All Forum Posts by: Andrew Brady

@Jeff Bridges

What part of Baltimore?

What software, or apps, or tools are you using for deal analysis?

I have been scouring the mls, Zillow, Redfin, city data, rentometer for info, and there is no shortage of data, what is the best way to compile it and analyze it?

I have made a spreadsheet (more like dozens) to compile and analyze the numbers. Is there a better way to organize it all?

Full disclosure, I am new. Ready to pull the trigger. I am looking In Baltimore for a 2+bd 1+ ba sfh more than 900 square feet, east of 83, south of 33rd street.

I am in for a meet up. I also have not been able To find a decent wholesaler. I get a lot of “deals” in my inbox but doing the math the margins always come up razor thin. 

How would you structure a partnership, where one partner is putting up the money, and time, and the other is just basically acting as a co-signer?

I was all set to close on my first deal, and the issue of debt to income disqualified me. On paper, there’s an issue (part of my salary is commission and bonuses) but in reality I have plenty of cash to pay two mortgages.

My question is what would you offer someone to co-sign, and be on the loan for 3-6 months while the rehab took place? Would you offer them a percentage take of the profits? A flat fee? How would you structure the contract?

I plan on having a lawyer draw up the paperwork, but wanted to get some input on what to put in it.

Thanks Bp!

@Cedric Stuart Sr

Well I would have to say I’m a doer. I get thing done, and I solve problems. I am adept at figuring things out and handling logistics. Also, I’m fairly good with with people.

I’m in. 

@Stephen Predmore

I would definitely be interested in partnering

Hello Bp,

I'm a new investor and I have been working on my for deal. I am working with a lender and have been since the start of the year. All through the process I have gotten letters of intent from them every time I make an offer. I had a home run deal lined up prior to COVID, and that eventually fell through due to time deadlines that could not be met. I have been scouring the MLS to find a new deal and finally found one. I am ready to submit an offer, but it seems I no longer qualify on my own (don't want to put the wife on this one so we can get more mortgages on the future). I'm. It sure what changed on the lending side, but something had and it seems their restrictions are tighter and now my DTI is too high. Since COVId I have actually paid down some balances. We're not talking a lot of debt either, but last year I went from self employed to a salaried w-2 with bonuses and commission so with less than 2 years everything over the salary can't be counted (yet).

My question is, are there any other solutions (hard money I know about, I don’t know anyone with enough private money to borrow from) that I should look into? I’ve got cash reserves and decent credit but on paper without my wife’s income my dti is too high.

Any suggestions are greatly appreciated. I have applied with 3 different mortgage companies to shop around a bit and they all say the same

Thing about the dti. Since finding this deal and crunching numbers and then getting the news from the lenders, the house I was pursuing is now under contract so time is no longer of the essence, at least until I find a new deal.

Thanks in advance Bp for the advice.

@Stephen Predmore

How did you end up going commercial? I’m currently running into the same issue, trying to get a mortgage and only using my income (not adding wife to add more mortgages/rentals later). I’ve got the down payment, financing the rest is an issue, I’m in Anne arundel county

@Kelly Claiborne

I would say a little fear, but mostly not finding the right "deal". I scour the MLS multiple times a day. Had one under contract until corona. My area is expensive, relatively. (Annapolis, Md) now that my lender has loosened up a bit I'm just waiting to find the right house. Looking for a BRRR