All Forum Posts by: Michael Rodriguez
Michael Rodriguez has started 11 posts and replied 61 times.
Post: What's driving growth in Cleveland?
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
@Michael Swan has a big ear and I appreciate him taking my call a week or so back.
Mike you're the best for giving back by taking time to talk with us and our wacky Ohio OOS investor plans -:)
Post: What's driving growth in Cleveland?
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Great post @Jared Lichtin I won't be shy I promise, going to CLE on September 4-7th to buy or kill myself, no return without a property! -:)
Post: What's driving growth in Cleveland?
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
That's a great LA Times Article @Joseph M
Originally posted by @Joseph M.:
@Andy C. , I've been interested in Cleveland as well. This is a good recent article that mentions several of the interesting things happening in Cleveland.
Post: Smartland Helps YOU Invest in a TRUE TURNKEY - Sign Up TODAY
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Excellent Tom, We're finally ready to contact your firm on helping us facilitate a CASH purchase investment property purchase. Will PM you.
Post: What's driving growth in Cleveland?
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Howdy Andy,
I wrote this post about my and my partner's field trip to Cleveland last June, going back to purchase a duplex+ this September. Just need a realtor to call me back -:)
Best,
MRod
https://www.biggerpockets.com/forums/549/topics/474134-cleveland-msa-an-out-of-state-investors-field-trip-report
Post: BRRRR Ohio - Lenders or Credit Unions or Brokers, Oh my!
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Originally posted by @Chris Mason:
Originally posted by @P.J. Bremner:
So in the DFE guidelines at the very bottom, it states that the loan cannot exceed the purchase amount. I assume this means that if I use DFE, I am not able to pull the money spent on the rehab? My goal would be to recoup ALL of the cash invested in the property.
Assuming I am not able to pull all of the cash out, would it be a good alternative to take a temporary DFE loan for the purchase price (take a slightly higher rate, use the lender refund to avoid paying closing costs and just pay higher interest for 5 - 6 months) and then refinance again later when the 6 months seasoning period is up? I'm thinking it might just be better to wait the full 6 months if i'm not able to refi all of my costs back out. I don't intend to take any cash above and beyond what I spent, just the money I put into the rehab, utility costs, etc.
If the property appraises so high that even after the LTV limit you're capped by your initial purchase price, then well done! Yes, you are correct, good job on having that "problem."
Typically someone buys it for $400k, they say it'll appraise for $595k, but it actually appraises for $500k, which at 70% or 75% LTV caps us at a number below the $400k purchase price.
"Lesser of the two methods" logic applies. Which, in your case where the "lesser of the two" is purchase price, that still translates to 0% down on the acquisition.
Does anyone have an example of loan products, besides the DFE loan, that are available to an investor with a cash out from an anticipated higher rehab LTV than initial price amount?
Thanks,
MRod
Post: Indirect way to Commercial Loan Credibility
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Thanks William. Great direction from you.
Post: Indirect way to Commercial Loan Credibility
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Howdy folks and happy spring!
We (myself and my partner) desire to get into MF without bringing on sponsors by developing a relationship with a commercial lender by creating a commercially financed property.
What's your thoughts on this strategy, specifically:
- buy a quad with cash
- then remodel the quad (has to be the right property of course for zoning etc) into a 5 unit IE four 2 bedrooms into three 2 bedrooms and two studios.
- I have the construction capability via sweet equity so that's not a concern.
What's your opinion on putting in this effort to create credibility for future commercial financing on a larger 10 unit MF.
Thanks,
MRod
Post: Recommend a Local Colorado Investor friendly CPA
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
There you go Bill showing me how dumb I am. IGNORE THIS POST PEOPLE - Plenty re Denver CPA messages with CPA contacts in this forum
Here's the search to do it too!
https://www.biggerpockets.com/search?utf8=%E2%9C%93&initial_section=&term=cpa+denver
Post: Recommend a Local Colorado Investor friendly CPA
- Real Estate Investor
- Thornton, CO
- Posts 65
- Votes 42
Howdy folks,
MRod from Thornton here. Can any of you local Colorado real estate investors suggest a knowledgeable local real estate CPA? Someone familiar with the local tax and of course federal laws around real estate investments. Also with LLC experience please.
Thank you for your time.
MRod