All Forum Posts by: Necho Williams

Hi All,

I hope you're well. I'm actively seeking a lender for a property I own zoned mixed used commercial.

Property approximately worth: $980K-$1M.

Seeking 65% LTV. ($650K).

Seeking interest rate 6.875%-7.125%

Credit score > 740+

Significant cash reserves (More than enough to pay the property).

Fixed & Flipped over 30+ properties in 36 months

Currently own over 60+ homes

Sorry I am late to the party — 

I have 19 properties through COREVEST. I have a total of 59 properties, and this is the only lender I’d NEVER use again. They’ve tried to have me complete a few more deals after our first and I’ve never moved forward. The closing fees were astonishing, the servicing department is only available via email, which takes a bit of time for reimbursements. I have an additional 6.9 years remaining with this loan, and debate if it’s worth using the large some of equity in the property to get out of this deal. 

I would not recommend this lender for small investors. Financially, I’m in great place because I’ve been able to scale quickly, but most people won’t be as lucky and will loose a lot if they choose this company to partner with. I’m also a realtor and is my own PM. 

I hope that helps. 

- Necho 

@Jorge Ibarra Sure thing. I could have some interest depending on location. 

@Jorge Ibarra Which location? 

@Caleb Heimsoth Crazy this post started 2-3 years ago, and I only had 8 properties, now I am at 38. Insane. 

Hi All, 

I'm in the Rocky Mount - Wilson area. 

That's great. 6 months wasn't bad on the rehab there! Who did you use for a lender for this deal? 

It is nice to be able to work just because. I arrived there Jan 2017. I continued to work and it allowed me to purchase on average 10+ single family homes per year. 

@Michael Chizhov I've never heard of that. I stopped conventional financing in 2017 -- and refinanced all housing into multiple LLCs (non-recourse). I only purchase properties through my companies. The only property held in my personal name is my personal home, and land that I own. I hope that helps. 

@Meena Pappiah You should be able to finance 10 properties through conventional loans w/a credit score at/or/above 730. 

I'd strongly advise to shift from conventional into business lending with no recourse. 

@Ken Nguyen Hi Ken. I think we always wish we began earlier. I started investing at 24 - but - I imagine how far ahead I'd be had I discontinued earning degrees, and instead, worked after high school. (I can't change it now). I can only look ahead. I have 39 in total.