All Forum Posts by: Bo McMahon

@Matt Bucklaew

This is possible to “go direct” but this is generally for large deals. The company I use to work for had relations with insurance companies and the ones we worked with typically wanted to place $25-500 million worth of debt at once. I have seen some companies doing smaller deals ($5-10 million) but those were bridge loans. Hope this helps.

@Andra Ismael

Sent you a private message. I believe I know the area you are speaking of and some of the projects going on next door.

@Romulus Olariu

In MA smaller banks have provided me 30 yr commercial terms. I actually closed on one two weeks ago that was a 31 year commercial loan- the first year was interest only while I completed the rehabs. The rate on this one is floating over treasury and can adjust once per 3 years (there is a max cap). With that being said it’s normally 10-15 year with a 25 yr amor. I didn’t get offered this right away but after several deals sticking with 1 or 2 lenders

I use Lauren Layfield with Sandra Nickel Hat  I am out of state and she has been helpful and I closed one deal with her so far. Let me know if you would like her email  

@Eddie Knoell 

@Shaun Morgan

Shaun- I almost always use commercial loans for a few reasons:

Almost all my properties require substantial repair (on my fix and hold), my local lender allows me to be interest only for 12mo. On month 13 it turns into a 30 year loan. I closed on last week at 4.75% I pay a spread over treasury (there is a cap, just not sure what it was on this deal). This particular loan adjusts once every three years and I paid 1pt at closing but there were no “junk” bank fees. It required 20% of the purchase price but they provided 100% of the rehab funds. My first few deals with them were 25% down 20-25yr loans, most small banks will give you better terms the more business you do with them. This bank holds all loans in house. I do use Fannie loans sometimes but the ease of commercial loans is great benefit for me.

Plastic clear clipboard that opens up, so you can kept the permit card on site before the home is weather tight.

Cozy is great I use them for my online collection. They also make some money selling other services like tenant screening, rent estimator, credit reports, etc. I have not tried these paid services but the free collection has worked great for over a year for me.

Recently purchased a 2,200sqft home at auction, old owners decided to leave their cats when they left (the smell was so bad you could not walk through without respirator masks). Bank removed carpets and pads before closing. This is what I did to remove the smell: -Ripped out floating hardwood on first floor, there was a plywood subfloor. That was washed in vinegar and covered with an oil based “stain cover” primer. Real hardwood went over that. -Washed all walls and coated with the same primer. All walls and ceilings got a fresh coat of paint (2 coats) -Rented an industrial steamer with a fine nozzle (Home Depot) this took care of all the tile and grout. -Soap and water the basement floors/walls. Was mopped dry before allowed to sit in. Floors then got several coats of “Pet Urine Enzyme” that was picked up at lowes. This was wet vacuumed before it was allowed to dry. -Kitchen cabinets cleaned with vinegar and then Murphy’s. Luckily I got into this deal at the right price point, looking through the windows prior to bidding it looked great. The floors and paint were brand new but clearly once I got in they were no good. Good luck.

Can't say for sure this will cover your needs.... but on the top left of the offer form (the buyer field) put your name / entities name. After that I place "and / or assignee". I rebab homes and sometimes assign the contract for various reasons. I do my work in Plymouth, Bristol, and Norfolk county. Feel free to reach out. Bo

@Robert Syfert Robert, Is the programmer on your staff or for hire? I am looking for someone to help get my systems up and running in Podio

Thanks