All Forum Posts by: Scott Hollister

Hello All,

Please feel free to reach out prior to the event through direct message or phone. 

The event will be held at Salt Rock Tavern in nearby Oldsmar. Happy Hour is all day on Monday and we plan on meeting for 5:30pm. 

3689 Tampa Rd, Oldsmar, FL 34677

This will be a great chance to meet and network with others in the area!

@Ashley Clemens yes! Do you know Salt Rock Tavern in Oldsmar? If not, we can meet in the middle. I have about 4 people confirmed so far. 

@Shane Jeanfreau it was great, I liked how he handed out a workbook in the beginning with an educational approach. He also spoke from experience going from single families to multis. His guests were also top notch! The networking was amazing as well. 

Hello BP! 

My name is Scott and I will be attending Rod Khleif's multifamily event in Tampa on Jan 19th-21st. My mother moved down to the Tampa area in March working as an operations manager in the luxury hard money lending business. I will be staying in Oldsmar a few days after the event and wanted to see if there was interest in holding an event on Monday night, I called around from Oldsmar to Tampa and Chillies said they would host. Does anyone have any other meetup spots that could work? 

I attended Jake & Gino's event in TN a few months ago. Im looking to network with other investors in the area about investing in general and multifamily acquisitions. 

Feel free to reply and reach out so we can get a meetup going! 

-Scott 

Local area keyword: Florida, Tampa, Safety Harbor, Indian Shores, Seminole, Dunedin, Indian Rocks Beach, Trinity, Lutz, Seffner, Clearwater, Belleair, Palm Harbor, St. Pete Beach, Treasure Island, Brandon, Port Richey, Odessa, Valrico, Apollo Beach, Mulberry, Temple Terrace, Largo, Land O' Lakes, Plant City, Pinellas Park, Gulfport, Madeira Beach, New Port Richey, Tarpon Springs, Zephyrhills, Ruskin, St. Petersburg, Gibsonton, Wimauma, Sun City Center, Thonotosassa, Holiday. 

 Check out the details here: https://www.biggerpockets.com/forums/521/topics/523112-central-connecticut-meet-up-january-2018?page=1#p3197022

Hope to see you there! 

-Scott 

@Elizabeth Zieman

It is hosted at Right Trac Financial Group in Manchester CT. 

Location: 110 Main St Manchester, Connecticut 06042

Date: January 9th, 6-8pm. 

Happy New Year BP!

Please feel free to attend the Central CT Meet-Up with Attorney @Edward Schenkel. 

Ed has significant experience in many aspects of litigation and real estate. He focuses his practice on construction, commercial, and land use related matters. Ed has represented both individuals and corporate clients in real estate, land use, zoning, commercial transactions and civil litigation. He has also represented municipalities in complex real estate title litigation and various police departments in civil rights litigation and Freedom of Information Act appeals.

• Litigation
• Land Use
• Real Estate

• Connecticut, 2008
• New York, 2014
• U.S. District Court for the district of Connecticut
• U.S. Court of Appeals for the Second Circuit

• University of Delaware, 2004
• University of Connecticut School of Law, with honors, 2008

Ed will be speaking for the first hour, then we will have open networking for the second hour. Ed has been active on BP with his popular post: Ask An Attorney Anything About Real Estate Law

Hope to see you all there!

@Timothy Jacobson,

What do you need? And what are your goals? 

Your typical financing will like to see both profits and a solid balance sheet. Your best bet, if I understand your goals, would be to find a commercial product with no seasoning requirement AND lend based off the ARV value. (Because you work on rehab properties.) Your property will have to debt service, typically 1.2 and up. Some commercial lenders use a .5 buffer to underwrite. 

My advice is to focus on the commercial product and relationships if you want to grow rapidly. Once you have those relationships, the process becomes easier. 

Michael is a great resource and Ted is a great CPA with a RE background. 

Rick is right, the balance between less profits/more taxes and more profits/less taxes is THE double edged sword.

Jonathan is right, connect with local banks. My advice is to focus on the credit unions that keep loans in house.  

@Dexter Kubi you should come to the Manchester Meet-Up. Its a great place to meet and network with like minded investors. When I started going, I had no cash to start with. Then someone recommended an idea and I started with the BRRRR. When that was successful (I used HM first time) then private money became available. I think you have options, just weigh out the risk vs reward on pulling your IRA funds. But the house hack is the best way to get started IMO.

Hope to see you at the next one.

-Scott 

Hello @Michael Spadaccino,

Currently the market is between 10-11% (Annualized) and anywhere from 2-4 points. The differentiation between the numbers depends on experience and relationships. I can't speak to the "limits" but I know if you can't get within those numbers then look elsewhere. There is a lot of competition in the smaller HML business, from 100k-300k.

Also, not sure why this HML is lending to an individual?

-Scott 

@Kevin Hassold I just went through this entire process and let me tell you it was not fun. To date I've completed a house hack, flips/rehabs, and BRRRR. The BRRRR is IMO the best avenue for investing if done correctly for someone who has limited capital.

-Hard money only loans (When I say only I mean people who ARE in the business of lending money to 1-4 unit non owner occupied loans) only loan to LLC. Which you have said.

-You are right in saying that banks (Conventional fannie/freddie) won't lend to an LLC. In order to lend to an LLC, you must seek commercial financing.

-Here is where you will run into an issue with that plan. 1.) Yes you could but the property has to be in your name for 6 months before you can refinance (freddie/fannie). 2.) Why would you put it in one of your names? That puts that person on the line for all liabilities and stresses that persons DTI ratio for future purchases. 3.) When you transfer it back into the LLC it triggers the due on sale clause, whether the bank will call it due or not is another discussion

My questions for you:

1.) Are you planning on keeping this property as a rental? 

2.) What is the ARV? And what will you be into the property for with closing costs and rehab?

3.) What is the rate and terms on the Line of Credit? Will they take first position?