All Forum Posts by: Gerald McCullough

@Kirky Galt thanks a lot for your insight! I will call up a few to see if they mind showing me their process

@Aaron Klatt so you would suggest working under another management company and just implement some new ideas there to get a track record?

Hey bp family I’ve been brainstorming on some new strategies to work with a tenant on in leasing properties for rent or lease to own. So I wanted to a bit of insight on what would make you consider picking a property management company ? Also would you work with one that’s just starting out ?

@Alex Presnell simple and sweet

@Gregg Heminger congratulations on your purchase that’s awesome you jumped right in on multi family!

Originally posted by @Jay K.:

I purchased a BRRR for $27,500 in November 2017 for . In May 2018, 6 months later, I got was able to pull out $100K from an appraisal that came back at $140K for the finished product. There are many lenders that will do you a deal. You just have to find the bank that has the funds and wants the deal as much as you do. Reach out to local people doing the same thing you do or want to do and see who they are going to for their financing.

Keep in my mind, I did not do a traditional home mortgage on my BRRR. I did a HELOC on it and the terms were that I had to get a reappraisal every two years. PM me if you need help making appraisal value or interested in how to find lenders that want to lend in an industry they aren't capped in.

hey what did you do to the property to get it appraised at $140k ? 

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Hey Richard have you attended any reia meetings in your area? They are a good place to go network with more experienced investors and usually have vendors they for funding especially if you have skin to put in the game, but I would also advise you to better educate yourself by continually listening to podcast and reading to actually know how to successfully complete a deal because there are some hardships that you would go through not actually knowing what you’re doing on your first flip. I wish you much success though !

Hi BiggerPockets members I have this deal presented to me to purchase this 221 units hotel that’s right off of a major highway with a full restaurant and extended stay suites and this was a high end one back in the day that hosted a lot of events with 4 banquet halls . They are asking $2.5 million mind you that I have never purchased a property of this stature it just kind of fell in my lap networking and met the owner from Canada. He and his partner bought the hotel about a year and a half ago but his partner ended up getting ill. He says he did $750k in renovations but it looks like they blew the money because I didn’t see a $100k worth of repairs actually and I know for a fact that there is horrible management in place because he had no idea what financials were when asked plus hygiene wasn’t up to par excuse my statement but I’m just saying how it is. He stated that it brings in $25k a month from the extended stay units also hard to believe but my question is. What would you do in this situation ?

Hey Mitch Messer I have done a few wholesale deals and purchased a buy and hold but I would like to start working with private lenders to purchase more buy and holds I just keep getting stuck on how to present the opportunity to them. Any suggestions?