All Forum Posts by: Sean Kosmann

Ok ladies and gentlemen!

I am looking for the best long term rental portfolio company. I am working on acquiring 400 doors, and want to make sure I can park all $65M of debt at one shop. Bonus points for length of Amortization of 30 years (or longer)!

Please tell me who you recommend. 

Any lenders commenting, please save us all the smoke show and just tell me the guts of the deal. Credit, global DSCR, and Personal Guarantee numbers will be as strong as they come. I want to know rates, seasoning periods, and 'To Be Appraisal' options.

@Lily Sellers where are you located? You don’t need a two year history for your rental income OR your employment

@Daniel Zamora it sounds like what you need is "google". From what I have learned, this is where I would start 1) look for a real estate group near, generally a REI group. The goal for this is to find 3 things, 1) a good realtor you trust 2) a hard money lender that trusts you 3) wholesale properties.

Once you have done that you line up your first target. Find a house that is so under priced that you can purchase and reno using the hard money lender, that you can then take it to a bank and refi it for 80% value. Now of course the 80% have to be higher then the purchase + reno to make this whole thing work, but when you do that, then all that is left is getting a renter. Rinse and repeat. We bought a house for $22k, putting $18k into it, refinancing it for $55k and renting it at $1k a month. So we will get a small cash up front, and decent rental off the bat. I have 3 houses following similar numbers.

Makes say more sense. Thanks for the background, I'm looking at a 8 unit right now, I think I'll get it for $400k, its cash flowing $30k currently. Need to run the numbers on the mortgage to see if its going to still make sense.

@Blake Garcia How did you get a bank to do 100% financing? I can’t seem to get any to take appraisal over purchase price for valuation to show 20% sweat equity...