All Forum Posts by: Mike G.

@Filipe Pereira will do thanks Filipe. If I have any questions Ill reach out for sure to pick your brain on this. I think this will work much better than using survey monkey to screen potential applicants. If you ever get out to Vegas, look me up!!

@Jerry Padilla

Great points thank you. What steps would I need to take for a commercial loan? I know after 4 doors the loan is typically based on the income production of the asset in question so with my credit score i would need to have a solid deal with good financials? 

@Melvin List

thanks for your feedback Melvin, by other lenders you mean traditional banks ?

@Ian Walsh

Ian, thank you for chiming in, any more info shed on the long term products or where to point me to do the R&D about that would be fantastic. 

@Jesse Goldberg

Thank you for the feed back that is exactly what Im looking to do. My goals are long term buy n hold, although each deal presents its own set of challenges and options meaning some properties would be prime for a " value add/ sell" or some may be long term holds. So Im flexible just trying to gather the facts and the points which you clearly mentioned is something to consider for sure. Hypothetically, how hard would it be after i acquired a HML, bought a property and did some rehab and say it the numbers were favorable for a buy n hold would it be to refi into a conventional. What if i got denied or something? that could put me in a pickle ?

Sean Boivin Drive for dollars, pulling lists (list source) search whatever criteria your looking for. Ex: if your looking to market to obtain distressed multifamily properties or tired landlords I would pull a list of all property owners that own section 8 multi family ..... there are several ways to obtain these lists. Scour the BP forums and you will pick up more knowledge on this. By the way there are many many ways to get started I'm just giving you the tip of the iceberg here Hope that points you in th right direction Cold calling.... reverse look ups County accessor website Posting dummy ads on Craigslist offering to buy property from sellers etc

Hi there here is my situation I wanted to run by any mortgage industry pros and figure out how I can get loans and acquire more multifamily rental properties. I currently have a FHA loan on a 4 plex. Not much equity at this point but it's cash flow positive so far with very little deferred maintenance. I work a W2 job and save white heavily so I have a good down payment to put down on the next multifamily property. But everything I'm reading tells me to try to find a OWC deal or some kind of alternate financing options using little to no money of my own, which I'm down for but how to I incorporate that idea with either conventional financing thru a bank or credit union versus hard money?

Chris Tracy Great point there Chris. I think 💭 will get on reaching out to PM companies in my area to see if I can get the relationship to get inside track to multifamily off market opportunities or older mom n pop burnt out landlords.

Jerry Padilla If I have one 4 plex currently as fha loan am I able to get another multifamily unit 4-24 units with low down. I do have a 780 credit score. Where do I start ?

Bob Razler great method of communication bob. I dig it. I'm in the same spot right now trying to build relationships with lenders so that I can " trade up " and get into multifamily investing.

Wow very good use of google docs resources there Filipe. I like that idea a lot. Cuz dealing with all those people calling is a waste of time. I tried to email them all a link for an app and it didn't work. No one filled it out and all I got was hate mail back to me and some jagoff kept flagging my post and then he posted complaining about it so I'll try this way and see if it works. Keep you posted.