All Forum Posts by: Lateefah Mathews

Quote from @Guillermo P Manso:

Just in Cash because being from another country I rather pay in cash and ask for financing and wait too long, I will check the areas you have mentioned, thanks so much!

Ah, I just noticed you’re in Spain...didn’t catch that before. Paying cash definitely makes sense since you’re foreign. However, STR might be a stretch for you being overseas. I’d recommend MTR, it’s less maintenance and could offer better profitability. Again the areas I suggested work well for MTR since they are college towns. 

@Guillermo P Manso Hey there! With a $150k budget, finding an STR near Atlanta will be tough, even in areas like Hapeville, East Point, or Union City. Most properties at that price point will either need rehab work or have HOA/condo restrictions. Are you acquiring it all cash thats why $150k? If so, you might want to consider using a DSCR loan instead of tying up all your cash. If you're not paying cash, is this a conventional pre-qual for $150k? Just asking because it makes the world of a difference on your approach and where you can acquire a property... You may have to explore areas further south like Macon or west of Atlanta like Carrollton with that budget.

@Jose Furman Hey, is this listed off-market? If so, feel free to send me additional info, such as the address. TY! 

@Jerry Cox Hey, I’ve done several transactions with Opendoor on both sides. If the house is listed as-is, there won’t be much room for negotiation (ie. seller concessions/credits), but you can offer a price that factors in the rehab components. If this is a flip, the numbers have to work so be firm with your offer. Don't worry about what it was listed for previously, as long as it works within your calculations. 

Present it confidently; if they accept, great. If not, the deal wasn’t meant for you. Opendoor, like most large sellers, is very focused on their bottom line. If you need a strong negotiator to help you navigate this, feel free to reach out I’d be happy to assist!

@Kylie A. How's it going! Look, if you are looking for a bank with "no foreign wire fees" thats quite a stretch and I'd advise tossing that idea out as it will keep you on the sidelines. 

With that said, choosing your bank based on customer service relationships and business credit products should be a priority. if you’re looking for a bank that offers great service and lower wire fees, I’d suggest starting with NFCU. The credit unions tend to have lower fees and offer solid business products. Plus, they’re known for personalized service. Yes you can get in without "military" involvement. 

Next up, Wells Fargo is a solid option for building a relationship with a bank that doesn’t treat you like a number. They also offer solid business credit products and their new CC offers 0% interest. Chase also has good CCs at 0% interest also, but you’ll need to meet their 5/24 rule for approvals. Should you decide to shift your requirement focus the above suggestions would be a good place to start.

@Stacy Banks Hey there! I’d recommend starting with business credit cards that only require a soft inquiry, so you don’t risk a denial from one bank that could influence the others. There’s definitely a strategy to applying for business credit to avoid alerting other lenders that you’re shopping for credit. Several banks offer soft inquiry options, I'd try those out prior to risking the HP. Also, I recommend you have a banking relationship with Wells and Chase prior to shopping if that's the route you're definitely going to take. 

@Marc Shin Hey! So the short answer is...Yes, he can still take you to court, but his first recourse will likely be to place a lien on your property. This is why I always advise rehabbers (per my personal experience) to have their own contract ready before work starts. It should include a few exhibits attached like a scope of work, a blank change order form, a final layout illustration, and a lien waiver (for the final payout) that they sign before starting. If they’re not on board with this, you should find someone else.

In your case, it’s not too late to try to resolve this. Conduct a walkthrough documenting your concerns about the unfinished work and reach out to him to negotiate. Maybe offer to pay a portion of the balance contingent on completing the work or signing a waiver to avoid the lien. If he’s still unreasonable, contact a real estate attorney ASAP! 

Hey Chris, If your agent is only using RCM, they might not be familiar with platforms like Costar or LoopNet (which honestly should not be the case), or they simply may not have the budget to cover the upfront listing fees, which can get pricey.

I’d circle back with them, address the plausible elephant in the room, and try to figure out a game plan to get your property on these other platforms. If money’s the issue (which is highly likely), you could offer to cover the advertising costs upfront, if possible,  and adjust their commission by that amount. That way, you’re giving the property the exposure it deserves while working around any possible budget concerns.

@Alexis Nworah Hey there! So, in my opinion, Sandy Springs is a great area if you're only focused on equity since home values appreciate very well. However, if your goal is cash flow, it might be tougher because of the higher prices and lower RTP ratios. If cash flow is your goal, you might look into areas like Jonesboro, Forest Park, Lithonia, or Stone Mountain, where RTP ratios tend to be higher these are just a few areas I'd suggest. Again it depends on your goals. Feel free to DM me for more suggestions!

@Sonja Revells Hi there! The short answer is yes. Having "real estate investing" or "real estate" anything, in your LLC name will surely raise red flags for banks, especially as you move beyond net 30 accounts to larger credit lines. It's best to switch to a more neutral name now to avoid potential issues later. Also, you should update your NAICS code as well to align with your new name and business focus.