All Forum Posts by: Al Wright

Hello Al,

Are you still looking for a network? We have a REI meeting here in Charleston,WV once a month. Let us know if you are still interested.

@Al Wright Hello there!

I might try to organize some sort of meetup for investors in the near future. Would you be interested? If so, what topics or interests are you into in regards to real estate?

All hard money lenders will seem similar on paper.  The difference is once you move forward with them.  How do they service draws?  How fast can they really close? Are they easy to deal with ?  These are the key differences.

@Al Wright Some people here are afraid of hard money...don't worry about it. What you are proposing is a great strategy. I am employing the same. I am using Lima One Capital and they have been great to work with so far. I am doing a flip with them, but I plan on using them for both my rehab and rent when I do a rental. They have a great program just for BRRRR. One of the ONLY lenders I have found that do that. Feel free to PM me and I will give you the details.

loan rates are high 8-15% it's asset based not income based.

The interest rate you will be charged will tap into cash flow since rate will be high. And to go conventional maybe difficult to go from HML to conventional since guidelines are different.

HML is not a great strategy for buy and hold rentals. good for flips.

The tenant sends me a text when a repair is needed.  I google and make phone calls to schedule the work.   Works fine.  I've done the same in Prineville, OR, too.  That one I even renovated from afar!

Al, I am assuming this is your first rehab.  If that is the case,  most hard money lenders are going to want you to have more skin in the game.  Also origination points will be higher and interest rates.  If you can't come up with the necessary rehab money,  than I would go hard money.  If that is not the case do a traditional loan, rehab on your own dime.  Feel free to PM me and I can connect you with better lenders than the one you stated above.

I own property in Cross Lanes, WV, and have found managing it from Savannah has been a breeze.  I use Cozy.co to qualify tenants and collect rent.  Good luck!