique, and keeping that favorable interest rate is important. While there aren't any real ways to remove the sister from the loan, here are a couple of tips you might consider:

1. 1. Quit Claim Deed & Due on Sale Clause: Transferring ownership via a quit claim deed can sometimes trigger the due on sale clause, which allows the lender to demand full repayment of the loan. While this clause is often present in mortgage agreements, it’s not always enforced. However, it’s important to proceed with caution and consult with a real estate attorney to understand the potential risks.
2. 2. Joint Ownership with a Formal Agreement: Another option is to keep the mortgage as it is but create a formal agreement where your sister-in-law is no longer financially responsible for the property. While not necessary, this agreement can make it easier to prove to the lender that she isn't financially responsible, potentially allowing the debt to be eliminated from her debt-to-income (DTI) ratio. However, lenders typically need to see that debt payments have been made by the other party for a certain period of time to remove it from the DTI (12 months usually). This can be formalized with a legal document specifying that your wife and you will handle all mortgage payments and management responsibilities.

Hope this helps! Feel free to reach out if you have more questions.

So I am not in private lending. But I have HML products. Some of my clients would like to use private funding for smaller projects or for downpayment help.

Say someone needed $40k and agreed to pay the 10% interest on it. That's $4k. Do any PML have terms that at the end of the project they just get a balloon payment of the $40k + interest vs. Monthly payments and running risk of early payoff and less ROI?

Did that wording make sense? 

Hey BP fam, 

I am looking to host an event but I was looking for some feedback and see if there is any traction in the group as I would love to have as many as possible. 

During Covid, I joined up with a group of people who would do bourbon tastings virtually. I know, it was a wild time lol. BUT it got me thinking and I think it would be awesome to have a bourbon tasting with people all over and also include something valuable to both the newer and veteran investors. My company offers excellent F&F programs and DSCR, perfect for those looking to BRRRR.

If I get something set up, who would hop on a Zoom with some good bourbon and join in discussions on both topics?

Comment below if this is interesting to you.

(Also working on a company to put together bourbon-tasting packages for attendees)

Hey @Hector Lewis,

I have a DSCR but it also starts at a $75k minimum loan amount.
typically I advise folks that are coming a little less to do a fix & flip, then DSCR cash out at $75k. That way you can acquire, renovate, and either sell off or rent. 
the fix & flip is a 90% ltv + 100% renovation. 

ex. pp: $72k 

Loan 90%ltv: $64,800 + $11k reno= $75,800- that's the minimum loan amount met and we can close. Then you can refinance at $75k in 3 months as long as the ARV is $108k+

Hey @Tyler Sherman! I am a lender here in the Charlotte area but reach out to @Stephanie Walker she runs a MTR company in the area and they are very knowledgeable in this niche! To piggyback off of @Levi Bennett this is a really untapped market in the Charlotte area. I think it is definitely worth exploring!

Also, here to help if you have any financial needs or want to talk strategies!!

 This. 100%

Hey, BP fam,

I have a client who needs some cash for his next project. I usually can take care of his cash flow, but his latest project took more capital than he thought initially. Getting a c/o refi on his latest investment wouldn't yield as much as he needs. 

He is looking for $100k. 

Does anyone have a person that may be able to help?

What's going on BP nation? 

Newer to investing and looking for some insight. 

I understand the basics of a JV contract and the split for a fix & flip, split profits after sale. But what about when one party wants to keep and rent the property? Do you c/o refi and give the other party their portion of equity vs. profits?

That said, I have a property I'm interested in taking on as a BRRR, ideally as an MTR, but I need someone to JV with capital. I can take out the loan and manage the project, just need the dp.