All Forum Posts by: David McBrayer

Thanks @Jay Hinrichs.  I thought for sure there are companies that do this?  I thought of this because of what you said yesterday.  About how to refi the condo's and so on and the other stuff.  Someone that has the skills to pay the bills.  And is kinder to people than I may be sometimes.

And here I was complaining about giving up a little cash for someone to lend me some money, to make me more money, but yet ready to give it away for someone to take my properties and make more for me.  And that cost way more. LOL  If I do it myself it will save a lot.  I have a nephew fresh out of college two weeks ago and he wants to get his Real Estate License.  I told him I would pay for the course.  He is pretty bright and can learn this just as I am.  But faster and the right way.   

So maybe I let him get his license and give him something to work with.  It is not a whole lot, but people have taken way less than I own and turned it into millions.  Not over night of course.  Well I am sure someone has.  But he is just starting out and I could use a little help handling it.  His credit is fresh.  Not much there but it is started.  So this could help him.

I can get cranky these days.  It is a part of my disability.  Sorry.  Where my nephew is calm, bright, has good manors and is just a polite young man.  You know, Yes Sir, No Sir and all that.  Doors can open for him.  I am good at shutting them. LOL  A little joking around there.

I might can help him and get helped at the same time.  Plus he can manage the properties down the road.  I use a property management company now.  

As always Jay, thank you for your comments!!!  Keep up the great work!

No @David Dachtera, more like an investment company that handles my portfolio.  I tell them my goals and they make it happen for a price.

Something like, you have X amount of equity in these properties, they can be refi'ed and the money used to do X with, and that will bring in more money or whatever?  So I can make sure I am doing the best and most I can with the properties I have.

As I am not that good at asking for money.  So they would be in charge of that kind of stuff.  I would just approve it.  

@Bryan O., it did not look bad on paper.  It was just a tiny deal and they do not know me.  I just felt they were getting a little to greedy.  I don't mind saying that.  And I am sure I did not articulate my point.  I have a problem with that.

If you don't know the area and market you are lending in? you can miss by several thousand dollars.  Which is the case.  To think this house will not be worth $120k after rehabbing it is a joke.  It will be worth more.  But I appreciate the honesty.   

Now see @Mark Beckwith, there are still a few people or companies out there that seem to care about the small person.  Or care about customer service!!!  Letting someone down gently is an art.  Maybe not this time but hopefully on your next deal.  Something with a little hope.

But my rating of the HML's was not that warm and fuzzy either. But there has been some great advise and some of them that helped me prove my point. I am still looking for funding but time is running out. I can at least close on the house as planned regardless. But most would like to add it in on the lending as well. It is mostly my fault for waiting. I thought I have some companies to deal with but I think I got shell shocked first thing in the morning with no coffee yet.

Customer Service is a lost art though.  It is amazing how far being nice can go.  I should try it. LOL  Thank you for your comment Mark and we should talk!

I am sure there is a company that will invest your money for you in Real Estate right?  Let me tell you what I was thinking and see if someone might have some advise for me?

I have a couple of condos paid off and then one with owner financing with about 9.5 years and $28k left on the mortgage.  I own 1.45 acres vacant land free and clear behind WHCS in Winter Haven, FL.  Well, all the properties are in W.H.  Later this month I will close with cash on a 3-2 concrete block house that needs some rehabbing.  It needs about $30k to $40k to rehab it.

Due to the time left before closing, 7/15/16, I will probably just pay cash for the house and try to finance the rehab or do the rehabbing in projects.  This house has a rental unit out back as well, so the property should cash flow well.  I could rent them both out now, but they could use some updating and I would like to do it while they are empty.

But my question would be this.  Is there a company or companies out there that handles Real Estate Investing for you?  That can say, refi your properties and make investments on your behalf?  I am sure there is, but I don't know anything about them or where to find them?  I am sure there is a nice fee or percentage to do it.  Has anyone heard or dealt with a company like this?

If someone has some advise on this? I would appreciate it.  I am sure there are far smarter people than me that can put my properties to work for me in a better way or help me upgrade or buy more and bring in more money.  I would certainly listen to what someone in this field had to say and see if it is what I am after.

Thank you in advance for any input you may have on this subject.  Have a great day!!!

OK let me add this.  In the last year, I have bought 5 properties in the Winter Haven, FL area.  So I do like to deal and have more deals in the works.  This house is #6.  Two I backed away from after the inspections did not come back well. 

One I donated in my partners honor.  The school did not mind partnering with me. LOL

That is about right George. There are a few that will do the $40k. 3.5 points and 12% with a 70% LTV on the first deal. However they will not lend to a Trust, but they will an LLC. The rates are workable but the LLC is questionable because of my disability. But as long as I am not drawing a salary it should be OK. But it is a concern for me.

Now to me, if someone was doing a smaller deal, you would not want it paid back in 3 months.  More like 6 months to a year or longer so you could make some interest.  But I don't really know that side and what makes it tick for the Lenders?  I kind of thought they needed me, just as bad as I need them?

@George Despotopoulos, I just need to put in the time and learn the lending side.  Learn how it works.  Study up on it.  I was just honestly shocked at the cold shoulder small deals get.  But there is not a lot of cash in the deal for Lenders.  And like you said, it takes away resources from larger deals.  But someone needs to come up with a softer tone toward telling the small person they are to small to be bothered with.  That $4000 a year is not worth it.  Regardless of if you have good credit, got collateral and can afford the deal.  

OK, how about I go at this a different way. Let us say you lenders were looking to borrow $30k or $40k for a deal, what do you think good terms would be on a loan like that from a HML?

I appreciate that @George Despotopoulos, I am rather new to asking to borrow money for a deal.  My friend and partner is a former VP of the World Bank.  If I really need to borrow some money, I just ask him.  He was in the car wreck with me that made me disabled.  So he has helped me out a few times when I needed it.  But he is 92 years old and he would rather just take it easy and travel some more.  I am going to buy the properties he has in Winter Haven.  Well I will try to anyway.  I do have an inside shot at them. LOL