All Forum Posts by: Zachary Inman

Why did the lender say they were unable to do it?

Pay an attorney to draft up a financing agreement. There are more informal ones out there, but when dealing with transactions this big, it's always worth it to get a professional involved. 

From other investors i've spoken to, there are a lot more hoops to jump through and good deals are tougher to come by. But, you have a huge tenet pool and steady growth if you're able to break in. 

Left field investors is another forum with many LPs discussing syndication deals. 

@Chris Martin

Amen, that's what I was thinking while skimming through this thread. STRs are about to take a serious downward trend as people tighten their pockets. Gas prices reduce travel, AirBnBs aren't as affordable as they used to be, and many are focusing on staying afloat instead of going on vacation. 

I think it's a great plan, but I agree with what others have said: it's a bit premature to start looking at properties. When lenders are looking at your history, they check the past two years of income for how stable of a lendee you are. I think shooting for 500k properties is stretching, and I doubt you'd even get approved. Start smaller and build your portfolio with sweat equity first (aka buy a distressed property and work your a** off to update it). 

Commerical loan typically need a clear use plan and a higher min loan, with a higher dp. 

Do: talk to as many lenders as possible. Don't just take one opinion and run with it.

You can get better rates by shopping around and negotiating. Having a good relationship with a lender is beneficial too, especially if they know you can close consistently. 

How many units total is it?

 It's a video calling/chat room software. 

Not any re discords that I know of. Maybe on reddit you could dig some up.