All Forum Posts by: Salvatore Lentini

@Junnell S Mclee - lenders will want to quote you on a property and will only fund on a property as collateral.  There are some shady business lenders out there but it's a swampy realm.  Find a property, call a lender and get a quote.  If the numbers work, get it under contract.  I have investment property lenders I work with for my portfolio.  If you want a quote and don't know who to go to, message me.

Not sure what the major would be called but having the ability to do financial modeling would help.  Not necessary but would help if you intend to get into bigger multi million $ deals.  I do deals in the $3-$5M range right now and am able to put together financial models but it takes me more time than it would if I had been taught it.  Mine is based on using models I get and reverse engineering them to suit my needs.  As I continue to grow I'll probably outsource the development of these models.

Hi @Sandy Metivier - do you have other rentals?  If you don't have any other properties (ie no experience) some lenders will want the borrower to be in the same state or they will want to know that you have a partner or property manager in OH.  Feel free to message me and I can connect you with the lenders I've used to grow my portfolio over the years.  No W2s or tax returns.  Lending based on the property, not you (well, except for credit score - minimum 600).

Hi everyone - Lima One Capital finally called to let me know they couldn't finance the deal because it's under their $50K per unit minimum even though they knew 2 months ago the purchase agreement for the 6 unit was $285K ($47,500 unit).  So they already knew it was under $50K/unit when they said they could fund the deal.  Appraisal came in $290K so Lima's out.  I asked the rep what Lima was going to do to make this right.  Stringing this along for 2 months with no chance of getting to closing.  He said he'd get back to me.  Surprise surprise... I haven't heard back from anyone in 2 days.

Buyer has an AMC appraisal so it's transferable. Working on getting this closed with another lender. Any suggestions? I know $50K/unit combined with it being a 6 unit (instead of under 5 units) makes it harder to find an asset based lender but I know they're out there.

@John Zurzolo - buy something that cashflows now at these rates and you may be able to greatly increase your cashflow in the next few years if rates come back down and you refi.  Tough to say on prices because all real estate is local.  Some areas could drop 20% while others just go flat for a year or two.  Overall, there's barely any inventory out there so it's going to be tough for prices to drop a lot.  but again, it's all local.  Some areas of FL could have bigger drops if they are 2nd home areas.  2nd home areas are volatile.  Big upswings and big drops.

To all those messaging me - Still no update from Lima One Capital.  No returned calls or emails.

Lima One Capital - is anyone going to give me an update on closing?  Is it closing?

@Robert E lunt - I'm selling not buying/borrowing so I don't have an account executive assigned to me.

-Btw, still no clarity on closing.  I guess no one there checks their email or voicemail on the weekend.

For all those asking...I can't keep up with all the direct messages.  I'm still waiting on an answer from Lima One Capital.  No clarity on closing yet.  As I said earlier, I don't air dirty laundry unless well deserved.  I'm giving them the benefit of the doubt until next week but after that I'll be sure to give all of you every detail if this loan doesn't close as well as my coaching clients and my mortgage broker clients.  

Thanks everyone here and for all those reaching out to me via direct message.  Lima One contacted me this morning.  No definitive answers yet but a small step in the right direction.  My investor mortgage clients are waiting to hear how this plays out as well.