All Forum Posts by: Vittorio Rendor

@Brandon Wolf welcome to bp! There are 2 well-attended meetups in the baltimore area

1) Baltimore REIA

https://www.baltimorereia.com/

- good folks there, especially the meetup owner Joe. They have some multi-fam topics, but predominantly SFR discussions. If youre a member, there is a segment at the start called "quick pitch" -- where you could literally pitch your deal in front and then just network with people after.

2) Multifamily Passive Cashflow for Life

https://www.meetup.com/Passive-Income-from-Multiunit-Apartments-Mobile-Home-Parks/

- great meetup focusing on apartments, some mobile home and self-storage. Approachable folks, James and Nichole, who spearhead the event. I think if you give them a heads up you could also pitch your deal and give your analysis in front of the group.

Hope this helps!

-V

Hi BP!!

Just wanted to ask experienced investors on how to structure a credit partnership. I'm attempting to do the BRRRR strategy for my first single-family/rowhouse. I have 680 credit score -- which I started from scratch/none -- last year because I just migrated to the US. I have a decent job in IT, so I have saved around $10-12K, just enough to put down as skin for any potential private or hard money loan.

So I called a portfolio lender to double- check if could qualify for a back-end/cash out refi, and they said NO because of my new (less than a yr) credit history. So my next step now is to get a credit partner, so I could proceed with the BRRRR deals that I have.

Questions:

1) Based on your experience, how did  you structure the credit partnership? (eg. 50/50 cash flow and equity?)

2) Do you advice to do it in an LLC? What documents are need to make this partnership work? What clauses should be there to protect both parties in case one wants to go out of the deal after X number of years?

Thanks,

Vittorio

Hi Everyone,

I'm attempting to do a BRRRR strategy, and just spoke to my hard money lender and he wants a pre-approval from a local bank/credit union for the cash-out refi before lending the ST financing (which makes sense)

I spoke with 3-5 banks and it seems like there is no pre- approval process if you still don't own the property. I'm not sure how to communicate to it to the banks, how do you guys suggest I move forward with this? Is there a better way to ensure the back-end financing before purchasing the property?

Thanks,

Vittorio

Thanks All!! Just wondering, what would be the rationale of portfolio banks not lending to LLCs and just on personal name?

Hi everyone!

Good evening, just wondering if you guys know or recommend community banks, portfolio lenders, credit unions, or any lender in MD that would have 6 mos. or less holding/seasoning period and 80% LTV for a cash our refi?

Need it as back- end financing for potentially my first BRRRR deal.

Thanks! 
Vittorio