All Forum Posts by: Daniel Blackford

I was curious about Lendbase already prior to reading this post. I called them and we spoke about being a borrower and about being loan broker. Lendbase, as a "correspondent lender" basically shops for and lends other Lender monies. I was quoted a "retainer"  (?engagement?) fee of $5,000 to which I responded, "with all the money out there seeking a place to be, why would I need Lendbase to shop for a loan for me?". Without getting into the weeds of our conversation, their response was as expected highlighting their service and ability to facilitate a loan. My investors expect me to source financing for a deal and not retain a service to do what I am expect to do as part of my fees.

I'd suggest casting a wide net and doing your research. There is alot of money out there looking for a home. Don't necessarily limit your search to your market

Not to beat a dead horse, I agree with most of the observations in this thread. My relationship with Tenants in a commercial office 21 unit property I owned became more and more difficult when the word spread that I was the owner of the LLC that owned the property. Further, tenants will challenge an owner with nit-picky things once the cat is out of the bag. Two things I learned as I added residential investment property to my business pursuits. 1) don't buy where there are HOA fees if at all possible. 2) Find your local real estate investor association (my central Florida REIA dues are $200 annually). There is alot of available resources, counsel, forms, meet-ups available. Well worth the time and dollar investments. I will never self manage again no matter the size of the property - just budget a PM.

@Roy Cleeves

I would throw my hat in the ring. Please look me up on LinkedIn and or call me and I will give you my bio. You can reach Daniel Blackford on LinkedIn and I will answer back.

I generally cover five Central Florida counties. Get in touch. Stay safe.

I am not sure where the property is located, but evictions usually require some sort of notice (30 day?).. You could let them know IF you intend on evicting them that if they keep the dog that you have already filed the required notice and that eviction will be immediate when the ban on evictions is lifted (if in Florida). Your state may vary. You probably want to get some local advice from an attorney or property manager or eviction service as well.

@Chris London

Good advice. Tenants are not your friend. Tenants will always take advantage of your largesse. Tenants will say one thing and do another (agree to no pet and have a pet in this instance). At the very least require the tenant to provide an insurance policy with owner as “named insured”....

@Charlie Moore - well, quick opinion, you don’t poop where you eat. When I was an on site young PM in Gainesville, Fl, my biggest problems grew out of being too friendly with my tenants. Can only lead to problems.

@Tom Sanquist - you sound experienced. id definitely say no! to 50% of what you own. if you’re experienced, 50% seems high, any back end pref or preferred return? And a personal thought, watch your paperwork. Anyone who would go for % of your existing assets might go for more of future assets if there is ever an excuse. I’d also retain 51% control to avoid deadlocks

@Marci Stein- maybe you supply the paint for their labor?

@Roy Gottesdiener - i’ve heard the goal is $100-$150 a door in positive cash flow for a simple goal