All Forum Posts by: Chris Pohlson

@Alexander Felice  Looks great.  Nice work.

@Michael Swan Why can't fruit be compared? I just did a commercial refi on a 4 plex and got an internal valuation based off of NOI so technically you can't say all quads are not multi. You can definitely say a 30 year fixed traditional refi loan product is not multi :) Also there are multiple families that live in my quad so... :)

@Eli Kalen Seems like a decent flip. I certainly wouldn't hold it for 3% cash on cash. If your ARV is assuming appreciation after 3-5 years and not current ARV...yikes.

Agree with @Derek Dombeck lending would be a superior choice.

Sorry to be a negative nancy.  Good luck!

@Jay Krietzman  The most important thing you can do is pick up the phone and call today.  Stop overthinking it.  You're going to fumble on your first call.  That's ok.  The most important thing to do is call.  

I was in the exact same boat as you a couple years ago.  I'd get a potential lead, spend hours researching, finally call and fail miserably.  One thing that helped me finally close a deal was listening to Michael Quarle's live seller calls on his website.  I liked his phone work and wording when talking with leads.

Also I would take any help I could get from Jay Hinrichs.  You'd be lucky to have someone with his experience in your corner.  Good luck!

Hey guys just wanted to update this post.  For all my b*tching and whining I finally found a local bank that gave me $10,000 over my requested valuation using an in house appraisal.  I'm pretty stoked about it.  I really thought I was going to have to take a haircut.  It took a call and interview to almost every commercial banking department in my area.  Thank you so much for your input.  I really appreciate this community.

@Grant Music This post is so classic.  I love it.  There are so many lessons to be learned here.  First, LISTEN to your father.  It sounds like he cares about you a lot and has a wealth of experience to draw from.  You don't have to heed every warning but you do have to HEAR every warning.  Give the man the respect his years of experience and net worth would indicate he deserves.  Probe him for advice, approach him with an open mind, and try to see it from his perspective.

On the flip side, show me an investor that didn't get negative push back from their friends and family when they first started.  I dare you.  Overcoming self doubt manifested from negative responses of those around you (especially those you care about most) is a large part of discovering your path to success.  It IS frustrating but it comes with the territory.

I would absolutely love to see your dad create a profile on BP and share his knowledge of this subject in this forum.  I think a ton of people would benefit from that including you.

Good luck and never stop learning.  And most importantly never, ever, ever give up!

@Jay Hinrichs  I started my banking career at Wells and then moved to US Bank.  Very familiar with both.  I ended my banking career at a small local credit union.  Had no idea how much credit unions hate banks lol.  

I still have a lot of respect for the folks locally at US Bank but what you describe sounds spot on.  They actually have a fairly cheap and robust online business banking system for guys like you that initiate a lot of wires called Single Point (at least they did 4 years ago).  It allows you to initiate those wires yourself online.  But you're right, it's not anything like the service you get at a smaller, regional institution.  I think a cashier's check there now costs $15 (puke).  I still have a great relationship with that commercial department but they would laugh me out of the room (hopefully after I left) on a $175k deal.

I'm 35 and I tend to lean toward bankers around my age.  I too want someone I can grow with.  Someone young and hungry.  Someone I can follow that will learn my biz and know my biz.  At the same time I've been impressed with another guy about 15 years older with more experience.  It means a lot to me to have someone in my corner that went through '08 and early '00's.

Decisions.

@Jay Hinrichs Your perspective is always appreciated.  I started getting serious about this well after '08 so that is always on my mind.  

Happy to hear you and Dan moved on from Wells :)

@Alexander Felice Thanks for the response but your assessment uses a lot of incorrect assumptions. 10 years of banking experience myself.  I'm fully aware of the banking products available to me.  You may be right that I'm talking to lazy bankers with no vision though :)

@Will Pritchett You're having that problem with a traditional 30 year fixed? I have not had that problem. My previous 3 BRRRR's were all done conventional and technically I have no skin in that game. They used the appraisals I paid for-not my total cost (which was much lower). I could do another traditional (and will) but for a lot of reasons I want to do this one commercial. Now I'm curious what banks you're using. Let's solve your problem too!