All Forum Posts by: John Blanton

I've used it before to mixed success. To your point, the amount of parameters is quite large and many different counties/ municipalities aggregate buildings differently (some are unit count, some RSF, some are only by the SF in one building) so what I found was I ended up paying for many bad leads. But I have gotten hits off Listsource before it just takes time to sift through the results you get and see if there are any worth pursuing.

Happy to connect @Subbu Munagala feel free to shoot me a DM and we can get it set up

As many have mentioned, deal flow is usually the stop gap for most investors.

I would start building relationships with brokers, but you have to think why should they bring you a deal vs someone else the already know in their network? 

Are you willing to buy very distressed? Smaller markets? I would try to be very clear on your deal criteria and be sure to be transparent with the brokers. MF is very competitive right now and it may take 12 months+ to find a deal.

Make sure to have your capital, lenders and UW skills ready to go so when you get a deal you can respond promptly about how it fits your criteria or not.

A lot of properties around the Triangle are trading at pretty crazy figures so just be prepared to be aggressive in your UW if you want to be competitive. 

Good luck!

What does looking for help mean to you?

I would try to look at it from the investors perspective. As you mentioned you are still trying to get your feet wet and learn about doing deals and the potential challenges. If someone approached you with that same ask, would you feel comfortable lending them money at a lesser rate?

Not saying you will fail or not hit your target rehab numbers, but from experience there are many variables that pop up in a project. I have blown budgets by over 20% before.

I would look at the higher rates HML are charging as an additional cost to your education. If you are eventually able to build a relationship with a private lender in the future you will have a track record to point to and hopefully it will turn into a long term relationship of lending/ rehabbing moving forward. If you were to work with them now and make a mistake on the project that could impact their desire to work with you again.

Just my two cents! Best of luck!

When you say funding do you mean for a mortgage or for the down payment itself? Congrats on getting a deal under contract, the real fun starts now!!

Appreciate the guidance @Bob Langworthy makes sense

Agreed @Evan Polaski. Conservative debt and multiple exit strategies are still good ways to mitigate the inherent risk in any investment

Thanks @Greg Dickerson

Looking to purchase an existing hair salon and the associated real estate. Two office condos in an office park. There are 10 booths and currently 8 stylists. The leases were set to expire mid 2021, but now two of the stylists are leaving the salon due to the sale. Are stylist leases similar to tenant leases (residents, businesses) or are they less aggressive in regards to breaking the lease?

Any experience with hair stylist leases would be appreciated!