All Forum Posts by: Tyson Hosey

@Paul Fagot interesting idea. I have no idea on an answer. But my initial thought would be: is that information public record or is it a violation of some privacy policy?

@Jay Hinrichs I definitely do. I immediately tried to vet them, and when nothing came up... no dice. I would absolutely hate to hear the horror stories of people who got scammed by going into business with those folks. Just like I hate hearing it happen at the bank.

That aside, I'm getting the idea after hearing the turn-down reasons and reading/researching BP that a lot of banks/PML's have a problem with doing a smaller sized project. Maybe I'm way off, but I would think that even though the spread isn't all that high, the risk is pretty low. I feel like they would rather see me come at them with a good deal on a duplex. Rather than a lower priced SFR (motivated seller, not a dump of a house).

@Jay Hinrichs I agree. Its sounding more and more like seller financing is my main option, other than a gift from a family member or something like that, or just getting an unsecured loan in my personal name and then just refinancing it after I secure it, into the business name.

I've been approached on BP (unfortunately) by a couple of "PML's" that seem to be very.... red-flaggy(? just made that word up) and luckily being in the banking industry, I've seen enough financial scams that I can do pretty well at smelling a scam from a mile away.

@Jerry W. I just recently moved from the area where I'm trying to invest. I know that market extremely well, so I'm trying to invest from where I am. The market where I am is just...horrible for investing. My primary is tied up with a mortgage and a HELOC, so there's not much room to play with, other than using what's available on my HELOC for a down payment.

Side note.. I work at a larger bank, so I was able to talk with them directly about what *their* reasoning was for declining the app. It was good information to get, and not much of a surprise, really.

@Jay Hinrichs I've all but given up wasting time at banks at the moment. Until I can put together enough cash reserves for them to be satisfied (which I"m really not that far away from), I realize they aren't going to lend to me. I've started shifting my efforts towards building a relationship with a PML, or seeking a property that has a seller who's willing to carry the note. Even though I've never dealt with either of those options, I feel like I understand enough about them to make them work for everyone involved. 

@Rich Hupper wow, I have a DBA/sole prop that's been open for just over a year, always in good standing with my previous rental flowing through it (rental income, mortgage payment etc) - what type of bank was it? Larger or small community-type?

@Karla N. Hey Karla, welcome to BP! I think you're going to get a lot of good info here.

Have you found any property managers in the NE Ar area or SEMO? I have a lot of family down there, and am curious about what investing is like around there.

@Chris Mason correct. Yet for some reason, I can't get them to look at the asset. They won't look past the owner of the LLC. Which, again to a certain extent is understandable, but I have excellent credit, and a good deal. I feel like it should be more about the asset and how it's going to perform.

Thanks @Tiffany U. I will. That's what I did on my first property. It was my primary for about 5 years while I fixed it up (technically a BRRRR), then when I recently moved I just rented it out and it has been an awesome investment/rental property so far. Now I have the itch to get a second property (first real one) ..just having a little trouble getting it secured..

@Jay Helms The banks that I've talked to are all looking at me as the guarantor, instead of looking at the profit of the property. And while I realize that in the end, I would have to ultimately be the guarantor for the property, I feel like they're missing out on the "asset" part of the puzzle.