All Forum Posts by: Sanat Bhandari

@Joe Mathew I know people that solely rely on VA's for the same however, as others have mentioned here, since cold calling is a numbers game, you must be invested in training your VA's to make sure you're getting the maximum bang for your buck.

Personally, I've found the cold calling RoI to be the best when I am directly on the phone with the sellers. The conversation is more personable and since I'm the direct buyer, it usually engages them much more so than if they were talking to a VA.

@Dcorian Young A couple ways to find off-market deals:

- Hit up expired listings from the MLS. Any realtor should be able to get you one. Even though it was on-market, it is off-market now

- Connect with wholesalers & investors in your area who may be selling properties they have under contract/own

- (Time consuming but effective) You can send out mailers and cold call property owners to find if someone is interested in selling to you. I like this strategy starting out since you learn how to cold call effectively, which is a very valuable skill to have

@Elite A.

Welcome to the field and I wish you the best of luck in your endeavors.

I'm an investor + lender in Omaha, NE which is a slightly bigger market than DSM. Feel free to reach out regarding information on Omaha REIA events and networking out here.

~ Sanat

Hey everyone - 

My CPA recommended an automated bookkeeping service called Uplinq. Has anyone used it? Pros & cons? 

~ Sanat

@Ross Kline

I agree with all the replies above. Hire a CPA from the get-go and get a bookkeeper as soon as your finances permit.

For bookkeeping, I haven't used it yet but my CPA recommended an automated service called uplinq

@Matt Jones

You don't have a lot of options here. Assuming you bought the property close to retail price, no hard money or rehab lender will give you the rehab funds to update the property to refinance within 12 months since there's not enough 'meat on the bone'

In my mind, you have four options:

- HELOC on your primary with a local bank/credit union that will lend you collateralize >80 LTV on your primary. Easier said than done but they're out there. The credit union that I bought my primary with had a HELOC option up to 100 LTV

- borrow money from friends/family

-  save money to fix it up over time

- 0% interest credit card (highly risky, talk to your lender to make sure you can actually refinance before going this route)

At a 4.25% rate on a 30 year am, I wouldn't touch that rate since as of this morning, an owner-occupied conventional with good credit is in upper 5's/lower 6's. 

@Brittany Smith

Your best bet is a local (preferably small) bank or a credit union that can do up to 80 LTV on a cash-out. Ask around and I'm certain you'll find a lender willing to do 80. I know a couple local banks in my area that'll do an 80 on a 20-year am provided the DSCR with that debt is >1.25 (or 1.2 with a 25-year am if you have a good relationship with them)

Anecdotally speaking, I know some investors drive out to smaller towns to find those inconspicuous banks that can do 80 on the cash-out. 

@Dcorian Young

You can find good deals both on and off-market. In this current climate, I suggest looking at expired or 60+ day old listings to find a good deal. Have a competent realtor, lender, and title company to make sure the transaction goes smoothly. 

Yes, you have to live in the unit for a year for FHA loan but there's a couple exceptions namely:

- Military relocation

- Job relocation that puts you >50 mile radius of your current home

- (uncommon) Divorce or family size increase can also qualify as exceptions

@Cheryl Alarcon

I can help you with DSCR loans in Nevada. Feel free to PM me.

@Urvashi Vasishtha

That is correct. I personally like to allocate an additional small amount like $25-$50 per month towards principal to reduce the term by a couple years. This small amount doesn't affect the property's balance sheet much but contributes to my personal peace of mind by knowing that principal is being chunked off faster without much downside. 

You'll see people all across the spectrum with some wanting to pay properties off as early as possible/buying in cash vs people using OPM in all their deals. I believe there should be a balance of the two. 

~ Sanat