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All Forum Posts by: James W.

James W. has started 12 posts and replied 125 times.

Post: Portfolio Lenders Near Appleton, WI

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

(This is one of the lenders that took on 11 of my properties all at once... they are separate mortgages, so not sure if that's what you'd call a portfolio?)

Post: Portfolio Lenders Near Appleton, WI

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

I'm actually doing lunch with one of my lenders today, I'd be happy to pass along your info. If you send me a description of the portfolio, I can share it with him.

Post: Brand new investor in Appleton, WI

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

You might not live for free, but you'll pay less out of your own pocket and be one step closer to moving forward in your REI goals.

Good luck!

Post: Investors

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27
Originally posted by @Brian Wheeler:

Thank you everyone for the valuable info! Sorry for not being very clear in my first post, but the main reason I am looking for investor groups is to network with cash investors. Believe me I see tons of "gurus" out there lol 

 People with cash to invest probably don't spend a lot of time at the "meetings". They are busy making their cash work for them ;)

I already admitted I haven't made time to go to them, so I could be way off. Maybe I'm 100% wrong, in fact! But I just don't think people are at those "groups" handing out free money.

If YOU are a cash investor, get in touch with me. I have things you might be interested in. If you are LOOKING for cash investors because you have no cash of your own, I would suggest you start out by reading reading reading and maybe hooking up with some bird-dogs and wholesalers. Those are the guys that probably know the cash investors, because that's who buys from them. 

It's not easy to find good bird doggers or wholesalers... FYI anyone in the Appleton area, I'm a cash investor, looking for multi family opportunities, 4 or more units. I'm happy to pay finder fees. Actually let me rephrase I LOVE paying finder fees.

Good luck everyone :)

Post: Investors

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

Haha! @Scott Schultz pretty much laid it out there. None of these stingy scrooge McDucks are going to actually be giving away free info at any meeting! :D

I am in the Appleton area, but I haven't gone out of my way to go to any REI "meetings" because of exactly what Scott said. If there was a simple way to make money, everyone would do it.

@Brian Wheeler what @Kyle Scofield said is key - "invest" in your own education. I'll forewarn you that these posts you just got are some of the most valuable you will find, even on this site, which has some nuggets but still ignore 95% of the posts because trolls are everywhere! It cracks me up how much gibberish I see here.

With that information in mind, you stated you are a "new real estate investor" which implies you may have money to spend. If that's true, first I'd be careful sharing that information - I don't want your money, but someone else out there might and you just said "here, take it!"

Second: if you are going to pay a "coach", keep in mind the old adage "those who do... DO. Those who cannot... profess to teach." Before you pay a penny for "coaching" make sure you are being "taught" by someone who is "walking the walk".

I'm pretty close to you, so if you find a deal and you want to bounce some ideas around, I'll do my best to help you out if I can. Good luck :)

Post: What are financing requirements on a Commercial apartment 8-24unt

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

Gotcha, that makes more sense. Except the "deferred maintenance" part... but no matter, I think I understand your position better now.

6.5 for a flip is great if the terms are right and you actually flip... if the terms are less than right and there is any delay in selling for a profit, then you're in a different ballgame.

Good luck :)

Post: What are financing requirements on a Commercial apartment 8-24unt

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27
Originally posted by @Nick Stoddard:

awesome @Joel Florek. I just met with a vp of commercial lending today. 20 year amortization, five year balloon. I'm not interested in multi family right now but I still asked him about it. Although I have six figures cash, he said I needed more to step up to a 12 unit .

He did tell me he would do 6.5% for six months for a flip on single family!

 That sounds so backwards to me... unless your 12 unit is even or negative cash flow. If you have a 12 unit that is generating positive cash flow, and your bank is telling you they prefer to gamble on a flip... that's silly. Message me the details on your 12 unit, maybe I'll just finance it for you if the numbers are right.

Post: What are financing requirements on a Commercial apartment 8-24unt

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

Love it! And best of luck on it... that sounds like a fantastic deal for you, and a great way to get a solid property under your belt.

Post: What are financing requirements on a Commercial apartment 8-24unt

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27
Originally posted by @Joel Florek:

@Chris Lynch I am buying a 16 unit multifamily right now and am putting $10k my own cash, $15k from a personal loan, $110,000 owner financed, and $550,000 from the bank. Terms are 4.85% fixed for 20 years with 5 year balloon. Factors considered: personal guarantee, LTV in first position, NOI on the property, my credit score, personal financial statement, @James W. if the bank(decision makers) likes you as a person, and some banks wanted a life insurance policy tied back to them on case the bus gets to close to me.

Local banks will be able to do more for you then a national will when it comes to negotiating terms and working with your situation. Good luck and let me know if you have any questions!

 Agreed on the decision maker point. And Voted because that is an awesome deal you just outlined!

Can you share more details - on the 15k personal loan and the 110k owner finance? I'd really appreciate it!

Post: How to analyze a multi-family deal before due diligence

James W.Posted
  • Investor, Entrepreneur
  • Greenville, WI
  • Posts 138
  • Votes 27

Great post @Roy N. - My business is going more and more that same direction.