All Forum Posts by: David Goings

@Gunnar Teltow Very late getting to this thread. 

I have a property you might be interested in, located within the St. Louis Overland county area. Well within your North County parameters outlined above. 

I purchased a rental in the Overland area around the time you invested in the Chicago Heights Property. I would take this project on my self but life has me out of town for the foreseeable future. 

PM me for the details, 

Thanks! 

- Dave 

@Chris P.  @Tommy Ngo How do you feel about the area near Mercer University? I might make the drive there to check out a property. 

Maybe you can save me the drive if i'm barking up the wrong tree! 

Thanks in advance. 

- Dave 

@Janette Olano Yes PM me and I can provide you with a contact as well. 

Franklin Fletcher Ashley W. Thank you both for taking the time to respond. I am just beginning to study the option of leveraging. Private lenders are on my radar. Thus far, my opinion is leveraging will make deals much more complicated. But like anything it's typically difficult at the beginning. I am going to keep doing cash deals while continuing my leveraging research. - Dave

Ashley W. Thank you for the response. They are a small portfolio bank. Update: There have been other banks showing similar interest lately. Very eager to do business but then they become unresponsive. Kinda confusing, I don't really see the reasoning for this. Why would they show such interest at an initial meeting then not follow through? - Dave

Deren Huang Stacey McGown Everything is going great. My life is taking me to various markets and I have multiple deals behind me. Becoming licensed did not seem worth it as there are so many more legalities and paperwork involved. Well worth the price of closing costs to use an agent..... How are you all fairing? - Dave

@Chris Manglicmot lots to consider here. 

Have you tried using a different agent? 

I'd be willing to discuss your issue over the phone or via pm. 

- Dave  

Hello all,

My current strategy has been cash only on my deals but I have began exploring the possibility of leveraging.

I recently sat down with a commercial loan officer from a relatively small bank. He seemed eager to tailor loans to form a relationship. Eager to the point where i'm a bit suspicious.

I advised him that my upfront issue at underwriting would be the lack of W2 income. I am a full time house flipper, excellent FICO, healthy liquidity and healthy assets.

He advised that a relationship needed to be formed initially in order to get around my W2 issue. On the first deal we would have to do a "dollar for dollar" loan. Ie, I would put down 100K for a low interest only 100K loan.

So after this first deal I would have on paper experience with the bank which would then open the possibility to do less and less money down on future projects.

Am I missing his angle here? It makes sense to earn my reputation with them, I was just a bit put off by how eager he was.

Thank you all in advance,

- Dave 

@Chris Manglicmot renting to a friend at mortgage will buy you some time depending on how long he will be there. 

Again, what is the general location of the house? You don't have to give the full address. '

- Dave  

@Andrew Michael thanks for the response.

The dollar for dollar offer proposed was just that. I put 100% of the loan down for an low interest only loan of exactly what I put down. Basically like a pre paid credit card...

So there would be no leveraging on the first deal but the possibility on the next deal.  

I guess he could simply be after the interest on the first loan than not work with me again. 

Wouldn't be much of a gain considering the low rate. 

- Dave