All Forum Posts by: Account Closed

If you live in the Evergreen/Conifer area and want to get connected with other investors in our area, shoot me a colleague request with your email address and I'll set something up.

Got it @John Carr. Thanks for the wisdom. Definitely prepared to hear no.

Thanks, @Tanya Delahoz - no front desks but thanks for the response.

Newbie here: What does BP recommend and why - A)buying rental properties in own name and transferring them to an LLC , or B) buying properties outright with an LLC? I understand that rates for commercial for LLCs are higher but want to understand if there are any other factors to consider.

@Ralph R. - I'll PM you...

@Bill S. - Got it! I would definitely need to change strategies if $50k really is the loan floor. I'll make some calls.

@John Carr - I want to start buying SFRs and then set them up on lease options. I can certainly talk to other conventional lenders if the lower price point isn't a hang-up for them. Any recommendations along those lines would be welcome as well.

I would think I would be approved to personally guarantee several loans in my current situation, but I don't know how it would play out after that.

Does that help?

@Account Closed - Mmm...donuts.

Got it. First Bank would be an easy one for me if the numbers end up making sense. Still undecided about whether or not to get the LLC right off the bat though. Keep reading pros and cons of both.

Appreciate the input.

@Bill S. - Thanks for chiming in. I read a lot of your posts. And congrats on finally leaving your W2 job!

I'm aware of the 10 loan limit, but is there a good reason to avoid portfolio lenders when just getting started? I haven't talked to many conventional lenders yet, but I just had the one that did my primary tell me that she wouldn't loan less than $100K (because she wouldn't make enough money) and so I need to look elsewhere. I haven't pinned down my exact market, but it definitely won't be in the hot areas of the front range. I'm curious to find out how little (rather than how much) I can borrow.

I thought it might be beneficial to just start building a relationship with a portfolio lender...

@John Carr, What kind of education should I be prepared to offer? I'm a newbie but I can certainly do more research if necessary. I understand the big picture of portfolio loans but I know there's always more to learn.

@Linda Weygant, I will definitely circle back with these guys. I thought for sure I asked FB & BoW about this when I was researching HELOCs. Elevations is new to my list so I'll give them a holler too. Thanks!

@Travis Sperr, I'm intending to buy some properties later this year and want to start building relationships with lenders. No specific properties yet, just getting ready...

I've made about a dozen calls to community banks and credit unions, but haven't found one yet. Can you recommend or at least point me to some on the front range?