All Forum Posts by: Alex Bekeza

There is more and more pressure on lenders to ease their seasoning requirements to beat their competition.  I sent you a PM to get some more info.  

Many lenders will be flexible with it given certain conditions such as the person on title remains the same and the property is either rented out or there is a letter of intent from a near future tenant.  

@Tim Coulter sounds like you have the right idea!  Don't worry.  You are correct, you have every right and it is in your best interest to test multiple brokers to see who comes up with the best deal.  Of course, after a while you'll build trust and feel confident one broker is giving you the best thing out there.  

Best of luck on the next project!

I know I'm late to this thread but wanted to post because I recently found a newer commercial lender who will lend off of the appraised value after only 3 months seasoning! This will be a game changer for BRRRR strategists who complete their renovations and get the property rented out this quickly. Seems a few funding sources are trying to leverage this as a competitive advantage.

Are the 2 duplexes located on parcels which touch each other?  If so, there are several commercial lenders who would do a cash out refinance under one mortgage covering both of them.  

@Tim Coulter It can be frustrating as a broker to spend hours trying to structure a deal for someone who ends up going elsewhere but it pretty much comes with the territory to a certain extent.  I think that you sound very conscientious about the value of each of their times so just continue be as honest and forthcoming as you can with each of them.  

I've personally never told someone that its not going to be a good fit if they are shopping me around hahah Saying that pretty much breaks my promise that I'm working with the borrower's best interest in mind and if for some reason I'm not able to recognize the best program for that person and another broker is then kudos to them.  They deserve the deal as unfortunate as that would be for me.  However, I do try to understand all expectations and limitations up front.  

The truth is that if you give as much information up front and the broker knows exactly what questions to ask in order to determine which lender's guidelines/programs would be the best fit then that first broker should be able to come up with the best terms available for your scenario.  

Like anything else, of course brokers have niches or certain types of programs that they know back and forth and others they may be aware of but need to study up on in order to truly sell/execute. Personally, I'll be honest and say I'm no expert in FHA 203k loans. If a friend came to me for help on an FHA 203k loan for their house of course I could help them but its not something I'm out there trying to solicit business on really. Its on the back burner of things I'd like to study and be able to push. Until then, I'd defer to someone else in my office who would hit it out of the park.

A very common thing I see is people have a "mortgage buddy" who is great at residential stuff but totally novice with non owner occupied investment property loans.  That is why from the beginning I made the latter my main focus.  Not to mention I prefer dealing with investors simply because its more business and less emotion.  

Commercial rates on SFRs are somewhere between conventional full doc loans and hard money. On average range from the high 5% to low 8%  plus or minus depending on some specific adjustments based on property type, location, credit, experience, etc. I'll shoot you a PM with more details because I can't really be looking like I'm selling you something on the forums but figured this was good info for anyone tuning in to the conversation.  

All the best, 

@Loans_By_Alex

@Anaka Ugochukwu Elvis Don't ever leave the house without your ear buds and the BP podcast plugged in to listen to while in transit or working.  So many episodes illustrate the creative ways people starting with no capital can utilize the value they bring to the table to get plugged into a deal.  

@Shane Boyd

Many realtors have that gift of gab which lends itself to gaining listings and clients and doing a great job of pointing out the pros and cons of a property as a primary residence but don't have the business acumen, delegation skills or straight up "cojones" that flipping takes.  

Your experience in home inspecting seems to lend itself much more to flipping than that of a RE agent in my opinion.  Keep the BP community posted on the progress of your flip!  Best of luck.

Someone recently recommended the website www.richblockspoorblocks.com to me.  Its awesome for analyzing a lot of different demographic data for any particular zip code and uses interactive maps.  You can search and compare zip codes based on income, marital status, home ownership, population change, etc.  I believe you get a certain amount of free searches before you have to pay to use the service.  Give it a look, its pretty sweet. 

@Lindsay Butler I think @Darrell Bratton is absolutely right.  You have the amazing advantage of knowing which streets in your neighborhood are able to secure long term tenants. You might even know which owners are sick and tired of being landlords even if they use a property management company.  Your employer also probably has an extensive list of contractors they use for certain jobs.  Just start thinking of how you can leverage each and every one of these advantages, set up your long term goal, and work backwards from there.  

My mom and siblings both lived in Nashville/Franklin for a few years and I got a chance to see how much change is going on down there. It sounds like your experience would lend itself to studying the tried and true BRRRR strategy if you haven't already. A combination of utilizing renovation skills and managing a cash flow producing property long term.

Best of luck!