All Forum Posts by: Brittany Sanchez

So does this mean that I am doing something right and no one wants to be a part of this deal?

@Caleb Heimsoth You are correct that I haven't asked a lot of real estate investors (I have asked a couple, but they believe they wouldn't qualify). I have only started my real estate investing career February 2017. My bank will give me some credit from my other income producing properties, but it isn't enough to qualify me. Once the properties under contract are up and running, then my bank will count that as income and that will allow me to refinance. It's the initial qualification to get the construction loan that is hindering me from starting. 

What Am I Doing Wrong?

I currently have two properties under contract that I got from foreclosure (two four-plexes that I am going to renovate and raise the rents).

I am getting financing for these properties with a construction loan. I have the good credit and the money for the down payment, but I don't have the W-2 for the bank. So I have been asking friends if they would co-sign on this loan (to purely borrow them for their W-2 income credentials) and in return for helping me qualify, I would pay them $1000/month while I own the property. I would handle the renovation, the marketing, the screening, and the property management -they would have to do nothing

The plan is to refinance into a permanent loan after the renovation is completed and when I refinance I am going to put it into an LLC. My co-signer's name would be removed from the loan, but I would still continue paying my silent partner $1000/month. I would only need their name on the loan for 3 months at most.

And no one is biting!!

Is there something wrong with the offer? What is the problem? Please tell me what I need to offer that I am not offering. Everyone that has turned me down told me they are not sure what they want. So I am looking for honest feedback. 

Thanks in advance!!

@Rayetta Chavez Welcome to the BP Forum Community :) My husband and I are also fairly new to real estate investing. We moved to Albuquerque in February 2017 because we felt that Albuquerque was an appropriate market for us to get started in real estate investing. The investors in Albuquerque are very helpful and cooperative to assistance any aspiring investor!

I would be very much interested in connecting and meeting with you, Rayetta :D Look forward to chatting with you!

@Lane Kawaoka That is a great rule of thumb :) Thank you so much! 

@Ivan Barratt I have not submitted an offer yet so I am not certain of the condition on the inside of the units. Based on the outside and its current tenants, I imagine it's not good. Spit-balling it, I estimate I would spend (at most) $5,000 per unit. I have lines of credit and income from my properties that should be enough to cover the reno budget. 

@Daniel Y. The seller is asking $875,000.The APOD is showing a net cash flow of $4,425/monthly. I haven't submitted an offer to get the interest rates and terms of the loans from the seller financing or from the bank yet. I am seeking partnerships to help with financing the acquisition. The APOD doesn't even support an asking price of $875,000 (it supports a price of $578,000). I'm looking to do the BRRRR method on this property. It has plenty of room for adding value and increasing the NOI.

@Ivan Barratt The property of interest is a rough one that needs new tenants, a new owner, and a new property manager. Currently he wants way too much for it in its current condition. I have been keeping my eye on this property for awhile (because my 4-plex is a stone throw away). My husband and I have done 3 deals (one 4-plex, one 6-plex, and one SFH) since we began our real estate investing careers in February of this year. I am very ambitious, but after speaking with Dale Hensel I have become even more inspired to go bigger.

Thank you so much, @Tamiel Kenney, @Account Closed, for your guidance! I was on the fence about this, but I believe you all are absolutely right. 

Jessie, is there a difference between JV and partnership?

Greetings BP Community!

There is a 21-unit apartment building that is for sale in my area. The owner is willing to do Seller Financing with $200,000 down. The problem is my husband and I don't have $200,000 cash (banks want around the same amount for the down payment and closing costs). I haven't put in an offer yet because I don't want to waste the seller's and our time if we cannot even secure the financing for the acquisition. 

To raise the funds/obtain the property, would it be best to form a syndication or a partnership? 

Thanks in Advance! :) 

@Josh Allen Oh yeah I have heard of Venmo. Some of my colleagues use it to split restaurant bills, etc. But that is a great idea to use it for paying for rent! Thanks Allen :)