All Forum Posts by: Dan Nguyen

 That's actually not a bad deal! If you care to share, I'd love to speak with that lender!

I'm looking to get an investment bank statement loan for some rental properties located in Phoenix, Arizona.

Looking to get 80-85% LTV.

If anyone knows some a really good program with decent rates, I'm all ears!

Hello!

I have about 20 SFR properties I'm looking to refinance in Phoenix Metro with about $8 mil in debt and I'm looking to do individual DSCR loans for each property.

I'm looking for:

-Ideally 85% LTV (min 80%).

-10-year interest only followed by 20-30 year AM

-Lender must be able to work with individual room rental numbers instead of appraisal rental values.

I can provide lease agreements, proof of rent, canceled checks, etc...

If anyone knows of someone, please let me know!

Thanks a bunch for the feedback! The issue is the good opportunities in Phoenix are few and far between. So my thought was to buy land and make it yourself. But you’re right. Lag time right now is killing the game. It may get better but it could also get worse. 

Hey guys,

We flip and BRRR houses right now. Our company is growing. My project manager is a killer. We've raised a ton of capital.

I feel we need to level up. Definitely in the commercial arena.

There's something sexy about developing and holding but I know it's a long-term process. But at the same time, I know it's an invaluable skill.

I see many real estate investors that are buying distressed apartments/MHP/commercial and BRRRing them at a super fast pace. But at the same time, making sense of BRRRing in the Phoenix market is quite difficult to make sense of syndicating and giving a out a pref.

What I don't want to do is to start investing in other markets. I wish to keep it local.

So my question is, if I wished to build a commercial portfolio local to Phoenix, would it make more sense to BRRR a new build or to buy used?

I belong to a clubhouse gym that wealthy people belong to. The cost of the membership is absurd compared to a regular gym membership and the only reason why I'm paying for this membership is to meet high net worth individuals to raise capital for my business.

I think I know the answer to this but considering if the purpose of the gym was just to get fit alone, I would have no desire to pay a premium to go move some weights but in this case, am I allowed to deduct this as a business expense for networking purposes?
 

Thank you my friend. That's very helpful. 

Hello BP Friends!

Last year was my first year doing the BRRR model but our deals weren't refinanced and won't be until 2021.

Our model was to find private money to fund 100% of the purchase, rehab, closing costs, etc...

After closing, I get a large check that covers for my rehab.

It shows on my quickbooks that I have hundreds of thousands in deposits from the closing proceeds as well as contractors expenses.

1) Does my private money proceeds for rehab after closing go into my P&L and Balance Sheet? or Just P&L or just balance sheet?

2) If it goes into my P&L, do I write off the contracting work that was done for these BRRR properties in 2020 even though I do not plan on selling any time soon?

3) What happens with the un-used or haven't used yet proceeds since it's now 2021? How do I begin the books for 2021?

Any guidance would be very much appreciated.

@Andy Mirza "What the borrower does is outside of an investor's control and can greatly affect timelines. You might think you're about to liquidate an asset at foreclosure sale when the borrower files Ch 13 BK on you and extends your timeline out by 5 years."

Great insight. The thought of BK didn't cross my mind even though I'm dealing with multiple sellers whom had included their house in their BK right now.

@Tracy Z. Rewey Thanks for the tip. My business currently prospects direct to sellers and honestly, the reason why notes are attractive to me is the idea of tapes from institutions. Seems like a business I'd do well in and would actually enjoy.

I understand it still requires work to establish these relationships but it would be awfully nice to have repeat business over and over vs deal chasing one and done deals.

By the way, I have full intentions on attending your cash flow expo =)    (credits owed to @Alecia Bolton for the recommendation)

@Chad U. "The best way to establish relationships with funds is to join some networking groups, attend the defaulted debt conferences" I definitely would put effort into networking but is there a way to find these hedge funds online?

Hello!

I'm so freaking excited and eager to learn more about notes. We have access to several million dollars from our money partners that have funded our past flips that's ready to deploy asap.

I'm looking particularly for non-performing hedge/private equity fund notes.

Is there a course on how to locate and establish a relationship with them?

I've already signed up for the BankProspector training and app from distressedpro.com and assigned one of my team members to specifically work on building relationships with banks. But I'm told the best deals are from hedge/private equity fund notes.

Thanks!!!!