All Forum Posts by: Joel Matthews

Hi - I’ve done several deals in Florida that are all ongoing rentals. 

I’m looking to expand in Philly and purchase multi family. Looking to connect with agents in the area. 

Hi - I’ve been an investor in Pensacola, FLorida for 3 years now. I am now looking into Philadelphia multi units. 

I am looking to buy some properties that need some work. So I’m looking to connect with some investor agents in the area. 

Hi, 
I am fairly sure one of my properties will not produce enough rent to cover the PITI.

As I’ll need to refinance in the next few weeks, any lending packages I can leverage? 

Thanks,

Hi,

I am an investor looking to connect with property managers in St. Louis. 

Hi my name is Joel. 

I am an investor employing BRRRR in Florida. I am moving into St. Louis now to get access to more multi families.

I am looking to get in touch with a good investor agent on the ground who knows the area well. 

Thanks,

Joel

Hi there,

My team has identified a SFH for auction. We are well versed in the specific market and have existing investment there.

We are a bit cash strapped for a home in great condition that is being auctioned. Starting bid is at $61,000 and the ARV is $277,000.

From the looks of it, the home is in great condition. And may only require $30k-$40k of rehab (this is being conservative). 

We have a 90/10 DSCR loan available to us but they won't front the costs for purchase of an auction home. 

We need a bridge type loan, that'll allow us to purchase the home. And we have a 90/10 DSCR loan lined up to pay off the bridge loan.

Any leads or any lenders have solution, we're all ears.

Hi there,

My team has identified a SFH for auction. We are well versed in the specific market and have existing investment there.

We are a bit cash strapped for a home in great condition that is being auctioned. Starting bid is at $61,000 and the ARV is $277,000.

From the looks of it, the home is in great condition. And may only require $30k-$40k of rehab. 

We have a 90/10 DSCR loan available to us but they won't front the costs for purchase of an auction home. Any leads or any lenders have solution, we're all ears.

 Hi Mike,

thank you for taking the time to write out this thoughtful explanation. 

I had a few quick questions, hoping you can clarify. Why did you include the $95k note over to the builder expense column? Isn’t 100k note that the land owner owes enough for his stake in the deal regardless how much he put down to secure the purchase of the land?

Also confused with the below, at first it says the profit split is 1.25 and 98.75 and then the second line item says 75/25. How would you split the remaining $61k in your scenario? 75/25 split? 

Profit split (landowner paid in 5k): 5k/400k = 1.25% for landowner

395k/400k = 98.75% builder

Profit split (landowner paid 100k for lot, free and clear) = 100k/400k = 25%

Builder 300k/400k = 75%

thanks in advance,

Joel

I have been eyeing this corner intersection property for a new construction. The property across the street has been rezoned for a multi family. So I inquired about this corner abandoned house, and I just got word that it has been rezoned for a duplex. 

Now I’m in the process of buying this property for the land value. But what are some creative ways to partner with developers to finance the construction? We currently do not have funds for construction but willing to give up fair % equity of the sale of properties  

Thanks,

Joel