All Forum Posts by: Michael Leffelholz

Patrick,

Just a thought- What about a targeted mailing to financial advisors in your area.? It's not direct to the high net worth indivduals but perhaps an entree to their trusted advisors.

As pointed out most banks will have their own form of PFS that you can use but putting a balance sheet together and supplementing it with additional detail in my experience has never been a problem.. Two years of tax returns willl typically be required in addition to the PFS.

Good luck,

Michael

@David Perry Welcome to BP and good luck with your real estate endeavors. Hopefully you can join us at next northern NJ real estate meet up that @Darren Sager has been good enough to organize.

Regards

Michael

Welcome Alok,

BP is a great site with lots of information and members are more than willing to help. I am relatively new to BP as well . Nice to have another member from the Garden State.

Best of luck

Michael

@Dick Green I have seen a couple of turnkey units listed for sale in Conroe. If you don't mind my asking what makes it a good area to invest

Thanks

Michael

Daren just to further expand on Joel's point that pay down formula typically referred to as the release price will be such that a lender would expect to receive 100% of the net sales price of the unit, The net is a percentage that the lender will allow to cover closing costs such as sales commissions and legal expense. This amount is negotiated but i typically see between 6%-10%. The lender does not want to wait for the last unit to be sold before it is repaid in full.

Michael

Welcome Rhonda,

You.ve found a great site with a lot of very knowledgeable people.

Best of luck

Michael

@Dee Xixi

Dee I'm sorry to hear about the trouble you are having, While I hope you have a good resolution I think this may be a very expensive lesson at the end of the day. Many have responded and you've gotten some good advice. As someone suggested I too would be leaning very hard on that realtor who gave you the broker contact. I am not that familiar with the residential side of things but on the commercial side there are many fees that a lender requires be paid by a borrower for things like the appraisal, environmental report, and property condition report, maybe even a fee for an insurance consultant. There is also the lenders origination fee and lenders attorneys fee. I collect a good faith deposit from the borrower to cover the third party due diligence when a term sheet is issued and signed by the Borrower-not before. While the term sheet isn't a commitment it ensures that everybody is on the same page with regards to the major business points. If a broker is involved that fee is between customer and broker-not the lender. A pretty standard brokers fee would be 1%.

Best of luck.

Michael

Welcome to BP Alvin,

There are a lot of very knowledgeable people on the site who are willing to share their experience. It never ceases to amaze me how much there is to learn.

Best of luck,

Michael

Thanks for the welcome John,

I am sure we will find our niche as we'll. We are both methodical and will not jump into anything without proper due diligence. I am just willing to accept a bit more risk. The re is a great deal of knowledge and experience here and have already learned al great Della.

Happy holidays

Michael