All Forum Posts by: Caitlyn Frizzelle

Hi Caitlyn! Look at reviews! Have a phone call with them! Make sure they can offer what you're looking for and enjoy working with them. Never pay any upfront fees. Are you looking to get a fix and flip loan or a DSCR?

on said phone call make sure they speak good english. Also bad grammer is a dead give away of a fake lender.. go to Ingrid Robinson site she describe fake lenders and how to avoid them very well.

your playing with fire with facebook your going to get a lot of replys by Crooks who are going to tell you what you want to hear and tell you this too good to be true terms just send in 500.00 or 1k commitment fee your all approved .. you will never see the money again and you will never get a loan.

As Don said above while state license and NMLS is required in about 15 states the rest its not so its wild wild west.. coming here will probably save you a bad experience.. BP lenders are somewhat vetted from what I have seen so maybe start with some of the lenders on this site that have made a lot of posts and are consistent in their message.. And remember NO UP FRONT FEES other than appraisal.. All funds go through title company or closing attorney.

Thanks, Jay.

All very helpful info, and well noted regarding FB…I had posted in an investors group hoping to get recommendations from other investors, but unfortunately only got solicitations hence me turning to BP instead!

Also, small world! I grew up in LO ;)

0 Votes

Toledo, Ohio

Thank you everyone for your insight!

0 Votes

Toledo, Ohio

Quote from @Jonathan Taylor Smith:

A legitimate Private Lender cares first and foremost about the deal / property, more so than they do about YOU - although you do matter in the equation as well. So, if they are asking for all your personal details (DOB, SSN, etc...) and/or they want some form of upfront payment before they've even evaluated the deal... SCAM ALERT!

The NON-Professional Private Lenders I've worked with over the years have never even asked for my DOB, SSN or any money. But then they were also not folks I found online. They were people I encountered locally, as I went about my daily routine - and telling people what I do. So they had other means to vet me.

But Professional Lenders are far more likely to ask for those private details going in. However, even in that case, I've not been asked for upfront money other than to obtain a credit report. I also check their license, reviews, etc...

Thank you, Jonathan!

0 Votes

Toledo, Ohio

Quote from @Joe Impagliazzo:

Caitlyn

are you looking for a private lender or just a lender that does non-conventional loans? If it's a lender that does non-conventional loans google NMLS consumer access and you can look them up

Thank you! I assumed a resource like that existed but had a hard time coming across it.

I am open to private lenders as well. I’m hoping to find a lender that doesn’t require 25% down on a non-flip investment property.

0 Votes

Toledo, Ohio

I’m looking for non-conventional lenders and posted on FB groups for recommendations/contacts. I received quite a few replies directly from lenders themselves. How can I tell if a lender is legit?

Also, if you have any you’ve worked with I the past, would appreciate recommendations!

TIA

4 Votes

Toledo, Ohio

Quote from @Anthony L Amos Jr:

Quote from @Caitlyn Frizzelle:

Hi BP Community,

I am looking to build a team in the Toledo, OH area and was wondering if anyone has worked with an experienced investor-friendly real estate agent and project managers that they can recommend.

Thank you!

I can send you my referrals in the area

Hi Anthony,

That would be appreciated - thank you!

0 Votes

Toledo, Ohio

@Michael Smythe - all sage advice! Thank you very much for taking the time to share that knowledge and I will be sure to take that all into consideration as I move forward. Much appreciated.

0 Votes

Toledo, Ohio

Hi BP Community,

2 Votes

Toledo, Ohio

Hey Everyone! I am just getting started on my real estate investing path and I think I have come across what looks to be a good deal. I haven't submitted an offer or had an inspection yet, but based purely on these numbers it seems to make sense.

I would love input on if there is anything in these calculations that I'm missing.

The property is a Multi-Family home and I would like in one of the units. The total rent roll would be $6,700 including my contributions.

I would use a VA loan with 0% down and live in one of the 1 bed/1bath units for at least a year. I received a P&L statement from the current owner so most of these numbers are from that document.

Principal & Interest: $4,596/mth

Mortgage Insurance: $0 since its a VA loan

Property Taxes: $12,049/year

Insurance: $2,857/year (per PL Statement)

Lawn/Snow Removal: $480/year (per PL Statement)

Repairs & Maintenance: $907/year (per PL Statement)

Utilities: $3,525/year (per PL Statement)

Misc: $2,137 (per PL Statement - not sure what this was spent on so perhaps it covers some CapEx items?)

Vacancy @ 5%: $335/year

CapEx @ 10%: $670/year

Total expenses per month (including mortgage) would be $6,509 so I should be cash flowing $191/mth

Closing costs are estimated at $14,100 so it would be a CoC Return of 16.3%

Am I missing anything?! Thanks for your input!

1 Vote

All Forum Posts by: Caitlyn Frizzelle

Caitlyn Frizzelle has started 3 posts and replied 9 times.

Post: How can you tell if a lender is legit?

Post: How can you tell if a lender is legit?

Post: How can you tell if a lender is legit?

Post: How can you tell if a lender is legit?

Post: How can you tell if a lender is legit?

Post: Looking for Realtor & Property Managers

Post: Looking for Realtor & Property Managers

Post: Looking for Realtor & Property Managers

Post: Is This a Good Deal?