All Forum Posts by: Nick Lamagna

Welcome!  I'm new as well but loving all the help and feedback, definite sense of community you will love it!

Welcome, looking forward to networking with you, theres lots of great opportunities in cash flow outside of CA as well.  All depends on what you want and your comfort level, looking forward to speaking with you

-Nick

Welcome to BP @Rikki Bellamy

Why the restriction on 20 units?  Just because of purchase price or for other reasons?   I come across multi units bigger in other markets though, I'll pass it on if I come across any in the Portland area as well

Commercial is great, there's nothing wrong with going into 4+ units as long as you do your homework, its a long term strategy and lots more to be aware of than a single family home.  If you are coming into a significant amount of money you can get into a turn key performing unit with a conventional loan and start cash flowing the day you close.  You could also but a distressed under performing property looking for seller financing to help structure the deal and you could create a ton of value.  This can be more dangerous for you if you do not have any experience investing in commercial.  I highly suggest a property manager, the amount of money they will charge you to not have to be the person everyone comes to complain too is worth the money.  Property management is just another job you would be taking on, pay someone to do it and go enjoy your cash you are making :)

Hello, I was curious how some of the investors on here handle going over budget with their contractors once the renovation is underway. I had a buyer on a recent deal that came in prior to the property being finished. They wanted an additional 50k in renovations but the new work would bring the value over 80K. The deal still made sense but the HML would not change the terms or amounts of the pre-approved budget. I had to find a private lender to secure the additional financing which was a safe deal and it worked out but I'm always looking for experience to build off of. Looking forward to your responses.

Great to connect, thanks for the encouragement!  

Hello, I was interested in hearing some creative ways investors have put deals together. I often pick up multi family homes that have a DSCR that is too low for conventional financing, so we work a seller financed deal with normally 10% down and I need to cover all renovations. Typically the cash flow can fill the easy fix units and start to increase the income and occupancy rate monthly, but I have buyers that are waiting to purchase the homes once they hit 80% so we often will utilize private lenders to fund the down payments and renovations and pay them a return in six months. Some finance on credit cards, some pull retirements or use HELOCS, etc. I have also had HML's offer bridge loans but we often look for low doc financing for the properties. Looking forward to hearing some tips and success stories for moving your multi units faster utilizing creative financing. Happy investing everyone.

For every agent or broker that is going to go with their stock of current investors there are plenty out there looking for new clients. They work on commission and I have luck calling new realtors, brokers and wholesalers all the time. Be confident, be personable and don't be discouraged when you get negativity from them. You will need to kiss a lot of frogs and get hung up on or no responses from many, many prospects you reach out too. It's a numbers game, I would also say do not ask for too much up front, just a few potential listings they think may work for you and start to adjust it from there to get closer to what you need. If you are wholesaling do not tell them that up front, it will in most cases kill the conversation. Tell them you are a cash investor as well, and if you can get a POF letter it will give you credibility. I have had many start sending my potential deals without it but you will come across many who want it. Stay positive and think of every one that tells you, "No," as one more closer to finding the one that will give you a "Yes!" Enjoy the journey -Nick

Hello, my name is Nick and it is great to meet everyone.  I am NOT a wholesaler, working on getting that changed.  I am a primary investor in residential flips and commercial multi family flips and holds.  I'm trying to navigate around the site and find the best ways to use it efficiently and successfully.  Looking forward to making contacts and doing business with everyone in this group.  I have 10 years experience doing singe family home investments and commercial multi families.  I have wholesaled, flipped in the standard way, flipped on Ebay, had rentals, done lease options, seller carry back deals, creative finance deals, invested remotely in over 20 states, made investors lots of money as private lenders on my deals and helped 100s of investors make and save 100s of 1000s of dollars over the years.   I have 10-20 projects going on at almost any time and invest from the comfort of my laptop or phone in almost all cases.  Thanks for allowing me to post and looking forward to speaking with investors, lenders and wholesalers among others in this community. 

Thanks!

Nick