All Forum Posts by: Kyle Mailloux

So I'm in the middle of my first BRRRR and COVID has caused some changes to lending policies. Most notably it seems I can only get a cash out refi for 70% of the property value compared to the 80% I was expecting. I used both hard money and a private lender to fund the deal. 70% will cover my hard money loan and most of the private loan but I'd like to take another 10% out to pay off the private loan without any cash out of pocket. Does anyone know any banks giving HELOCS on investment properties right now? I'm located in Florida. Thanks!

Thanks Nicky! I think those are really good ideas. I want to do everything I can to avoid "smelling" like a typical wholesaler. Appreciate the feedback!

 I'm a newish investor who just closed on my second multifamily off of a wholesale list. While I am very happy with my latest deal, I have been considering direct marketing to sellers to try to find my next deal. I too get a lot of phone calls and texts which I find to be irritating, but my question is what do you all think is the best way to reach out to motivated sellers without pissing people off? I'm mostly interested in multifamilies so I'd likely be calling other investors like yourselves. I plan on using some background information such tax delinquencies, liens, and pre-foreclosure to try and weed out the happy investors before I even make the first call but I'd be curious to know what you all think would provide the most value to the seller and differentiate from the masses of calls that just annoy you. Thanks!

Just closed on a my second multifamily property on Monday a day before this was announced. My state already had an eviction moratorium so I was factoring reduced rent into my numbers but this is still frustrating to see as a landlord. I’m still looking for the official moratorium from the CDC but from what I’ve read so far it seems like landlords are left out to dry. I understand tenants are struggling but why not implement a temporary eviction suspension program, like from the time the tenant fills out the affidavit proving they’ve lost wages from COVID they get a 3 month window to get back on their feet. In my state this new moratorium will now allow tenants to not pay rent for 8 months with nothing to help landlords. I don’t think there’s much we landlords can do but if anyone has a strategy I’d love to hear it. I just needed to vent a little.

@Thomas Klein

Thanks Thomas, I’ve heard of ReiFax before. I will look into it more. It sounds like it has all the information I’m looking for in an easy to use platform.

Thanks Matt,

I plan would definitely be to have my lawyer review anything before I use it. Unfortunately the lawyer I use most frequently says he doesn’t have a month to month lease that he uses so I’ll probably reach out to another one to get started if I can’t get one from a BP member. 

Kyle

Does anyone have a month to month lease agreement they have used that they don't mind sharing? I am located in Florida but open for any starting point. Additionally, has anyone bought the Landlord Forms from Bigger Pockets? What is your opinion if so?

Thanks for the feedback Mark! I think that is a great idea.

I'm mostly interested in buy and hold multifamily properties in the South Florida market but leads have become a little difficult to come by so I am considering starting a marketing campaign to target motivated sellers. I know a lot of people have success with bandit signs and direct mailing but I'd like to narrow my search down using the public records. My thought is to look for absentee owners, eviction records, tax liens, and probate records at a minimum but there is a lot of data to analyze. So my question is, for those that have had success targeting motivated sellers, what is the number one thing you look for and how do you find it? I know that is not an easy question to answer but any information is greatly appreciated!

Jean, getting leads from contractors is a great idea. I will start networking with them more. Raymond mentioned your meetups? I would be interested in attending as well!