All Forum Posts by: Corey Frank

@Todd Olson Thanks!

What's up BP! So I just got a list source list of 250 multi family properties in the area I want to invest in. (Mostly 4 units and lower) this list didn't cost me much so if absolutely nothing else, I can use it to get my analyzing reps in. I very much want to use the BRRRR strategy in my beginning stages of investing as I do not have a ton of cash and would like to show the bank I have a lot of reserves. My question is this: without driving all over the city, how do I figure out what properties are in the dilapidated state for the BRRR method? Do I direct mail all of them, letting them know I buy dilapidated homes? Or is there another way perhaps? Any help would be appreciated! P

@Todd Olson sorry if this is a naive question.. I am a newb who is gearing up to invest in multi family 4 and under so I don’t really understand how commercial lending works. Do you find these type of terms risky? What can a person do to hedge their risk if interest rates went crazy in the next few years as raised their mortgage payment significantly?

@Thomas Corley appreciate the information! I will have to inquire on that for sure!

@Thomas Corley thank you for the reply! I have heard on many occasions that credit unions are the way to start. So you ask these credit unions and regular banks about their "commercial" loan options? Do these small/normal banks often loan commercially on small multi family properties that may also need rehabbing? 

@Thomas Corley Hi there! What are “commercial lenders” called? Are they like normal banks? Sorry if this is a super naive question. 😬

@Michael Brattelli That is crazy! The more research and talking I do with people on this topic the more I find that more upper class landlords are not having that many problems but overall, people are being paid rent if they push their tenets to file for help. That eviction thing is nuts to! I imagine when this thing really does lift for good, the courts will be flooded bad!

Hey BP! Does anyone use a better lead generating service that list source? I have had nothing but headaches trying to get a list from them. They will not accept 3 different credit cards when I try to actually purchase the list and contacting them by phone has been a nightmare. Thank you in advance! 

@Caleb Johnson Im a super newb but i do have a lot of experience with construction and have seen some nasty, disgusting flips. I do not know the context to your catching a mouse story but am I the only one who doesn't think catching a mouse sounds that bad? Im a hoping you are rehabbing a property when this even happens and if you are, that mouse is one tiny step to payday 🤑 they do make gloves haha 🤷🏼‍♂️

@Monique Torres that is little bit of rent to be owed for sure 😬 So with DOLA being local for you, I wonder if all states, department of affairs have similar programs. 🤔 Will defiantly have to do research for my local area. Thank you for the reply!