All Forum Posts by: Jake Charles

I hope to make it, the Mid-Coast has needed a meet up! Thanks for putting this together @Brian Mitchell

Hi @Kevin Wattenbarger

Thanks for asking this question. I was just about to post the same question!

But before we get into the argument of what should/shouldn't be in the packet (or if you need one at all) does anyone have a service, website, platform they have used with good results, and would recommend ? I would love to just pay a service to create one for me! And spend my time working on the things I'm good at.

• I think they ARE valuable to have, especially if you're looking to raise private money   
• We live in a digital world now and anything you can do to set yourself apart can't hurt!
• I could put all this info into an excel spread sheet, but watch as peoples eyes gloss over. Why not have something visually pleasing?
• Huge companies use packets like this to attract investors, so why not model the big guys? I mean they're big for a reason, they did something right!

@Chris Mason Thanks for the insight. I honestly do respect how portfolio lenders operate. I think being smart and safe with your lending is never a bad thing.

@Steve Vaughan We have had the property for 2 and a half years.

@Brent Coombs We haven't made it to the appraisal yet but we have a BPO valuing it around 180k, with a current mortgage balance of 102k 

Our annual income from the property is around 31k  

And yes, before we started the project we had it approved by the town planning board and fire marshall.

@Josh Dillingham Yeah, for sure, I am going to meet with other banks, I was just curious what other peoples experiences have been with portfolio banks. Now I know one is not a great sample size but their response struck me a strange given what I have heard about them(portfolio lenders)

@Russell Brazil. No, I should have added that we went into the deal with 20% down, no FHA, have added a ton of "sweat equity", and raised rents to market rates, raising the monthly income by 55% from time of purchase.

Hey all, I just wanted to throw this out there to find out what everyones experience has been when working with a portfolio lender.

Let me start by saying, a bank saying "no" is not exactly headline news, I know, but still I would like to know your take is on this. 

We are currently on the "Refinance and repeat" stage of a duplex- turned- triplex that we used the "BRRRR" strategy on.

As an avid listener of the BP podcast, I always hear people talking about the "creativity and "flexibility"   that portfolio lenders have. When the bank holding our first mortgage decided to "reformat" its lending department, the customer service went way down, so we decided to look elsewhere for an equity line/loan.

Knowing of only one portfolio lender in the area I went to talk with them, only to find out that they are about as far as you can get from "creative and flexible"!  The terms they offer are not good at all and the VP told me that they are very "risk adverse" Because they keep all their loans in house.

Now again, I know I should get used to hearing No from banks, but this was so opposite from what I have heard from so many podcasts that I felt I should reach out and see if anyone else has had a similar experience?

Should I look for other portfolio lenders?

Go back to the bank that holds the first mortgage, despite the poor service?  

Thanks in advance for your input!

Welcome, Cheverson.

You are already off to a great start, as BP is an invaluable source for learning and networking!

Thanks Mindy! I will be sure to go back to those older one's that I haven't heard in a while