All Forum Posts by: Dean Weltman

If you did a search you would find several posts dealing with him. This one has several people talking about having done business with him, and they all seem happy with the process:

https://www.biggerpockets.com/forums/48/topics/256...

Clayton Morris seems pretty legit. As far a selling turnkeys, that's a good model for some people. You have to know your goals and be able to analyze the property - just like with anything else. 

 Thanks, good to know. 

I'm currently looking at a very similar property in my market (13 doors for $495k, built in the early 60's) and the numbers are similarly sketchy. I did discover after some digging that the owner is paying water and electricity, which seems to be common for this type of property, and really skews the numbers a bit. Something for you to keep your eye on.

How do seasoned investors account for paying water and electricity when running the numbers? Do you figure anything differently or just add those amounts onto the expense column when figuring NOI? It seems to me that it should come off the gross income or the cap rate is going to be undeservedly high...

Do a search for 'Master lease.'

This reminds me of a few guys that said they weren't able to focus their business until they set goals for themselves. Achieving your short and long term goals should help you make these types of decisions. 

I guess he's done already...

@vickie yang

Maybe worth mentioning: if you're doing some type of cash-out on an investment property you'll normally be limited to 60% to 75% of the ARV (assuming seasoning, etc.) depending on many factors.

Doing forget to add HML costs to your plan. If things go well you could still go about 7 or 8 months during the time you get it rented out, seasoned, and then close on the new loan. This could easily be another $15k+ on top of what you already have in it. That's a lot of money you're throwing away it you already qualify for a 'regular' mortgage. There are good reasons for using a HML to quickly lock-up a property, but it needs to be a really good deal to offset the loan costs. I can't see HML working for mediocre deals where conventional financing is available.

1.  You should retitle this thread to attract the appropriate responses.

2.  Peruse the Marketplace, I believe there are plenty of people advertising money on there. 

There's a right tool for every job, and you have to know what the job is you want done. If the unsecured line is big enough and has low or no interest, that might be a good way to move a property that you're planning on flipping or seeking long-term refinancing.