All Forum Posts by: Bridget Smith-Osbourne

Jeff S.. I am undecided if I will obtain financing with B2R finance. I am getting preliminary infor on them now. I do feel they are legit. They are aggressive advertisers. They were a sponsor at my local REIA. I do not have a multi unit deal in the pipiline now, but am learning all I can about them, so that if I do decide to use them I am very, very well informed as there are a lot of moving parts to their financing. I can keep you informed with what I learn along the process....vice versa

I have heard of them. They have reached out to me repeatedly and I finally decided to talk to them. They are an asset based lending company. They quoted me 75% LTV with a interest 6% rate . There is a pre-payment penalty. Their loans are for 5 or 10 years with a 30 year amort, recourse and non recourse. Minimum of 5 properties, minimum loan amount. I went as far as completing their rent roll spreadsheet to see what I would qualify for based on my current porfolio. They informed me what I would qualify for. I am interested in venturing into a multi unit deal and was considering using them for financing.

I currently have a $100K HELOC on my primary residence. I have used it to get into deals all cash and then accelerate paymets to get balance down. My most recent acquisition was a foreclosed 4 plex I got for 80K all cash (brings in $2000/month).

All cash purchases.... This is how I obtained the majority of my rentals. Offering all cash and quick closing has allowed me to pick up some good REO deals. Currently have 18 doors and the only debt service is the $100K HELOC. With little debt I reinvest cash flow from properties to allow me to get into next deal ALL CASH.

@ Brandon Hall. I know someone who has done exactly what Burt L. has done; issue themselves a 1099 misc from their S Corp. Would this be an issue of concern if they paid estimated quarterly self employment taxes? Really appreciated your feedback.

Bob Bowling please provide some clarity for Kyle and I. We know that NOI is net operating income.... that is Income - Expenses not including the debt service. The P & L shown appears to show NOI including debt service. Please help us to better understand if we are incorrect.

You can go to your local bank to see how much you prequalify for. This will give you an idea of what price range of property you should search for. Most traditional banks will require that you put down 20% or more. Be encouraged and don't give up regardless of what roadblocks you encounter. Best Success to you!!!!!!

Have you tried putting an ad on Craigslist? I was searching for listings on Craigslist and came across  an wholesaler. He advertised that he would do the leg work to find a sweet deal and his target area is in the area I  currently invest in. He is in the early stages of  investing and is building his buyer list. I just found him so I can't tell you how things have worked out. One thing I can tell you ......if he brings me a sweet deal I will purchase from him. 

Brandon will do and I truly appreciate your advise.

Brandon I previously used a CPA located in Texas and things didn't go as I had anticipated. She made several errors on my return, not knowing that the Bronx is a county located in NY. I felt if she had resided where I live such mistakes would have been avoided. My tax return was recalculated and I ultimately had to pay. This was only one of many things that occurred. This was my first experience using a "CPA" as we are told to use as real estate investors. Prior to using her, I never had any issues with the IRS. I felt that if she was local where I could sit down with her things may have gone more smoothly.

Thanks for the feedback. I am assuming he is located in Indiana. How would things work with me located in NY.