All Forum Posts by: Brad Hayden

@Bret Halsey - if you are looking to invest in multiple markets, you might consider building a relationship with a mortgage broker. 

Someone who already has established relationships with a network of lenders; someone who know which lenders work in which markets; someone who knows which lenders are best suited for a specific type or size of deal; someone who knows how to underwrite and package the deal to best meet lender expectations. Here are a few quick tips for working with mortgage brokers"
• Don’t pay upfront fees to the mortgage broker, they get paid at closing for a successful loan
• Get a written contract up front that spells out what the broker will provide and when, how, and how much they get paid
• Be specific with what you are looking for; loan amount, usage, rate & terms, timing, credit, etc. Keep in mind that the perfect loan might not exist. Be prepared to discuss priorities and limits; what are firm requirements versus where you have flexibility
• Set clear expectations on when and how you want to communicate and receive updates.

You've probably guessed by now that I am a mortgage broker and I'd be happy to answer any questions you might have. I'll send you a DM with my contact info.

@Bryan Esparza - depending on what you're looking for, I may be able to help with lenders. Will send you a message.

Are you a real estate investor looking for financing for your investment property? Or are you a self-employed entrepreneur seeking a small business real estate loan? We offer asset-based financing specially designed for hard-to-qualify borrowers. Our flexible investment property loans offer:

• Higher LTVs

• Short-term and Long-term options

• Interest-only options

• Low-doc / no-doc options

• Qualification based on property value, not personal income

• Streamlined process for faster funding

• Click Here to view our current lending parameters

Call 720-961-5004 or submit a loan request and schedule an initial consultation at carreraloans.com

@Aaron White

If you’re working multiple deals in different markets, you might consider using a mortgage broker. They will have an established network of lenders and will know what lenders work in what markets and which ones are best suited for the specifics of each project. They can handle underwriting, loan package prep, and lender communications allowing you to concentrate on other important details.

Yes, I’m a professional mortgage broker and I work with both residential 1-4 and multifamily 5+ investment properties. If you’re interested, let’s connect and set up some time to answer any questions you might have.

@Lazarus Ona

Have you considered using a professional mortgage broker? Someone who specializes in analyzing, structuring, and securing financing for real estate projects. Someone who communicates regularly with a network of lenders so they can compare options and find the best solution for each specific project. Someone who has the systems, tools, and resources in place to complete detailed underwriting, prepare a comprehensive loan package, and manage communications and deliverables with multiple lenders.

Real estate deals can be complex and managing all the moving parts requires time, effort, and attention to detail. Once you get the ball rolling and start to scale, you will have to decide the best use of your time versus where you can leverage outside help.

In case you haven’t guessed by now, I’m a mortgage broker. I’ve spent the past 10+ years helping investors successfully complete real estate deals. I know several lenders that work in the Baton Rouge area (some only work through brokers) and I’d love to connect and set up some time to answer any questions you might have.

@Mindy Jensen -- tried that. It brings up the dialog box, but nothing happens when I click on change logo or on the logo image itself.

@Mindy Jensen -- I seem to be having the same problem. Clicked on the pencil icon, but when I click on the logo image in the popup window, nothing happens.

Thanks,
Brad

@Luke Easley 

I agree with @Drew Sygit - this could make or break you. 

Some questions that might affect your due diligence time period:
• Historic - are there any historic preservation requirements on some registry or list?
• Zoning - is it zoned for the intended purpose or will it require a variance or rezoning & how long will it take?
• Permitting - what is the typical timeframe for permitting in this location?
• Structural integrity - are there any structural concerns that have to be addressed prior to demo & renovation?
• Environmental - are there any asbestos demo concerns which are common in historic properties?
>>> Recommend you consider a full Property Condition Assessment (PCA) to make sure you know what you are up against.

Financing considerations:
• Historic - are you looking at any historic preservation incentives?
• Loan structure - most likely a bridge loan for 70-80% of total project cost; the rest comes from you & your partners
• Reserves - depending on lender risk assessment, you may need additional cash reserves
• Experience - lender will look for someone on your team to have experience with this type and size of project

Investment considerations:
• Feasibility - is there market demand for the finished property?
• Pro forma financials - projected income & expense for lease-up and operations
• Investment performance - 2-5 yr investment model to show that it meets the desired investments returns for you & partners

Hope this helps. Let me know if you have any questions or want to discuss any of this in more detail.

@Beena Shah - very high level

1) zoning - is it zoned for such use
2) feasibility study - does it make sense
3) self-storage builders - they can help with preliminary design, cost estimates, etc
4) analysis - no way to estimate ROI without many more details: what will be total project cost; what financing is available; how much capital investment will be required; how long will it take to build; how will it take to lease up; what are the local rates; how will it be managed; what are estimated expenses for that location; pro forma financials; etc

A lot of details before you break ground!

A good place to get more info:  https://www.ministoragemesseng...  lots of educational info and the Buyers Guide has contact info for all the resources. 

@Jonathan Bombaci - for your location and given the recent price increases, I'd bump that number to $210/SF and that does not include your financing and carrying costs.