All Forum Posts by: Jai Coward

Ok, will do! Much appreciated @Dean Letfus 

@Dean Letfus I definitely appreciate the wisdom, I assure you, however, this is no hobby, or side hustle for me... This is my business, I take it seriously, and I understand the importance of seeking advice from people who have walked where I'm walking through.., as far as the discipline and money management, has never been an issue for me.

@Aaron Mazzrillo thanks!

@Dean Letfus no problem, just wanted to get a feel for how you guys are doing your financing. Now when you say you're not local and therefore do hard money, why is that? Can you help me understand the purpose/strategy/reasons?

@Dean Letfus - well, that's only because the seller is willing to finance $120k... But wouldn't getting a hard money loan for the $175k be better, through one source?

@Dean Letfus - non recourse?

@Mike M. - right, so wouldn't one seek to get the full $175k from... -?

Two more questions, my LLC is not foreign qualified in TN, although if the deal is good enough, we won't have an issue filing the paperwork, but does this mean I will have to seek a loan from a TN institute? Also, even if I become FQ'd, will I need a TN address of some sort, or because I'm FQ'd, that takes care of any address issues? Thanks again!

Hello All,

I am having a really foggy time understanding the process of getting loans for my newly established LLC. There is an offer I want to consider in Memphis, 4 rental properties, asking for $55k down, $120k financed with the following terms: 30 yr, 5yr balloon, 10% interest. So, where I really need understanding is, 1) wanting a loan for the $55k, who would finance that, and why? Hard money, commercial, private money, another lender I'm unaware exists?! 2) being a newly established llc, is that an issue for "whomever" will lend, to lend to us? 3) traditionally and strategically, how are you guys utilizing each of the aforementioned lenders (just so I can better understand)? 4) are those terms reasonable, expected? 5) should I seek to get the entire $175k financed by one lender, for better terms? Thanks so much in advance!

Well, to give you an idea of the area, picture a square that consists of the: from West & East = between the 85 and 75, and North & South = between Cleveland Ave and Central Ave. Currently the property is 1000 sq ft, and upon checking out the neighborhood, which is actually full of very nice homes and a good range of 1200-1500sqft homes, it seems to be a very nice neighborhood with up to date, rehabbed/updated homes that are obviously being redone. So my plan was to tack on the additional square footage for it to comp out with the higher comps, but again, I'm not sure of the area and if the property would even sell. Also, I'm having my contractor check it out this week for water damage. We're not sure if it's the foundation leaking or where the water damage came from. We don't know yet how much of the unit is salvageable that we can work with, or if we'd have to do a complete rebuild, and again, if that's even worth the $$, time and effort if the property will just sit in that neighborhood. Any thoughts?

Hello everyone, just wanted to know if any agents, brokers, investors and/or natives know how the Hapeville area is doing, as far as ROI for rehabs? I've found what appears to be like a decent deal, but I'm new to the ATL market and wanted to hear from any natives or current investors about the area. Thanks a lot!