All Forum Posts by: Mark Caramanna

Eddie our business is divided into our buy-and-hold properties and our renovation / rehab and flip projects.

We do have employees that work on our rentals. At particular time however we could have 6 to 10 flip and renovation projects going on at once. There is always a need for good people to help row the boat and it move forward.

With the explosion of our rental and rehab business we need qualified contractors of any trade which includes:
General contractors
Electricians
Plumbers
Dry Wallers
Tile and Carpentry
Roofers
Painters
General labors
General Maintenance
Etc....

I also have many good people I can refer out to help fellow investors in need.

Hey Jeff,

We specialize in those types of rehabs and our goal is for everyone to win in the transaction. You can message me here, email me [email protected] or call me on my cell 585-317-5699.

Thank you and I look forward to hearing from you!

@J Scott your exactly right. We have found local lenders that lend to us based on our reputation and understand that if we have a slam dunk deal they want to make more money as well.

@ Roy N. When you understand the market you are working in LTV is irrelevant (I'm sure you feel the same way in your market). To many investors look at Loan To Purchase not Loan To Value. We are not doing anything magical, just focusing on great deals in our market that we can flip or hold.

A great example.. We just purchased a property for 60K that was worth 75 to 80K. We had an investor give us 65K (because he knew we got a great deal). We put 50K in and sold it for 155K. We gave him a guarantee of 6 months interest @ 16% and 1st position on a property that was worth at least 75K and getting high end rehab at a rapid rate. That is a good deal for everyone. 

I love that BiggerPockets is Galaxy wide and everyone on here can work with and network with others to make deals happen. I am only offering opportunity to someone who wants an excellent return with someone that really understands what they are doing. I would be happy starting with a cup of coffee or a conversation with anyone who wants to.

Hey J Scott,

Thank you for the reply. To answer your questions:

- Primarily all the deals we have done are with-in a 45 minute drive. Our plan is to expand to other markets by early 2016.

- Every deal is different we have some lenders that do 70% LTV (which we barely ever use) and some lenders that finance the rehab cost as well. Investors that understand a good deal (what the property is actually worth not what you are purchasing it for) are the ones we want to work with. An example is if we are purchasing a distressed sale where the property is worth 100K "as is" and we are purchasing it for 80K I would expect a lender to understand a great deal and offer a min of 80K to fund the deal. The goal of course is to use as little of our own money as possible.

- I guess every lender would have to evaluate the project and there perceived risk with the LTV that they will offer and the points they would want. I understand the first deal anyone would do with someone new they would want to protect themselves as much as they could. It is nice that I have lenders that call us looking for deals to fund, because our track record with them.

- We have cross-collaterized properties in the past, but only for buy and holds.

- Rochester is a market that we know as good if not better than anyone else and know how to make money here.

We are seeking an investor who is comfortable lending on quality properties and receiving excellent returns. 

A little background on my company. We own and manage approximately 130 units. Our portfolio is worth 6 million.  

We flip 6 to 8 properties per year with an average profit of $20,000 per flip.

Our flips always sell at the top of the market and consistently set records for the street, because the design and quality of finishes. Our plan is to flip 18 properties this year.

We have many lenders that love lending to us because we always perform. The reason we are seeking new lenders is paying 12 to 15% is really eroding profits. We are comfortable paying 8 to 10% with the investor being 1st position. We can offer a 6 month minimum return on investment. 

We are a proven company and would love to give the right investor an opportunity to fund deals for us and grow with us.

Hey Eric,

We get calls on these properties all the time. Unfortunately the back taxes are so great that when you combine the rehab cost there is no margin for profit. What were your intentions with the property and where is it located? I have figured out many creative solutions to deals that don't seem to make sense. Hopefully I can help. 

Thank you Giovanni and Jeremy thank you for your help and answers.