All Forum Posts by: Brian Whelan

@Ned Carey, hope all well. Curious to hear your thoughts on investing from afar given all the developments in tech since you posted this a few years ago? Seem like we have more access than ever to tech to help us evaluate deals from afar. That being said, Baltimore city seems like a market that varies block by block and you could easily run into trouble investing there out of state. Would love to hear your thoughts on rehabbing townhouses in that area. I'm looking at several zips which seem interesting. Is it more of a buy to rent market rather than rehab and sell? Thanks in advance for any insight

hey @Damon Bodine, thanks for sharing this. I'd be interested in hearing some insights

@Nathan W. I’ve been looking at Cumberland country market, seems like it’s is a buy to rent market as opposed to somewhere to flip. Would you agree? Why is there so much buying activity in Bridgeton/Millville/Vineland? Did you have any luck down there?

@Derick Robinson do you still wholesale in the area?

try Rob Bram, I send all my resi deals to him, here's a link to his web

https://www.luxurymortgage.com/lo/rbram

Is there not plenty of lenders out there right now for Refi's of stabilized cash-flowing props? Looks like your NOI is approx 12,000, meaning a 6 Cap would get you an appraisal of 200K. If a lender gave you a 70/30 LTV on that appraisal it would knock out your existing HML debt and reduce your PITI to $668 (based on 4% interest rate), bumping up your net cash by over $600 per month

Banks like JPMorgan Chase & Co. have begun the process of tightening their lending requirements in an effort to limit their exposure in the months ahead. Borrowers will now need 20% down-payment and a credit score of 700 to get approved for a new purchase. Most conventional lenders will likely follow suit with similar restrictions. The knock on effect surely will mean a smaller pool of residential buyers and a growing number of tenants in the market.

Will this drive rental demand for Multifamily owners? Will it create a compelling case for Developers to focus on rental building development in the short-medium term? Will there be more opportunities for hard money lenders and other non conventional types? Or will the falling employment numbers off-set any gains here?

Is there a silver lining in any of this?!

HEY @Jonathan Taylor,

if I have a four unit rental property which I buy for cash, rehab and get fully rented out - is there any minimum time I need to hold before a conventional bank will refi? Thanks

practice using open ended questions (who, what, why, where, when etc.). It helps get the other person talking more and you will begin to identify windows of opportunity easier. Avoid using closed end questions like "Do you" Are you, "Is it" etc because you'll find the person will just answer yes or No and your conversation will be over very quickly with no real information gathered by you. 

you raise a fair point @Ben McMahon, but there'll always be a place for professionals who provide a quality service in any walk of life. During hard times, people will always look to tighten their belts and cut expenses that maybe they could handle themselves, but what savvy professional has the time for figuring out and perfecting another professional's line of work every time they need something done? You could say the same for any service provider- "It's the end of the line for handymen because everyone has Youtube and anyone can swing a hammer". Similar to hiring an attorney, you're not necessarily paying her for the 30 minutes it took her to compile a boiler plate contract. The real value is in the countless hours they have spent over the years amassing the knowledge and experience to keep you on track when the road gets bumpy, and it always will!
 I agree that not every agent is a professional, and maybe you should negotiate commission based on their experience, but you'll find that the best agents are worth their weight in gold when it comes to marketing, creating a competitive bidding process and ultimately netting you a higher return with a smoother ride by executing on a process they've spent years perfecting.

If anyone on here is interested in joining a Hotel discussion forum please pm me your email and contact details and I will add you to the Webex conference call we are setting up for next week- cheers