All Forum Posts by: Katherine Blazer

We use a letter of intent to lend, and then I call the listing agent the same way I would for my pre-approved traditional clients to discuss the LOI with the agent. When we look at the numbers, it is the top of what you would pay and what you are offering to make sure the deal fits your goals.

I would look in Bradenton for short-term. If you are willing to do mid-term, you open a lot of boxes up. If you move up into Pinellas/St Pete, Largo has some options.

 Welcome to Knoxville!! 

When it comes to buying houses to wholesale, flip, or make rentals... it's all about connecting with people. Period. How you connect with people is up to you. You can door-knock, build a referral base (but you probably need the business first), send out mailers, do Google/Facebook ads, or use people like Nick and Lead Minning Pros. I know Nick personally and professionally, and he is a great gentleman. I will tell you two things to be true about him. He will answer your call if you call him, and he will shoot you straight. The more people you connect with and talk to, the more opportunities you have to make a deal happen. Each lead-generating process has its pros and cons; door-knocking takes a lot of time, and you may not be speaking with the owner of the house, but you get to talk to people face to face, and it is relatively cheap (you should have a flyer or packet). Mailing is easy, and you are leaving people with a postcard or letter they can keep (I have had people call me 9 months after they received a postcard), but it can get expensive. Texting currently is less costly and can be done relatively quickly with high open rates. I am sure Nick can provide you with all the stats. So I would think about how you like to communicate and start there. 

If he needs to make improvements to increase value, is one reason. He also may be looking to stabilize the property, ie move tenants in, and then refinance. Hard money normally can close more quickly than "regular" lenders. 

Hi Vimal, What type of property?

You may be able to use the downpayment for a fix and flip loan if you are buying a property that needs updating and renovation, and then you would be able to refinance it into a DSCR. Depending on what the numbers look like some of the funds allow you to pull equity out after a few months. which would hopefully allow you to put money back into your heloc. However they will cap you at 70-75% loan to value.

IMO- Building a relationship and speaking with them. Not all lenders are the same or have the same personality, similar to real estate agents. So make sure you find someone that you connect with and will help you reach your goals. 

You can. It would be delayed financing. I have not heard of any banks doing 95% of purchase on delayed financing. Most that I work with are 80% of the purchase on dscr or 90% plus full construction on a renovation. Each will obviously need to still need the math to work. 

I have a 15% down on 30 year but its long term rentals. For STR its 20% down on 30 year year.