All Forum Posts by: Darren S.

I have been asked by my handyman to provide him with a loan (in Florida) for the purpose of (1) purchasing two mobile homes - one of which he intends to rehab and live in and the other he will rehab and rent out; and (2) provide him the funding necessary for the materials he'll need for the rehab. We've agreed on a 10-year loan, 10% interest rate, no prepayment penalty. Its a fairly modest loan size so I dont expect he will have difficulty keeping up with payments. (Famous last words.) 

Also, if he changes his mind about the 2nd mobile and decides to sell it, we've agreed to share in the net profit.

This is my first time acting as a private lender. Would someone either have a model / template contract they use for lending money they can share with me, or direct me to a place online I could find an appropriate template to work with?  (Apologies if this has been asked on the forum before, sometimes its hard to search for the right topic in the forums.)

@Robert Berganza - excellent point, thank you, I will be sure to attend!  @Beau Miller - greatly appreciate the referrals, gracias.

@Andrew Postell Thanks so much for the lead.  Much appreciated!  @Maxwell Lee Ultimately had to back out of the contract - turns out the place needed $400k in needed renovations that the Seller "didn't know about" - would have been better to knock down the buildings and put something new there!

Hey folks - I have about 30 units in Winter Haven and Lakeland, and could use the advice of fellow investors on folks they have used that are honest, trustworthy, and do good work at a reasonable price. ("Reasonable price" being key.)  Electrician, plumber, carpenter, roofer all needed. Prefer family-run, long-standing, small operations to bigger companies.  (I.e., the company boss and his family are the ones who do the work.)

Also, I need someone who would want to make a few extra bucks ($15/hour) by doing local errands when I'm out of town - someone who keeps keys to all my local properties and lets in contractors or shows units when I'm away.  (I'm thinking a handyman might play the dual role of keeping keys and doing small fixes.) If you have any handymen that do a good job on small projects and would be good for the "local errands" role as well, send me a PM. 

Thanks all!

Hey folks - I just made my first foray into JAX with a 20 unit multifamily in the San Marco area. Fairly small units and lets call them B-/C+ -class tenants.  Rents around $500/unit.

I'm looking for a property manager who is reasonably priced and who does great work with strong attention to detail and doesn't need to be prompted to take care of things (i.e., proactive).  Any suggestions?

And alternately, I'm playing with the idea of doing most of this stuff remotely (placing for rent ads online, tenant screening, contracting with local repairmen, etc), but in this case I'd still need someone locally for things I can't do (show units, take photos when tenants move out and send to me, show up with the keys for repairmen, possibly also collect any cash rents). Would anyone have any suggestions for someone who can handle this latter idea on an hourly basis?  

For either of these, I'd certainly be grateful for suggestions. Thanks!

Hey folks - I'm looking at a 6 unit multifamily in florida that needs some work.  Purchasing for about $200k.  If anyone could suggest banks (and if you have a contact name even better) that do small multifamily commercial lending, either in Florida or nationally, I'd be eternally grateful!

Hey BP folks - so I'm considering my first commercial RE investment (5 units).  Here's the basics:

480k price, 25% down

60k annual rents 

6k annual taxes

3k insurance

3k utilities

Good location, low vacancy rate (assuming 6%)

Here's my big question - how do you think about the likelihood of rising interest rates?  I can probably get 4% now with 20 year amortization and a 5-year bullet, but do you all price in a higher interest rate, given where rates may be 5 years from now?  Should I use a 5% or 6% all-in blended rate for the analysis?

It looks decent on paper, but I'm wondering what I may be missing.  Any other thoughts on this deal would be greatly appreciated!

Hey BP gang - I'm looking at a 5-unit multifamily property in Orlando, which of course will require commercial as opposed to residential lending.  Can anyone recommend a bank lender who does 5-unit properties on decent terms?  Much appreciated.

@Darren Sager , thanks for putting together such a fantastic event.  Great crowd and great networking - and @Will Barnard , it was great meeting you as well - thanks for coming  out to NYC and sharing such a great story!  Very motivating.

@Joel Owens @Brandon Turner @Ramon Jenkins @Jonathan Makovsky @Joshua Dorkin @James Wise Thanks much, guys!  Joel, likely to start with some multifamily units and perhaps a few SF properties to get my feet wet and go from there.