All Forum Posts by: Mike Burkett

@Brandon H.  I'd be happy see if I can provide some guidance, but I'd like to know where the properties are and specifically what are the assets?  6 apartment complexes?  How many units each?  What type of commercial property?  # of tenants?  With the little I know, my initial thought is 2 different loans.  Commercial buildings and apartments don't underwrite the same.  

Talk t Shannon Williamson over at First Western Title.  They love investors.  

@Helen Shaw  If you are doing a deal on your own, a good rule of thumb for how much cash you will need is 25% of the project cost in the bank before you close.  Project cost is purchase price + rehab cost.  You may need more than that if a lender won't lend you the maximum leverage they would an experienced investors. 

@Tom Parris  I'd be interested in talking to you and I'm basically in Richardson.  How convenient!

@Raman Saka  Let's take a look at your game plan and where you are financially today.  With that information, we can help you devise a plan (how much equity in deals, how much debt on deals, etc).  Let's set up a time to talk. 

@X Sun  Call Cody Carr at Carr Residential.  I've give you phone and email but BP won't allow.  Great realtor and his father is a big time single family investor in Austin.  Both are really good guys.  Tell them I sent you.  Good luck!

@Ryan Cheatham Welcome!  I've been on the lending side working with investors for a long time.  If there is anything I can help you with, please let me know.  Happy to talk to you.

@Randy G.  Things were sounding good until you said your credit plunged.  We require a minimum of 640 and the interest rate improves the higher the score.  If the score plunged because you maxed out your credit cards (not because of late payments) then sell the lot and pay down the credit cards below 50% of the credit line.  More is better.  Credit score should bounce within 30 days.  

@Helen Shaw  For a new borrower, 10%-20% down at 12% interest and 2%-4% sounds pretty typical to me.  Would I be correct to assume you don't have or don't want to come up with the down payment?  

@Junior Shay  To answer your question.  Get pre-qualified with a lender.  We do it all the time.