All Forum Posts by: Blake Norman

Hi Annie,

You may want to check out Arkansas Real Estate Group based out of Fayetteville. At least gives you another option when doing your homework. https://arkrealestategroup.com/

Good luck!

Nice work, David! You are off and running now. Have you found a tenant for the second unit?

Don't worry too much about the price you were able to negotiate, it's easy to say "I wish I could have got it cheaper."

Hey @Christopher Neal, welcome to BiggerPockets! There are numerous forums on this site to answer almost any question you may have. The BiggerPockets podcast is also a great resource for any topic. I don't have any personal experience in wholesaling and I can't point you in the right direction as far as a mentor but I would encourage you to learn as much as you can with the resources available to you. I'm located here in Arkansas as well so hopefully our paths cross soon. Good luck to you!

Hi @Carlos Suarez and Woo Pig from a fellow newbie. It's my understanding that while experience is great, the numbers don't lie. If you are able to find the right deal and the math works for the property, a private money or hard money lender is going to be willing to help you make the deal happen.

In chapter 13 of "The Book on Rental Property Investing" by Brandon Turner, he lists 8 ways to get private lenders to say "yes". Make sure your numbers are buttoned up and the math works. Don't be afraid to get creative with the financing once you are able to find a lender or a partner for the first deal. Good luck!

-Blake

@Becca Summers I will have to look into mortgage brokers in my area. I'm not familiar with how they operate compared (if there is any difference at all) to a "traditional lender" with a in-house mortgage department. I'll take advantage of free info all day long, especially if I can keep some money in my pocket.

I will touch base with some local banks in the area and see what they have to say. Thanks again for your input.

@Brent Coombs Knowing that timeline is very helpful, thank you for sharing that. Have you personally used this type of investing strategy in your experience with real estate investing for buy and holds? 

Also, do you invest outside of the Cleveland area? If so, what motivated you to choose to do so and what areas caught your eye?

@JD Martin That makes sense the lender would want to protect their interest in the event something/everything were to go wrong. 

Is there a specific piece of information about a deal you always include when presenting your case to a lender? (projected cap rate, NOI, etc.)

@Becca Summers That helps a lot. Thank you for taking the time to explain this concept to me. 

In your experience in working with various lenders, have you enjoyed working with larger or smaller banks more?

@Becca Summers Can you (or anyone for that matter) explain what it means to "refinance to pull out the equity?"  

I need clarification on a subject that my friend and I were discussing earlier today. I have heard about this concept of various episodes of the BP podcast. Please feel free to offer any input that may be relevant.

If I buy a house for $80,000, and it is valued at $120,000, do I have $40,000 equity in that property? If so, can I draw that $40,000 in cash from the lender to use to purchase another property?

Does a house need to appraised at $120,000 for it to be "valued" at $120,000? Is the appraisal what sets the value of the house?

I hope these questions are clear. Please let me know if I need to clarify any of these questions or statements. Thank you in advance!