All Forum Posts by: Gary Singleton

Hi eliott, yes looking for a seasoned expert to have a look at my porfolio and "grade" it, give me advice, constructive criticism, what im doing right/wrong, how to advance, where to advance (etc)

Hello BP community, Im in my 2nd year, im now at 13 properties (10 SFR & 2 commercial) i would love to find a mentor or seasoned veteran that could take a look at ( or a "deep dive" if you will LOL) what ive done thus far and get advice/instruction constructive criticism on what ive done right, what ive done wrong, and what i could do better.
I look at myself as an "advanced rookie" and would super appriciate some experienced advice.

hello BP peeps. im seeking reccomendations for forclosure training such as books, classes, mentors (etc). thank you in advance!

Thank you all very much for chiming in. It looks like the common good advice is get all of my properties moved into my LLC ,.. which is already in process, just found a property in the interim i wanted to add. It looks like my options are pay cash or dont buy until that struckture is complete. Thank you again for all of your advice!
 

Hi @David Kelly thanks for the response. i guess the problem with a text forum is without tone & inflection things can be misunderstood.
i have only 1 blemimish on my credit period...1 over30 & it less than $100 (khols card my AP/AR department didnt know about). thats it, nothing more.
i used the term "no over 90" loosely.  Im not using any trickery or deception in my words. The thought in my head is ive never even had a payment hit over 90... meaning that being the worst... and ive never even had that..
for example: "God for bid theres bankruptcies, repo's, judgements, leins, write offs..ive never even been over 90"
i hope that helps make sense.

For auto loans, ive owned a rather large service business for 25 years, i paid cash for many trucks but i financed a few too... aproximately 50. Bear in mind, i was focused on running a large service busines not the credit moves financing vehicles would look like... the fact paying off this many loans could negativly affect credit is assnine and the system needs to be adjusted.

I have paid cash for the past 5 deals. i have cash for maybe 6-or 7 more, however if i leverage debt @ 20% down i can obviously get more. just looking to pair with the right one.

@David Kelly, The guy with bank im dealing with at the moment has mentioned this too, and really to be fair he comes across as quite knowlegeable, and a pretty likeable guy as well, so im not looking to trash the present bank im working with...im more wondering what "i" am doing wrong? ..The only issue i have with the bank is i was told with my assests, income, collateral, DTI, the property itself apprasing higher than selling price AND its already rented and cashflowing that this would be no problem... turns out theres alot of problems... UGH! credit score is always mid 700s except when lenders pull it, its always like 690 with them... NO bad credit, never a repo, never over 90, paid off over 50 car loans (etc) i guess i need to learn what the "system" is for better easier approvals, i know investors with way less assests and very little cash and have similar credit scores having no problems. I can pay cash for the house (nearly $400k) i just want to save my cash for more deals, i already paid cash for my last 3 properties because of the exact same issue.

Advice appriciated here. i currently own 11 properties, all rented and going well. I currently only have 6 mortgaes on these 11 properties (paid cash for several) just trying to add more. I recently sold one of my businesses and have well into 7 figures to invest. At this point being elected for pres. of the USA appears easier to achive than a 7th loan. I just dont get it.... im told by banks and lenders my credit score is too low, yet every time i inquire my credit is in the mid 700s... but again i have substaitial income, assests, cash on hand, and free & clear properties as collateral so the "inquiries or car trades" that temporaraily drops your score really shouldnt be an issue. i have zero bad credit.. i feel like its just excuses, i cant even use my credit card at the grocery store during underwiting. Im cleary doing something wrong or dealing with the wrong people. Thanks in advance, i'll hang up and read the comments.

Hello, im in my 2nd year of investing, I still consdier myself an advanced ametuer. i presently have 11 rentals (9 sfh and 2 commercial buildings) i only have 6 mortgages.
Heres my issue... every single time i try to finance a property i have to jump thru major hurdles taking 3 months and recently even denied a loan.
The part i dont understand... im a multimillionare, i have a healthy 7 figure balance in the bank. my rentals are all occupied and leased. i own 4 properties free and clear, i have a healthy DTI. i have a 750 credit score. i spent many years getting here after being told no for many years.
Why on earth does underwriting kick out a loan? why do banks drag out a loan for so long i lose the deal?
real advice is appriciated..
Gary