All Forum Posts by: Account Closed

I have some cash saved up, and want to put it to work and buy up a portfolio of properties. I own 9 units so far that I purchased traditionally- but now I want to try and scale fast. I would like to buy cash at 70% LTV then refi out when I lease out the property, then repeat!

Any tips on this process? Thanks guys! 50 units is the goal! 

Hi Guys- sorry for no response. I ended up going to a few local banks and no one would finance. Oh well! Onto the next one! 

Using Rently and it has been awesome and increases our efficiency with showings etc. All places get broken into period. I have has no break ins since using Rently but if you have a For Lease sign in the yard- chances are a criminal passing by has thought about breaking in. To say it has to do specifically with Rently is a little far fetched. They could easily just break the window and get in. Criminals will commit crime :/ 

I am building 1 bed 1 bath 1 car garage duplexes in the mid-west--- already have a contract on two of them. And I just got turned down for a construction loan in the 9th hour for the loan amount being too small? 76k a duplex.... Has this ever happened to anyone? And if so- how did you get around it?

I bought a 4-plex using FHA--- made my dp back in less than 5 months. It is an awesome way to get in the door. Just make sure the unit you stay in has a private entrance/exit. It can be weird seeing your 60 yr old tenant bringing guys home from the bar lol. Awkward. Looking into a property management co as well, and review the leases before you purchase to make sure they are legit!

This is out of the ordinary- I am building duplexes out of shipping containers. I have 8 duplexes pre-ordered, but I am having a hard time getting financing? I have 40k cash. Our first 2 buildings are going to sell for 100k each at 13% cap. I am wondering what I am missing that would make a bank not want to lend to me?

I am just starting my development company- A & A Builders LLC- that goes hand in hand with my real estate & property management company- Donna Farrow & Company. The idea is that I take the investors I manage for, and build them turn-key rental properties to buy. If they want a duplex- we build a duplex. If they want a 4-plex- we biild a 4-plex etc. I go through all of the bidding process, I hired contractors, got quotes, got my building permits done, put a deposit on the land, did everything. I am currently at the final point- financing. I walk into the local bank with my information, buyers contract, budget, my tax returns, everything. And the jerk at the bank ask me for my business plan? Wait what? You want a 15 page turn paper business plan? I have done everything already- I have buyer contracts, I have money in escrow from buyer, and you want me to write a business plan for my LLC because its new? I walked out. Obviously this isnt the right guy for me. The Chief Lending Official called me back, when he heard about what happened, he knew my companies, and saw me the same day. The things new developers have to deal with is unreal sometimes but hey- keep it pushing!

Does anybody have any contacts or leads for lending ? I am having issues getting lenders on board with these Container Home duplexes that I have designed and have contracts on to buy already. It is very odd.

I have a business that already has 8 units sold (under contract) to build, and banks are giving me a hard time getting construction loan financing because I am using shipping containers as a construction material to build. Does anyone have any ideas or contact that would lend for non-traditional building? It is just strange that I have 8 written contracts, and still getting slack to build.

California turned into a political wasteland... I highly doubt the "state" will let such a come up go through. But who knows---- a guy from Southern California.