All Forum Posts by: Adam Roberts

Thx for the responses guys.... great info.

Jon Klaus I'm working with Texas Legacy Bank

Hey Team -

I wanted to get a general 'take' on my situation now having shopped around for a 30 yr conventional - I secured pre-approval from a few different lenders, one being a community bank in Texas, and the others being random brokers found online with low rates. I have good credit so the specs for each one were not way different, however the community bank was a touch higher rate (3.75% vs. 3.6%). I must say the entire experience thus far with the community bank has been great, helpful people, underwriting decisions made locally, etc. They also like to foster relationships with investors which I plan to become one in the near future.

So has anyone favored a community bank loan for the above reasons, even if there are rates or other financials out there that are marginally better?

My girlfriend and I will be in town that week (house hunting actually) and will plan to drop by. Moving to DFW in April.

Hey team - I will likely be relocating from SoCal to DFW in the coming month or so and wanted to get a jump start on a realtor contact that enjoys and has experience working with REI in DFW. If anyone has a contact that they wouldn't mind sharing let me know or PM me!

Thx!

Marc Bodinger, Yeah it is definitely a healthy market here for sure. I need to be smart about my first investment since it takes a certain property to cash flow well (high home prices, some rents don't reciprocate). I'm in the middle of looking at my financing options - would you be willing to share your experience with obtaining debt service in your first investment?

Hey Marc Bodinger, inventories are pretty low and the market seems to be on a slight rebound. From what I can tell there is a healthy amount of buying activity, foreclosure rate seems to be slowing a bit as well. Competition is very tight with multiple offers going into buy transactions from what I've seen. Home values in SoCal are on the high side so it makes it interesting from a first-investment standpoint, but I'm not so comfortable investing outside of the local area for my first.

Thanks for your reply, Joel.

My current goal is to invest in a multi-family (duplex - quadplex) and I'm open to occupying one of the units if it is favorable from a loan-type standpoint. I know there are some interest rate benefits in certain loans for owner-occupied but I'm looking both at OO and non-OO. My current location is Los Angeles/Orange County so not rural but there still are an ample amount of what I would call community-banks.

Hi folks - now that I've defined some fundamental goals for my first RE investment, I'm on to looking at financing for my first buy. Just a general question on this - did many of you do a good amount of 'shopping around' for debt service with the best rate/Downpay, etc? I've been honing in on the best types of loans for my goals and noticed that there are a ton of options and lenders. Is it typical to pre-qualify with several to see where they quote on rates etc?

Thanks
Adam R.

Hey folks - as I'm starting out and looking to make my first move in REI, I've been thinking about my decisions as if I'm playing chess - trying to think 2 or 3 moves ahead. I'm currently living in Los Angeles/Orange Cty, and I want to get into buy and holds to generate cash flow/rents. I've had a few discussions with colleagues in the business and I am being warned about buying props in SoCal and taking a hit to my debt/income ratio rather quickly - thus making it difficult if not impossible to take on additional debt/loans.

As I'm looking to eventually build a portfolio of 5+ properties in the next year or so, is this something to take into serious consideration and should I look at different (lower priced) markets given my goal above?

I plan on having similar discussion with a community banker/lender, but wanted to see what other folks have to say on the topic here as well.

Thanks in advance for the commentary!

Awesome, thanks for the warm welcome guys.