All Forum Posts by: Andrew Bowlds

Purchasing your first rental properties and establishing yourself a credible investor to the banks is often one of the most difficult struggles that I've heard a lot of new investors face. The properties should ideally pay for themselves + cash flow, but often banks will want to see two years of stabilized rent for a new landlord/investor before they can consider this rental income towards future loans. If you have good credit and tax returns that can justify the loans now, they may be able to offset this lack of experience, buying you time to use the properties as income for future loans. If not, however, there are some pretty good private/hard money programs out there that may be able to get you started and build your reputation as an investor. 

These loans will be more expensive, but this lowers your margins and can force you to find better deals as well. 

If you have any questions, feel free to ask.

Andrew Bowlds, Private/Hard Money Consultant

I'd have to agree with @Dave Passey regarding reputation. Your reputation can be your biggest asset or largest liability in this business. This reputation goes a long way with the agents and other professionals in the area who work with investors. 

It's always a good idea to have a few different lenders at your disposal in the off chance that your primary lender is too slow or is unwilling to fund a deal. My team of consultants works with investors to find funding sources for their deals, so if you have any issues securing funding, feel free to reach out. 

Best of luck!

@Jean-Thierry Aleman If you're still looking, I have a great lender that I work with who offers lines of credit based on real estate owned, and I'd be more than willing to connect you if you're interested in learning more!

@Antwain Peterson Are you still considering your financing options for the project? If so, I'd love the opportunity to review the details of your project and see if one of our lenders may be a good fit for your team. Feel free to shoot me a PM if you'd like to connect!

I'm fighting this with Lima One right now. I'm trying to push a deal through them, and they keep kicking back the deal for the things such as listing "AC" separately on the budget form from "HVAC System" and it's causing us to nearly lose a deal. We addressed the issue on the budget, and sent back into Lima, and it has taken them still over an entire day to get back with us to tell us if the deal is approved for closing or not. I understand that things can get busy, but if their underwriters are unable to handle the case load, they either need to increase their staff to keep up with demands, or not take on a case load that they can't handle. There is no need for investors to lose deals over this negligence. Hoping this gets taken care of, and my client is able to close by their (now extended) deadline of Monday afternoon. This is an excellent buyer, with enough cash in reserves to purchase the property outright. I was hoping to use Lima on other deals, but after this, it's going to be difficult to refer other clients that way unless we can get something worked out quickly. Looking for someone from Lima One to reach out and address this if possible!