All Forum Posts by: Justin Cooper

Hi Steve! I would second @Cary P.'s recommendation of Atlas.  I have had them on one of my properties for almost 3 years now and things have gone so well that when I bought another property in January, I gave it right to them.  Everything has been as smooth as I could ever hope for.

Thanks for the mention @Chris Lopez!

Hi @Alexander Reed!

Yes, I am a local hard money lender and would be happy to jump on a 10-20 minute call to get you some info on hard money, get you pre-approved and see if we might be a good fit!

And I agree with most, better to have that quick conversation with a lender to make sure you are pursuing the right types of deals or price points etc before you get out there and spin your wheels making offers etc.

Thanks @Chris Lopez! Nice to meet you @Monica Pina.  I am happy chat or see you at some classes soon!

Thanks for mentioning Pine Financial Group @Rebecca Knox!  We are happy to chat with anyone looking in Milwaukee and see if we can help!  

Thanks @Sean Blomquist!

The short answer @Hunter Harms is Yes, this is exactly what a General Contractor does. On your first couple of deals, it might make a lot of sense to pay that extra that @J Scott mentions so that you can leverage their subs, expertise, scheduling and management.  Some folks only work with GC's to better leverage their time and keep their company smaller/leaner by not having employees.

@Brian Jackson I got 2 HELOCS on rentals last summer with Vectra Bank. I think it was a summer special, at least for the LTV I got but they might still be offering HELOCs on investment properties. a few years back I got a HELOC on my primary with Keybank. I have heard good things about Westerra but I have not spoken directly to them.

Thanks for the mention @Chris Lopez!

Hi @Kevin Andrews,  happy to chat anytime and learn more about what you are doing in your business.

Hi Eric,

Help me understand what you are looking to do and where you are looking.

Is the property currently a 4-unit? are you looking to scrape something and build a 4-unit?  Are you north or south of Colfax? are you closer to Federal or Sheridan?

I ask because there could be a lot of follow up questions regarding the zoning, lot size etc that might change who the best fit is.  

Hi Brian,

Interesting situation you are getting into.  I would be very leery of partnering with someone and immediately contributing an asset like that but if, like you said, you have not done anything with the asset for a long time, maybe this partnership is exactly what you need to get that moving.  

I think you are on the right path and I agree that the value should be $60,000. IF you could sell the asset today for $60,000 and then have that cash to put towards the partnership, what is the difference?  Cash of $60,000 or an asset worth $60,000, feels the same to me.  

You took the risk of buying it and had the costs of holding it and even if th3e value has risen, that is yours.  Might need to get an appraisal just to clearly document the value and keep everything clean.  I always worry about if a partnership goes south, who will be pointing fingers and at what and this could be one of those things.  When things are good, everyone agrees and the value is good, but if something happens, might be best to have things documented.  

Good luck and I hope this turns out great!

Hi Patricia,

I am a hard money lender and would be happy to chat a bit more about your deal.  That being said, every hard money lender looks at things slightly differently.  We all (hard money lenders) typically look at the property more so than you the borrower but almost all these days will also be looking at you.  We want to make sure that the property is a good deal, we might look at your personal credit, we might look at your income, we might look at how liquid you are (cash in the bank).  We also might require some experience investing or we might be OK with funding your first deal.  Some lenders will look at more than this, other might look at less.  We all generally require much less documentation than a conventional loan and rely more heavily on the deal than you when look at approving.

So what could cause you to not be approved? lack of experience, tax liens, judgements, mortgage lates, high DTI, a lack of liquidity, and of course, a bad deal. Sounds like you might have a more unique deal so what you are proposing might not fall withing the lenders area of expertise.

Not sure if this helps at all but that is the mixed blessing with hard money lenders, we each do things slightly differently and so therefore, there is no easy way to answer the question!

Coop