All Forum Posts by: Brent Salazar

@Upen Patel during the purchase of my last deal I had an issue with purchase of a property because the owner had only been on title for 2 months. In a flip scenario have you experienced issues selling before the 6 month mark to a buyer using conventional financing?

@John Clark Thanks for the encouragement! I'm guessing the LLC is more for liability protection and not an advantage for financing?

@Andre Taylor The only bad debt I have is the truck payment, all credit cards and line of credit are payed off. I wish I could just magically make more money but I’m really maxed out in my current trade. If push comes to shove I would sell it, but thinking long term I don’t believe that’s the answer. I need to either find deals with great cash flow, or investor friendly financing.

@Steven Goldman great recommendation. I have never worked with a mortgage broker, but do have an acquaintance I can reach out to in my local market. I have a feeling investor focused financing will be the key to my path of growth. Happy investing 

@Matt Nico I understand the basic pro’s/ cons, just don’t have the real world experience in execution. #1 thing would be an exit strategy, and establishing a timeline. Once that is defined, I’m curious about the logistics of the sale. Do you provide the purchase and sale agreement? Do you have a lawyer write up the terms of the sale agreement? Does the title company transfer ownership like a normal sale?

Thanks!

@Varinder Kumar I agree with your statement the key to brrr is the refinance. Refinancing and getting the majority of the original investment is not possible without the correct purchase price. I am well versed in the retail side of mortgage, and I believe the only way I could continue obtaining conventional financing would be to get really great deals that cash flow better than my current properties. This is particularly challenging in my market as it is more of an appreciation market than cash flow.

@Lee Ripma I’m going to listen to your podcast episode to see how you were able to scale!

@Vincent Galante what are typical terms of a commercial loan on a rental property (term/ interest rate/ points/ fee’s)? Also what prerequisites does one need to obtain commercial financing? Thank you for your time Vincent

@Lesley Ray I will keep you in the loop as to what options I find. There is always a way!

@David Acosta Thanks for the input. I do have an existing relationship with a portfolio lender. I was under the impression they also focused on the DTI metric, but I will reach out and see what financing is available