All Forum Posts by: John Geldert

I used them as a Hard money lender on a deal, they were able to close within two weeks but added a construction "holdback" in the 11th hour. Long story short they have been very good at dispersing my funds.

What type of terms are they offering?

@Christopher Veljkovic

@Megan Phillips Thank you both and good luck on your future endeavors! 

Happy New Year

@Jeff Wells Thank you.

Yes, if you look back at the deal breakdown my cash flow after debt and expenses (excluding  5% Allowances for vacancy & maintenance) is $1038 and that is with each unit being rented for $1175. I am a buy and hold investor, purchasing multi family units that will cash flow and not dependent on appreciation...But thats always nice :)

@Colin Williams Thank you!

Yeah we all only have 24 hours a day to work with, so time restraints are always a big hurdle to overcome. We have established a certain criteria that the property needs to meet in order for us to begin to underwrite it, once we have accomplished that we will set up appointments to see multiple properties during our visit. We have also established a great working relationship with our RE agent and he is willing to walk units for us, take video/ photos if we are unable to do so ourselves.

@Christine Z. Thank you, we try to use dark laminates and light grey in all of our rentals.

@Account Closed Thank you! 

Happy New year...

@Cynthia Hairston Yes I do have a copy of both appraisals and there is a significant difference in data between the two of them.

I am familiar with HML appraisal process being done prior to closing, as I used that to fund one of my recent deals.

I would be interested to find out more the products you offer, can you PM some info?

Thanks

@Jibu V. Thanks.

No the first appraisal was done by a legit 3rd party licensed appraiser that the bank hired at my expense. According to my PM who walked the property with him, it took approximately 10 minutes to walk both units and take random photos. On the other hand the second appraisal took nearly 2 hours (according to my PM), with the appraiser measuring every room and sketching out a floor plan.  I believe it comes down to people taking pride in their work while others just "mail it in" and go through the motions.

Thanks for the great question!

@Susan St. Martin Thanks, its a great strategy if executed properly. Best of luck in 2018.

@Effram Barrett thank you! And good luck on getting into your first property. Let me know if I can be of any help.