All Forum Posts by: Justin Dao

@Brian Gerlach I’ll be waiting like a snake in the grass with money lined up :^)

@Ryan Deasy Hey Ryan, thanks for the reply. Sure, I’d love to at least get in contact with your lenders. I’m looking to invest in the Indianapolis market, if that makes any difference.

@Mike M. This is sound advice, thanks. I'll add it to the list of questions I send a lender. I had always assumed they would fund 75% LTV of the purchase price and I hadn't heard of loaning the ARV price before.

Hey all,

Thanks for the great feedback. What I'm hearing is that the best course of action is more or less to 1) form relationships with lenders whose lending criteria I'm likely to fit, then 2) find a deal whose ARV/comp is likely to be approved (with conservative numbers), then 3/4) simultaneously put in an offer with the seller and give the deal details to the HML which they will most likely approve.

Does that seem correct more or less?

Thanks again.

Hey all,

Newbie investor here. What comes first, the hard money, or the deal? Is there such a thing as getting “pre-approved” with hard money lenders, or is it more typical to bring a deal to a hard money lender? Or does it depend on the specific situation (investor experience, the deal itself, etc)?

Appreciate the feedback.

Justin

@Dimitri Wilson Could we get some further background of what you’ve done to the property before the rental phase? Why did you choose this particular property (location, schools, price of property, etc) and what did you do to rehab after you purchased?

It’s hard to tell if you’re being taken advantage of as an OOS investor, or if the property is just older and is beginning to show normal wear and tear.

@Nick Wilson Hey Nick, thanks for starting a great forum post. I can’t offer any legitimate advice because I’m a newbie myself, but I’d love to connect with you to hear your thoughts on prospective markets.

I was planning on investing in the mid west as well, more specifically the Indianapolis area because of its indicators for strong economic growth.

Hope to connect sometime. Thanks.

Hey @James Gates,

Thank you for sharing your story. As an OOS investor, on which occasions did you feel the need to fly out to Alabama? To meet the team/on closing the property? Any other reason why you may have flown out there?

Second question, it seems like a silly and simple logistical question, but what do you do with the keys if you close from afar? Do you trust a team member to hold onto them or do you get a combination lock with the keys inside and hang it on the door?

Thanks again.

@Emi M. Hey Emi, I'm in the same boat; just moved to SB a year and a half ago and am a newbie in real estate. Maybe we can catch up some time, I'd like to know where you're coming from. I was passively checking out the SB REIA as well, I might attend the next session.

@Tom S.  Woah, crazy coincidence.  I'm from Burlington, VT as well, and recently moved to SB!