All Forum Posts by: Gary White

@Mitch Coluzzi What branch does Larry work out of?  There are several.

Welcome to BP Justin, although it sounds like you've been around it for a while silently.  Sounds like you are already well on your way.  Congratulations on the first deal.  Sounds like a home run.  In addition to Chase's speaker meeting there is a more informal group that meets the 3rd Thursday of the month.  I haven't been the last few months but I think they are still meeting at Ingersoll Tap around 6:00PM.

I will be closing my first deal in January of 2018 on an off market SFH to hold as a rental. My goal is to close a minimum of another 5 deals in 2018. I have access to $20-$30K for downpayment etc. 800+ credit score, a good paying job, and need to find a local REI friendly lender to not only lend money but perhaps even lend advice on best ways to get my 30K to work for me.

Property under agreement is in Des Moines proper but I will be looking to buy in the surrounding communities to the south as well (Indianola, Norwalk, West Des Moines, Carlisle).

I could go to a big bank and finance this first house but I would like to start a long term relationship now. I know I could just start calling banks and will do that if I don't get any good leads here, but thought I might save myself a few phone calls by asking the experts (you) for help.

Any recommendations on bankers/lenders for long term financing would be greatly appreciated.

I will be closing my first deal in January of 2018 on an off market SFH to hold as a rental. My goal is to close a minimum of another 5 deals in 2018. I have access to $20-$30K for downpayment etc. 800+ credit score, a good paying job, and need to find a local REI friendly lender to not only lend money but perhaps even lend advice on best ways to get my 30K to work for me.

Property under agreement is in Des Moines proper but I will be looking to buy in the surrounding communities to the south as well (Indianola, Norwalk, West Des Moines, Carlisle).

I could go to a big bank and finance this first house but I would like to start a long term relationship now.  I know I could just start calling banks and will do that if I don't get any good leads here, but thought I might save myself a few phone calls by asking the experts (you) for help.

Any recommendations on bankers/lenders for long term financing would be greatly appreciated. 

I agree with Harjeet completely.  Do your home work and get things lined up but don't refi anything until you have a deal ready to purchase.

If you decide to sell one property look at a 1031 exchange to avoid paying taxes on the capital gains.

@Chase Keller  I am curious why you schedule this the same day/time as the monthly DM meetup that has been in place for a long time.  Might get some more participation if you aren't competing with another event.

@Shawn Devoid Where in Iowa are your two properties?  Are you interested in selling them or are you planning to manage remotely?

I've been listening to podcasts and reading posts for over a year now.  I figured eventually I would buy a single family and then another maybe a few more and see how things go.  I recently found a mixed use building in a small town for sale by owner.  First floor is renovated already and has tenants, both commercial and residential, floors 2 and 3 are gutted and need renovated into apartments.  New roof, new external brick I am told.  I have yet to see the property and am working on a walkthrough and meeting with the current owner.

Here's the rub.  I never even considered purchasing a muti-family mixed use building for my first deal, because I have not been considering it, I have not really listened/read much on evaluating this type of property.  Some would say then that I should walk away... NOT... if the numbers work out I don't see a reason not to buy it, other than fear.  Ok, maybe inexperience and some other things but sometimes you just have to jump in, rip off the band aid...pick your metaphor.

I would appreciate any advice on what information I need to gather to make a good decision on if the property is a good deal or not.  I know this is somewhat vauge and for that I apologize.

Please help.

Hi Gabriel

Welcome to BP, it's a great community.

The forums are good, set up key work alerts.

Definitely listen to the podcasts, lots of great insight there.

Sounds like you already have a good start in RE, good luck taking it to the next level.

@Lonnie Pickard please explain in more detail for those us that don't understand tax liens.  How does the 24% and 21 months make this more advantageous for the real estate investor?