All Forum Posts by: Josh Taylor

@Nick Rutkowski thats awesome!!! Ive been considering starting my own refrigeration company and posts like this are encouraging. Thanks!!

@Adam Miglio

Congratulations on your deal!! The numbers look good. Jacksonville is on my radar for some OOS investing soon

Im in the Statesville area and have been trying to buy in the Hickory and surrounding area. Any properties in the Statesville that are decent price, even if needing full rehabs are selling sometimes within 24hrs for highest and best offer. If it doesnt sell fast, its because its in a warzone area. I made a full asking price cash offer on a duplex today, in an area close to Hickory, and got beat out. Lots of houses are selling for 10k plus over asking. Its a very hot market. Im still perusing properties, but waiting for things to slow down a little. Im looking into other markets to invest in. I have already talked to a PM in the Greenville area. Looks like a promising area. Most of the bigger areas like Charlotte, Asheville, and the Raleigh triangle area are way too high.

@Scott Wolf yes thats what im thinking. I asked them about up front costs, which he said was all at closing and the website looks all legit. What really got me suspicious was when I asked how much closing costs usually run and he said 4-5k. I thought that was really low on a commercial loan over 500k from what I have read from other posts on here. I haven't purchased commercial property before so i dont personally know

@Jeff Ronningen No im not stuck with them. Im going to talk to more lenders. I talked to another lender that wanted me to put 25% down instead of 20 because I haven't flip any houses in last 2 yrs. They said lack of experience. I have 2 rentals now and did a flip 3 yrs ago.

@Scott Wolf They have a NMLS number on the website but no record of the number came up when I searched the NMLS lookup. Im looking at my first multifamily property that is a 10 unit complex. It is in really good condition, but with updates, rents are 150+ / mo under market. Its also only 45 mins from me and within walking distance from a major private college. I was looking to borrow for acquisition and rehab, and then refinance after I get the NOI up. Most likely a bridge loan, I figured. I have been talking to conventional lenders so far. Im up for what ever will work.

Im pretty sure a lender ive been talking to is a fraud but I want to make sure. Is there a forum or particular place on BP I can go to to see if a lender is legit. I started to get suspicious, so I searched the NMLS number but there was no results. Also the website has an accredited BBB symbol but BBB says the business isn't accredited. What do I need to do next? Thanks for any help!

I say learn the area you are in and start investing there. It would be way easier to house hack where you are until you learn the ropes. Im sure there are many different programs for veterans.  And Thank You for serving our country! Good luck!

@Thom Sieloff

Thanks for the recommendation. I looked at their program and they do 24 months for 75% of as is condition and ir starting at 6.99%

@Stephanie P. I was actually going to give you a call today!