All Forum Posts by: Bon Osonwanne

@Bennet Sebastian I don't think their pricing was available on their marketing/landing site when I checked a few years ago. But at these prices it's definitely a better option than Juniper Square or CrowdStreet (white label) that were like $10k.

Does anyone have any experience with Signature FCU? Are they a portfolio lender? Do they have a limit on the number of properties you can do a HELOC? (non-owner occupied investment properties). Is it advisable to do a HELOC over a Home Equity Loan with them? Do you pay for an appraisal, or what sources do they use for the home value or in underwriting? Do I need to pay property taxes and insurance by myself? Or does HELOC also have an Escrow?

@Joel Owens Exactly right. The product is for small syndicators like myself that cannot afford to shell out the $10k for white label software like Juniper Square, CrowdStreet or Groundbreaker. I have some software background and have built web apps / sites on Python Django web framework (which some of the others use). So for me, it's much cheaper to build than to buy. If it works out well for me, it could be worth it to open it up as a multi-tenant SaaS product.

My strategy is to acquire cash first, and then use blanket-loans for leverage (e.g. 500k on 10 properties).

@Bjorik Mutize It's not crowdfunding per se that is open to anyone publicly, or even for only accredited investors. There are different ways to structure a syndicate. Mine is under SEC Rule 506(b) and starts at $10-15k to join for up to 35 members (e.g. friends). We invest in multi-family rentals in the $40-50k price range in the Midwest US. The online platform will have member-only views however those interested can see returns of properties in the portfolio. 

@John Corey I am only looking at US investors and syndicates. Filed SEC Form D under Rule 506(b) for my syndicate. Up to 35 investors. The software will be beneficial to my syndicate, after it goes live to showcase portfolio and returns, and possibly enable others to see what they are joining including the performance of the portfolio and disbursements to date. Other software products such as Juniper Square start at $10k price-point. Easier for me to build mine, since I have a software background. Will then look to launch the product for other syndicators after I've piloted it for my syndicate.

I'm building a software product that is An investing platform for passive income from real estate as a sponsor:

Smallplex which lets you own fractional shares in a portfolio of cash-flow generating multi-family properties.

I am curious to see whether other syndicators can benefit from utilizing the same product for their syndicates.

https://groundbreaker.co

Where can I find an attorney that will charge $1,300 to draft an operating agreement for my member-managed Syndicate LLC, are per this article: https://www.biggerpockets.com/renewsblog/2014/01/2...

Thanks,

Bon

It's an investor requirement for selling the loan