All Forum Posts by: Grant Greene

Good morning, @Aaron Beavers, and welcome to the world of REI! Full disclosure: I work for a lender, so that obviously informs what I'm about to say. We've found that when new investors (or those who are new to the business and are preparing to make their first investment) meet with a lender who works with investors on a regular basis, they're far more successful more quickly than if they just jump in with both feet without that consultation. That last sentence is not meant to demean or devalue the advice you'll find here on BP or the myriad books that have been published to give someone like yourself well-honed advice. A GREAT lender, when you meet with him/her, is going to ask you two fundamental questions. The first one is obvious: what are your goals/what is your plan? The second one is really the one that sets the greats apart from the good ones: what is your exit strategy? If the lender doesn't ask you that question (and subsequently help you fine-tune that strategy), it's a good guess that he/she is not going to give you good, long-term guidance.

Good morning, @Chris Eley - great, inspiring story! There is a way for you to pull your cash out of an acquired property BEFORE you sell it so you can move on to acquiring the next property for a flip.  Let me know if I can provide you with more information. 

Good afternoon, @Shari Clair, and welcome to the world of REI! We work with a lot of investors like yourself in helping them acquire creative financing. As we begin our talks with you, we always ask the questions, "What's your end game?" and "Do you have an exit strategy?" Most often, we get an answer to the first question that resembles "to create a portfolio that provides passive income" (or something like that); as for the second question, we get a lot of "what do you mean, an end game?" We've found that when we help the investor shape her/his plan around the end game, we are able to help them come up with a much more successful plan when we have them focus on an eventual exit strategy. If we can help you with that, we'd be honored - please drop me a line. If you're interviewing other lenders, use this as a litmus test and see if they ask you if you have an exit strategy. If they don't ask that question, they may not have that detailed a plan for you. Food for thought.

Happy to help, @Dan Shelhamer. I'm sending you an email now. 

From a conventional loan standpoint, the folks who have previously commented are correct: 10 and 10.  However, it is possible to acquire and finance an UNLIMITED number of properties.  Please let me know if you'd like me to provide you with more information. 

Good afternoon, @Sam Choi, and thanks for posting here on FB! With a new loan product available, you can pursue a buy-and-hold project with a "flipper mentality". Let me explain. Traditionally, hard-money loans were something that were mostly used in the REI community by someone who's looking to flip a property, for obvious reasons. Now, you can get a hard-money loan, purchase the property, do the rehab, and IMMEDIATELY turn around and refinance the HML into a conventional loan for a more standard interest rate. I'm, of course, talking in generalities because each specific case has its own set of unique circumstances, but we're seeing a lot of people who were traditionally flippers altering part of their focus to a buy-and-hold mentality - and they're seeing even greater ROI. Please let me know if we can provide you with more specific information.

I believe it's wise to be direct in your listing. @Ben Soutas makes an excellent point, but you can easily steer clear of any problems with the law by basing your qualifications on quantitative data: FICO, income, not Section 8 approved, etc. 

@Anita Ahuja, after you list Phoenix, you have the comment, "too hot right now." If you're talking about the physical temperature, I don't blame you. Living six inches from the surface of the sun has its downsides. However, if your comment means you believe the market itself is "too hot" with other investors, I'll halfway agree with you. Yes, there is a lot of activity, and the savvy investors are snagging deals before the slower ones, but there's still room for someone like yourself. Because rents are rising so fast here in Arizona (Phoenix and Tucson), this is a very good time to get a property that will cash flow. I'm not expecting you to take my word for it. What I would like you to do is talk to my top LO who works with REI folks every day. He'll be able to answer your questions and give you great direction.

Clint Ellsworth. You can reach him at Ellsworth Home Services or (602)373-2834.  

Let me check to see which day(s) of the week are available at this office. Thx.