All Forum Posts by: Fernando Parker

Hello BP. I just finished up the licensing/tax EIN requirements for my LLC (which is based in Tennessee). I have a couple of potential deals in the works, but I haven't chosen a bank in Memphis. Do any of you have recommendations for a good local bank in Memphis? I'm buying in cash now, and will cash-out re-fi in 1 year. Since I live abroad, I need to be able to make the majority of my transactions online, and will need a reasonably responsive customer service team. I'd like to stay away from the bigger banks. Any recommendations would be a great starting point for me. Thanks guys!

-Fernando

@John Chapman thanks for sharing. I'm from Memphis, but I currently live and work in Dubai. As you can imagine, I've been approached by a few wholesalers. In your experience, what are key items to look out for with these types of deals? 

@Ben Roberts this sounds like a decent buy and hold deal, but the mortgage and your down payment could will hit your cash flow. Have you thought about other creative financing methods? I'm definitely no guru, but there seems to be an opportunity to make this deal sweeter with less of an out of pocket hit for you. Contact me if you're interested.

Hello BP. I'm a native Memphian, currently living and working in Dubai. I'll be home for the holidays, and I want to invest in 2-4 door multi families or a couple of single families. I want to pay cash. I fully understand the power of leverage, and in the future I intend to do just that, but I know that no bank is going to approve a loan for me because I live and work in abroad. Because of this, I won't be able to produce many of the documents that they will require. Those documents and that concept just do not exist here. 

My plan is to buy the properties outright, sit on them while renting them out for a year, and next year I'll go to the bank for a loan using the equity in the properties that I purchase this year as collateral. I'm in no hurry, and as a relative new comer to real-estate investing, I'd rather play it safe and learn on my own dime than potentially have to learn a hard lesson while owing a mortgage. If this is a terrible idea, please feel free to tell me so.

I have also set up an LLC under which I will title the property (hopefully the first of many). My target is B- to C- properties, and my budget is roughly $200k. I'll buy in December of the year. If I need a reality check, please feel free to offer one, and if you have any input that will help me in my quest, please feel free to offer that as well.

I'm looking forward to the feedback. Thanks all