All Forum Posts by: Josh Stack

Hey Josh,

Maybe look into Lima One Capital or ICG10, I have been looking at both lenders but haven't worked with either yet.  If there really is profit in the deal, maybe you can afford their hard money?

Like the others said, keep calling local, small banks to see who will work with you.  Present yourself professionally and I'm sure you will find someone who can help.  We are in a similar situation and that's what we are trying.

I have a list of Charlotte/Gastonia area local banks that I am calling.  First of those that I have called have been receptive and interested to help.

Good luck

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This is just a gross list I made after googling.  I have not called many yet nor have I edited the list down.

Lenders

ICG - icg10.com/programs / 

Bank of the Ozarks - https://www.bankozarks.com/

Belmont Federal - https://www.belmontfederal.com

Carolina Trust Bank https://www.carolinatrust.com

Fidelity Bank - https://www.fidelitybanknc.com/gastonia-cox-road/

Fort Financial Credit Union - https://www.fortfinancialcu.org/products/

Alliance Bank & Trust  https://www.alliancebanknc.com

First Federal Savings Bank https://www.ffsb-nc.com

Mortgages by Scott  http://mortgagesbyscott.com

George Mason Mortgages https://www.gmmllc.com/gastonia-branch/ Jenny Holder

Cedar Hill National Bank 

Fairway Mortgage http://fairwaymortgagecarolinas.com/contact/

First Bank https://localfirstbank.com/business/

Park Sterling Bank - https://www.parksterlingbank.com/index.htm

Randy Miller for Fannie Mae Multifamily - 301 S College St, 4th floor. 

Morning @Zendre Strother,

Thanks for the local scoop, what you say lines up pretty well with Trulia's crime map of the area.

Hi @Vivek Khoche,

I'm actually not learning to turnkey if that's the the intimation you are making.  Merely after some hard data which I can't manage to find.  Maybe the fact that it doesn't exist or people aren't willing to share it speaks volumes for what the data actually says.

Data is a scary thing if it doesn't tell the story that you want it to.

Thanks for the links, the thread started by Sabrina Brown was perhaps the most helpful.  There is so much good information in that thread its a pity it's not summarized in ebook form or something more digestible!  It would also be great if threads like this could be pinned or favorited or added to a START HERE thread.  There is so much content on these message boards that discoverability is somewhat of an issue, so thanks for the link, your post has been very helpful

Good Evening BP,

We are just starting out and hunting for deals now but also starting to try and line up financing. For various reasons while we have a good balance sheet and good credit, we don't have access to traditional financing. That leaves us going down the route of trying to raise private loans and we plan to approach our first circle soon.

I've made a pitch deck for friends, family and acquaintances that we plan to approach to ask if they want to do private lending to us and I would very much like your feedback on the document. It's linked, as well as our one page introduction below.

Specifically, I'd like your feedback on:

- Is it credible to take this approach? much of the initial audience will know nothing about private lending.

- Are there things I have included which I should edit out or things that I have missed which I should include?

- Am I running up to any Securities and Exchange Commission (SEC) areas of regulation that I should be careful of?

- Are there things that I clearly don't know about what I'm doing but obviously should?

- If you were a private lender, would this be an enticing initial pitch upon which to have more substantive discussions?

Our one pager introduction on the FilePlace - One Pager

Our private lending pitch deck on the FilePlace - Pitch Deck

As always, we are looking forward to your constructive and insightful feedback.

@Jason Hartman do you have a data set that can show the actual performance of the turnkeys you have sold over time - thinking here that perhaps there could be an anonymized  data set of performance data that could then be smoothed over enough properties to take out all the wacky outliers and show actual, real performance vs predicted.

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Back to the request at hand for folks to share their real world turnkey returns, I saw this today (another happy Morris Invest customer who's ROI IS THROUGH THE ROOF). It's easy enough to post anonymous satisfied customer videos like this but what I cannot for the life of me find is actual customers who will stand up and say "I budgeted for/was sold on a 14% ROI when I bought my home in 2014 and for the last three years my actual performance has been XX% ROI".

All I can find is anecdote, third hand accounts, scare mongers and no one who is actually putting real world data out there that can be verified and validated.

 Hey @Brandon Turner, @Joshua Dorkin & @Mindy Jensen - this would be an idea for an upcoming show.  Get someone on who made it through but lost it all in the 2008 downturn and take a deep dive on what went wrong in their business, how they could have better positioned and what they would have done differently to avoid crashing and burning with the market.

Hey all,

Thanks to @Ryan E. for getting us back on track and @Llewelyn A for sharing detailed info.

Thinking a bit more on this overnight I guess I'm really asking:

1. What specific structures can adopt or tactics that you can employ to increase resilience to bankruptcy in a downturn? How would you stress test your portfolio?
2. What leverage ratio do you employ or what level will you not go over as you then feel it would give too much risk and reduce your resiliency?
3. What debt coverage ratio do you look for in your properties or portfolio?

 Hey Greg,

I tried to reply from my phone but the buggy BP app gave me an error and it never posted there response.  Maybe try Thumbtack or HomeAdvisor.  You should be able to get no commitment quotes from them and see a track record of the service provider.

Good luck!

I've posted this in the "Real Estate Success Stories" forum but perhaps its would fit better in the "Real Estate Life Lessons Forum".

There is a ton of talk in the media but also on these forums of the precariousness of our national and global financial structure and the values of assets as currently traded.  Ray Dalio is even our comparing the state of the the economy to the late 1930's.  I also hear on all sorts of podcasts allusions to the 2008 crises and how the guest of the week "lost it all" and has spent the last decade rebuilding but this is rarely if ever delved into deeply.

The question I have been pondering for the last 24 hours is then, if we take it for granted that an economic fall is coming, and that may have some effect on the property markets (prices, rents, etc), what then do we do to protect and position ourselves.  A simple answer may be to have plenty of liquidity and don't over leverage yourself but what then if you are trying to build out a portfolio where your tools to growth are leverage and reducing liquidity?

I would be very interested to hear from long time investors who have weathered the storms either crashing-and-burning and coming out stronger or simply getting through the cycle bruised but not battered.

Having searched for a topic and thread like this one, I don't think there is one quite exploring this aspect of real estate investing where we lay bare all our failures but it would be incredibly instructive to us newbies to learn from those who have gone before and come out the other side weary and with scars to show from the battle.

Hope you will find int in yourself to share so those of us who are new can learn.

I was hoping for a bit more interaction on this thread and then my wife reminded me that I didn't even have the common courtesy to ask for another point of view or as questions based on my analysis.

Any other views on Gastonia out there?  We have a number of bulls in the forum and a coupe downers but what do you think this market as somewhere to park your monies for the medium to long term?

Spending some weeks on the MLS, it's hard to find properties listed at anything north of 1% rent to price which makes achieving reasonable returns seriously difficult without sputtering with the numbers (when considering the 50% rule).