All Forum Posts by: Chris Tarpey

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Chris Tarpey has started 11 posts and replied 186 times.

Quote from @Jim L.:

Quote from @Chris Tarpey:

We BRRRR using hard money. Only responsible for 10% down and some closing costs.

CASH is king in REI, but leveraging with a loan can be done!

So im guessing when you use hard money there is no waiting period for when you refinance?

Depends on the lender! Our lender at Lima One does not... we buy with then and then refi with them.

They do have a seasoning period (90 days) if you buy cash and then refinance with them though.

0 Votes

Long Island, New York

We BRRRR using hard money. Only responsible for 10% down and some closing costs.

CASH is king in REI, but leveraging with a loan can be done!

2 Votes

Long Island, New York

To my knowledge Lima One Capital will, you will just pay more for it until you get more experience!

0 Votes

Quote from @Bailey Kramer:

Thanks for sharing the strategies @Chris Tarpey!

Do you give the local agents a referral fee?

We have not, ideally we are doing them a favor as much as they are doing us a favor.

I understand the 30+ day stay may not work for everyone, but it works for us!

0 Votes

Quote from @Bailey Kramer:

Currently I Co-Host a couple mid-term rentals and always looking for ways to increase bookings.

How are you targeting people for 30+ stays for your property?

Currently I am using Airbnb, VRBO, furnished finder, and Facebook.

I am having a hard time connecting with the right person at the local hospitals to partner together.

Are there certain nursing housing agencies that people have liked working with?

We have had some success find nurses to stay long term using the facebook group... "Travel Nursing: Places/Rooms for rent.

We've also connected with local agents, to offer 30-90 day housing for people buying/selling their homes and needing to stay some place.

4 Votes

BRRRR deals are hard to find in my market as well - Jacksonville, NC.

With that said, we did a few this year still despite market saturation, hot market etc..

Out of state investing is definitely doable, but you need a SOLID team in place to fill the positions you cannot. I find nowadays, even though I'm local, I could get away with not walking inside a flip/BRRRR project because of my relationships with lender, contractor, property manager and agent!

0 Votes

Quote from @Ronald Rohde:

Do you have a track record?

Personally, no, not on the commercial side.

However our cohort has investors who have completed multiple syndication deals and continue to partner and play a role. As a newbie on the commercial side of the house, just looking to see where I can possibly add value and what relationships I can make on my own.

0 Votes

Quote from @Mordy Chaimovitz:

Wow! Good for you!

here are some tips to get started

Your lender will most likely require you to have a few documents to get a loan

1. PFS - Personal financial statement:

most lenders will want to see that you or your sponsors have assets equal to to the value of the loan, with %10 of that being liquid assets.

2 SREO- a schedule of real estate owned:

lenders want to see that you or your sponsors have experience with Real estate and will ask for some info about your current portfolio

3. OS- Operating Statements

Lenders will want to see the income and expenses of the property for the past 2 years sometimes 3 years

4. Current Rent Roll

5. Unit mix

most of these things you will need for due diligence anyway.

have these items prepared to send to your lender and it will expedite the process significantly!

Good luck!

Awesome, this is great info. Very much appreciated!

0 Votes

Quote from @Quintin McGee:

Congratulations. Nice deal! How did you go about finding the contractor(s) for the reno?

We know a few in the area that we have dealt with before, however for this one we actually used thumbtack to find someone to complete the repairs!

0 Votes

looking for a large project for 2023, hopefully to be our first syndication (75+ units).

Would like to start connecting with commercial brokers and lenders in NC, preferably around larger MSAs (Charlotte, Raleigh, Fayetteville, Greenville) etc.

Lets connect!

2 Votes