All Forum Posts by: Willie James

Why would you have to start your own credit repair business rather than partnering with an established one? If you have solid leads that close, plenty of companies would live to partner (now how to find good ones is another discussion entirely.)

You can certainly get a mortgage with conventional underwriting for an out of state property.  The issue many borrowers run into is that the property needs more renovation than they are comfortable with, that's where asset based lenders come in. How many mortgage brokers that serve Indianapolis have you contacted?

If you are looking to go more turnkey, I've heard good things about this company (they have been sending me emails for years and are still in business so that's a good sign in and of itself): https://mainstaypropertygroup....

This is really helpful. Got a letter from one of these companies in the mail the other day.  Extremely deceptive ad copy "This letter is to inform you that the property's home warranty at XYZ secured by ABC Company may be expiring or may have already expired..."; I have never heard of this company and we don't have a home warranty with them or anyone else.

 I could see an elderly person getting one of these letters and getting roped right in. 

Do you have a link or reference for this new law?  

20 units in 5 years is definitely doable. You mentioned all of your loans are commercial, but then you say you've maxed out your capacity at the bank you are using. If you are getting commercial loans for single family, many lenders with finance the property regardless of how many you currently have financed as long as the deal is profitable. 

When you refinance out of the hard money loan, are you refinancing into a conventional investment mortgage or a commercial loan?

Really would depend on how long I planned to hold the property. The longer I were planning to hold it, the more likely I would be to do the refinance. Only way to find out is to project your ROI using rent, expenses, and the length of time you plan to keep the loan, with the current rate and expected new rate.

Hey Ashlie have a look at this thread: https://www.biggerpockets.com/...

Oh I missed that you'd be living in it Renee. @Paul Welden is correct, can't do hard-money or any dscr loan on an owner occupied property.

It is feasible. There are lenders who will lend portfolio or blanket loans on rental properties. There are also those that will do individual properties with enough equity. Many investors do BRRRR this way.

If you need to get equity out of the home without incurring the tax burden, look into a home equity line of credit (heloc). 

What to do with the money is another matter altogether. You'd have to decide that along with all stakeholders involved. 

In fact, I would say, what to do with the money is the first thing to figure out before even borrowing it.