All Forum Posts by: Stephen Anthony

@Matthew Brand Very long time no see! Hope you guys have been good. Didn't know you had rentals, that's awesome. You may have other factors to consider (ease of management location), but ultimately a lot of it comes to down return on capital right? Can you get a better return on the equity you have in one or both of these properties (after reduction from selling costs) in the new market you want to invest in (I assume CO) than the return you're currently getting? Have you selected your new target market yet, do you know the expected returns in that market, and at the level and type of financing you expect to get there?

If you do decide to sell, I went to high school with @Ethan Hamilton and have talked real estate with him since, he's a good guy.

Is there a reason you have an interest in buyers holding vs flipping or is this a commentary on the condition of the properties (aka turnkey or no room for a flip)?

I've found multiple lenders in Lincoln, NE who offered 15 or 20 year fixed mortgages and were fine with it being in the name of an LLC. This was commercial lending. Not sure when you say "conventional" if you mean Fannie/Freddie or just a fixed rate for the term, but getting a loan in the name of an LLC certainly is possible. Put some calls into local and regional banks here.

@Lance A White Does State Farm do their own lending or they are a mortgage broker?

Thanks @Brie Schmidt, that's good to know. In this case the member reached out to me offering a specific unnamed lender (through themselves), but it's helpful to know what sort of information might be reasonably requested.

@Rick H. I think I may have not explained the details well enough in my initial post. I had a local lender lined up to finance the deal, and a local backup lender on top of that. I didn't get to a signed Purchase Agreement because another buyer came in offering all cash, no inspections, and no contingencies.

None of that has anything to do with my interaction with the member on BP who asked for my deal details to send to a lender, but wouldn't tell me the lenders name and then stopped messaging me altogether without even a courtesy response as to why.

Iiiinteresting. Thanks for the feedback everyone. Unfortunately the deal (which had sat silent for months) got 2 other offers in addition to mine right before Christmas too, and I can't compete against an all cash, no contingencies offer. But this will be helpful in knowing what to look for (and run from!) on the next one.

Lincoln, NE prices have been going up and CAP rates going down for at least 5 years now. From what I have been told by investors and lenders, a lot of outside investment money has come into Lincoln, driving down the returns and available good deals.

Being from Wymore, have you thought about Beatrice? The risk certainly goes up with a much smaller town, but I wouldn't be surprised if you know the city much better than Lincoln, and if better deals and better returns are available.

Hello BPers,

Would appreciate more experienced members and investors help in validating if something I experienced lately is normal/legit or not. I am a relative newbie, and this interaction seemed unusual to me so I wanted to be cautious and get feedback first. I want to make it clear I'm not accusing anyone of anything, just seeking guidance.

• I recently made a post about terms on conventional financing, and through that thread was messaged by a BP member who said they had a great lender, and said to send them (the BP member) the details of my deal and they would send it along to their lender. That sounded great.
• My deal was actually on the MLS, so I asked if just sending the listing was fine, and also asked the name of the lender.
• The member replied that the listing would be fine and didn't answer the name of the lender question.
• I responded asking if it would be possible to have an initial conversation with the lender to see if we were a good fit for each other, and then at that point send them the deal details. I asked for the name of the lender again.
• The member had been messaging me back every 2 minutes, but they never responded again. I messaged them again after the holidays, and they still didn't respond. That last message of mine was sent 9 days ago.

I had an offer in on this deal but didn't have it under contract yet, that was part of my hesitation in sending a deal to someone I had just met on the internet, and it getting further passed along to someone/a lender I didn't even know the name of.

I hope I have not offended anyone. This member was a Pro member with hundreds of posts so I assume they are an experienced, upright professional. It just seemed very strange to me to not share the name of a great lender, and then stop messaging me at all once I asked for it a 2nd time.

Please help set me straight here, was this a very normal way to help people, and I should have felt comfortable sending along the information to this member? Thanks for your help!

(By the way, I tried to contact BP support to ask if this was normal, but they said to post on the forums; I didn't want to be "public" with my question.)

Hey guys, noticed it looks like there was a date mix-up in this thread. This is for the Lincoln NE Nebraska meetup (trying to grab those keywords so people notice :) ). Original suggestion was a Monday but the date mentioned several times was the 12th (which is a Tuesday).

Lance is suggesting and organizing the meetup on Monday, Jan. 11th - see this thread: https://www.biggerpockets.com/forums/711/topics/26...

Just trying to make sure no one shows up a day later!