All Forum Posts by: Account Closed

Thanks Bryan.  I was planning on making a drive to Cincinnati while there so if are available, even for a just a coffee, I'd appreciate the opportunity to meet. 

Hi Wendell 

Appreciate the response.  I'm really focused on cash flow rather than appreciation at the moment. Not to say I wouldn't take it if I could get it but I have other things growing for me that I need to feed with cash flow :) 

Absolutely open to hearing about anything you have going that might be mutually beneficial.  

Thanks for the response! 

Rudi 

Thanks Joe. 

My case is a bit weird as I'm not a US citizen and only been working here for 2 months. So many lenders just say no as it doesn't fit their box. 

However if I get the opportunity to talk to someone that is open and has some discretion I can work out something mutually beneficial. 

For the right deal I'm happy to put down 50% which more or less mitigates any risk but some banks won't even consider it as I don't fit the policy.

Again it's all about the bank and person so some of those big ones don't work but the smaller lenders are typically more open.  

Here's a prime example. 

When I came to the US I had no job or social security or anything.  I went to buy a car and thought I could get finance. Nope, no one would talk to me. Even with a huge down payment nothing. 

Then I asked what lease payments were and I was told say 200 a month. So I said, I'd like a 3 year lease and I will pay all of it upfront. All the lease payments for 3 years up front. Will you do it?

Answer was no. 

Does my situation fit policy? No of course not. But, if someone offer to make all the lease payments up front, what's the risk? They completely eliminated the risk (as long as insurance is in place). 

But because I didn't fit the box it was a solid no. 

But the next customer with a 580 credit score who's already had defaults and will potentially do it again will get finance because they tick the boxes. 

I'm not bitter I promise :) 

I've just learned to work with the system but coming from a banking background I can tell you that most 'lenders' just tick boxes and don't have a clue about credit risk.  

Awesome! Is that net or all costs but not tax? 

Hi there

I'm currently looking at buying some properties but during this process i've been thinking about hard money loans for others.

Can anyone give me a sense of how much you can make on a hard money loan. What i mean by this is if i give my money to a hard money lender and they lend it out.

I wouldn't want to be involved in the screening process etc - just give the money and get the return.

I realize the lender will take a cut, so taking all that into account, what would the return be on say $100k?

Thanks very much

Rudi

Hi everyone!

I'm new to BP and the US market in general and at present focusing on buying some homes in the Columbus market.

Planning to fly up there on the 24th of August (or so) and staying for 3 days at this stage.

Is there anyone that is really experienced in the Columbus market that would be able to spare a couple of hours to discuss the market and teach me some things? 

I'm meeting with some realtors already so would prefer investors but am open to anyone.

I'd be happy to buy lunch in return anywhere you like.

Most importantly i need someone that can be objective about things - here's what i mean.

If i'm looking at a property that you would never buy, i need the advice to be along the lines of: personally, i wouldn't buy it because of x,y,z or it doesn't fit my strategy because of a,b,c etc

But, you could buy it, however you would need to be aware of / mitigate a,b,c and so on.

Most people will just say no, don't do it or yes do it but can't really articulate why - it's all down to personal preference. Now, are there times where NOOO don't do it! applies? yes of course, but it needs to be articulated.

I found a great realtor in Colorado that is coming close to the end of his career. He only buys good properties in good locations. Why? because he doesn't want the headaches that come with worse areas and lower quality tenants. But, he can have a conversation objectively about those lower grade properties and what would / would not work.

Lastly, need someone that can go through the areas on a map and tell me which areas are good and which aren't. A lot of realtors won't have that conversation. They will just say that there is good and bad everywhere. It normally takes a few meetings before someone will be honest about where to go and where to stay away from and that kills me! I understand there may be legal things but there are tactful ways to point things out without getting in trouble.

Apologies for the long rant but i just don't want to meet with someone that doesn't fit the above as there won't be enough time.

Thanks all - appreciate any help / advice you can provide.

Rudi

Anyone else have recommendations for a portfolio lender / small bank in Ohio?

Thanks

Rudi

Wow Clayton! Thanks! I'm absolutely open to seeing anything you have. The challenge with out of state is i need to find a new portfolio lender to work with.

I have one in colorado but will need one in ohio and one in alabama - if know of any small local banks where you can talk to the person making the decision i think i can make it work.

Please feel free to send me the worksheets and any properties you have currently and lets talk.

Thanks Brandon. Your logic is sound. The reason I am looking out of state (other than returns) is that we won't be in Colorado forever and I'm a buy and hold 20+ year guy so anything I buy close won't be close forever if you get what I mean. 

Pueblo taxes are low - for a 50k 3/2 sfh it's about 750 per year.  

Yes Mike I'm also looking at Columbus as well. I'm actually flying there next week to check it out.

Given you've got Pueblo experience, what do you think of the above deal? 

Also do you live in the Springs? If so, how about a coffee if you are free?