All Forum Posts by: Will Gaston

@Jorge Vazquez is right. There are tons of asset based products out there now that (seemingly) did not exist 5-7 years. Lima One, Lending One, Finance of America, Dominion, etc are likely good fits for your client. Also, depending on the asset they may be able to get a commercial loan through a portfolio lender.

@Lawrence Kutsovsky I'd recommend calling several small, local banks and ask to speak to their portfolio lenders. The amount of equity you have should allow you to collateralize existing property/equity and purchase more.

The #1 reason for my ability to scale has come through learning about the lending side of real estate.

The lender is the real decision maker for most of us. Learn what they want and reverse engineer it.

@Elisha Salgado you're not going to want to hear this but, unfortunately, most of the time it is best to just let these situations go. If it's a small amount of money your time would be better used moving forward.

I've had a mentor stress to me many times that the mental energy and the opportunity costs of these situations is just not worth it. And I finally agree with him.

@Bryce Betley I would let the showings drive that decision. Re-list with new pics and wait to see if showings are there.

My rule of thumb is this. If showings and inquiries have dried up then it's time to lower the price. Listen to the market. It will tell you the answer. 

It would likely only be a roadblock if your partner didn't agree to it. 

I have done some of the LLC, quit claim, etc stuff early in my career when I was doing residential conventional loans and frankly it held me back.

I was 100% responsible for the debt to Bank of America for 1MM but only a 20% member of an LLC with 3 other family members. Underwriters moving forward had a really hard time understanding how to gauge their risk. Most just said "no."

I'd think through what your goals and plans are with these partnerships and lending.

Just my experience. Your mileage may vary.

@Adam Cole I assume these are conventional loans? If so, anybody signing the loan is 100% responsible for the debt no matter how the LLC is divided.

@Nick Louie My experience is this: Be other people's cash cow and they will make YOU a priority.

I've done ~10 million in transactions with one agent and never once asked him to reduce his commission. 

Guess who gets the first call every time he has a great deal to sell?

Show me his portfolio. Is most or all of listed for sale? If not, ignore him. He doesn't believe his own predictions.

Prognostications without skin in the game are worthless. Especially in today's world.

Pictures and condition look good. Unfortunately, that usually means it's the price. Especially if showings have stopped or slowed down dramatically.

This is the kind of thing I advice I hate to hear but also the kind I need if it were my property: 

Lower the price again.

There were ~240k homes in the U.S. flipped in 2020 so I think the impact on "most" markets and "most" investors would be minimal.