All Forum Posts by: Dominic Richardson

I’m currently researching potential investment properties in Montgomery, AL and wanted to get some firsthand feedback on crime and safety in certain areas. I’ve attached a photo/map highlighting the specific neighborhoods I’m looking at.

If you’re local to Montgomery or have invested there, I’d really appreciate any insight on:

How these specific areas have been trending in terms of safety
Any known hotspots to avoid nearby
Whether you’ve had success renting or flipping in this part of town
General feel for the neighborhood (tenant quality, turnover, etc.)

Looking to make a smart move and want to be sure I understand the risks. Any local knowledge or recent experience would be super helpful!

Thanks in advance!

0 Votes

Montgomery, Alabama

Quote from @Jaycee Greene:

Hey @Dominic Richardson! I'm not in the market, but I know of a few fellow BP members (@Ram Gonzales and @James Winchester II) that are in the market that probably know the kind of agent you want. Happy connecting!

Thanks!

0 Votes

San Antonio, Texas

Quote from @Justin Brickman:

Hey Dominic I’m always working creative solutions for my clients here in SA. I also have some awesome local lenders that can help if I can’t. Feel free to shoot me a message

I emailed you.

0 Votes

San Antonio, Texas

Hey BP Community,

I’m looking for a friendly, creative real estate agent in San Antonio who understands seller financing, subject-to, and other non-traditional financing strategies. I have some properties I’m evaluating and need someone who can think outside the box to structure win-win deals.

If you (or someone you know) fits the bill, let’s connect!

1 Vote

San Antonio, Texas

Looking for a Builder in or near Marceline, MO!

I’m in search of a reliable builder to get a bid on a duplex, triplex, or quad project. If you or someone you know is interested, please reach. Thanks!

0 Votes

Kansas City, Missouri

Quote from @AJ Exner:

Quote from @Dominic Richardson:

I’m looking for recommendations on hard money lenders that are willing to finance properties purchased at auction.

I've encountered some challenges, as certain lenders require interior photos, but many auctions do not permit entry. Any suggestions on how to navigate this process and successfully close on these types of properties would be greatly appreciated.

Additionally, would a bridge loan be a viable option to help me close the transaction and then transition to a fix-and-flip loan when I have access to the interior?

Thank you for your assistance!

Dominic,

Auctions can be pretty tricky here. So I would argue that it has less to do with knowing the lender's requirements (bring on a broker or flexible group) and more to do with what the auction company requires.

From my experience, the biggest factor is how the auction company works. It is very regional and differs by group, but some would say that you can't have interior access but you can have 30 days to close (quite a few lenders can do this), while others would allow interior access but you only have a week or less to have the funds (or same day in some instances).

I would get to know the auction company first and what they will allow, and then work with either a couple of programs that would work or use a broker.

The other option (if you have the capital) is to utilize an 'Unseasoned Refinance' or a 'Delayed Purchase' to essentially purchase in cash and then recoup those funds with a second closing. You won't get the full seasoned-ARV, but you can free up some capital after you purchase it and utilize a rehab-escrow to do the work. Not every lender does it, but it give you the bargaining power of cash while still maintaining some liquidity.

Good luck, happy to help where I can!

Thanks for the info! Most of the auctions I look at and have participated in have a 30 or more days before closing. I will reach out to the auction company to see if I can get access after the closing.

1 Vote

Quote from @Erik Estrada:

Hi Dominic,

You may want to look into a local hard money lender that does not require interior access to the property. However, if you are planning to have the rehab funds financed, you will most certainly need to provide the lender with a detailed scope of work.

You could do a rehab loan after closing on the property, however these are much more challenging to finance than a traditional fix and flip loan since the leverage is reduced on a refinance compared to a purchase loan.

I would suggest looking into buying these with a HELOC or raising capital.

Thank you for your reply!

0 Votes

1 Vote

I’m looking for recommendations on hard money lenders that are willing to finance properties purchased at auction.

Additionally, would a bridge loan be a viable option to help me close the transaction and then transition to a fix-and-flip loan when I have access to the interior?

Thank you for your assistance!

1 Vote

Looking for some feedback on the numbers on this property. Would you make an offer on this property based on these projected returns?

Property Details: SFH 6 beds 2 Bath 2016 sqft - Rented by the room.

Purchase: 340,000

Amount Financed: 272,000

Down Payment: 20% (68,000)

Purchase Costs: 12,777

Loan Type: 30 year

Interest Rate: 8.75%

Rents: 3,300

**********************

Investment Returns - Year 1

Cap Rate (purchase) 8%

Cap Rate (Market Value) 7.1%

COC 1.8%

Return on Equity 1.3%

Return on Investment 25.1%

Internal Rate of Return 25.1%

0 Votes

All Forum Posts by: Dominic Richardson

Dominic Richardson has started 21 posts and replied 52 times.

Post: Feedback on Crime and Safety in Montgomery, AL (Specific Areas Attached)

Post: L ooking for a Creative, Finance-Savvy Real Estate Agent in San Antonio, TX

Post: L ooking for a Creative, Finance-Savvy Real Estate Agent in San Antonio, TX

Post: L ooking for a Creative, Finance-Savvy Real Estate Agent in San Antonio, TX

Post: Looking for a builder in or near marceline, Mo.

Post: Inquiry About Hard Money Lenders for Auction Properties

Post: Inquiry About Hard Money Lenders for Auction Properties

Post: Inquiry About Hard Money Lenders for Auction Properties

Post: Inquiry About Hard Money Lenders for Auction Properties

Post: Is this a property you would buy?