All Forum Posts by: Leo Lanza

@Jason Fernandes 

Typically, big banks such as WellsFargo, Chase, etc are subject to following Fredie mac Fannie Mae guidelines. What this means is most big banks don't like to lend over 4 properties, but Fannie Mae guidelines won't allow them to lend over 10 properties. 

My suggestion would be to search your local area for a "portfolio lender". A portfolio lender is just a fancy term for a bank that doesn't sell off the mortgages they originate. They lend there own money and keep the loans in house, so this means they aren't subject to following Fannie Mae guide lines. They tend to have much more lenient  lending requirement, more creative with lending abilities, and investor friendly. 

Now if you want to find a portfolio lender look for small local banks maybe 1-10 location in your area. Call them up ask if they are a portfolio lender. The person you talk to probably won't be familiar with that terminology, so then ask if they sell their loans off or do they keep them in house.  

I would consider looking at residential multi family (2-4 unites). The reason being they are still considered residential properties, meaning you can qualify for an FHA loan 3.5% down.

Also, the economies of scale will make things much more smooth. It's much easier to manage 4 units on one property than 4 different houses in 4 different locations. You also reduce your risk with vacancies. If a tenant in a SFR moves out your 100% vacant leaving you to pay the mortgage by yourself! If you own a 4-plex instead and a tenant moves out you still have 3 other tenants paying the mortgage.

If your interested in multi-family the best book to read is:

"Investing in Duplexes, tri-plexes, & Quads by Larry B. Loftis" AMAZING BOOK!

Also, if you like podcasts Youtube. "Grant Cardone" & "MFCEO Project"

Best of Luck! 

@Aaron David Horton Welcome to BP! 

Well, I would consider looking at residential multi family (2-4 unites). The reason being they are still considered residential properties, meaning you can qualify for an FHA loan 3.5% down.

Also, the economies of scale will make things much more smooth. It's much easier to manage 4 units on one property than 4 different houses in 4 different locations. You also reduce your risk with vacancies. If a tenant in a SFR moves out your 100% vacant leaving you to pay the mortgage by yourself! If you own a 4-plex instead and a tenant moves out you still have 3 other tenants paying the mortgage.

If your interested in multi-family the best book to read is:

"Investing in Duplexes, tri-plexes, & Quads by Larry B. Loftis" AMAZING BOOK! 

Also, if you like podcasts Youtube. "Grant Cardone" & "MFCEO Project"

Best of Luck! 

@Andrew Johnson Absolutely, I've been considering widening my search, great advice! My typical offer is All cash, No inspection/No appraisal contingency, and i pay closing costs. 

The problems I'm running into is even with same day offers they all end up being highest and best situations. It boggles my mind how someone can beat my offer, since my profits are so thin and im a contractor/realtor which gives me an edge on rehab costs. 

I'm going to try widening my search and instead of looking for deals 1st day on the market. I'll look for deals that have been sitting 90+ or back on market. Hopefully, there won't be as many eyes on those deals. 

I appreciate your insight! 

@Kiel Lindsey I would be very interested in the investors meeting! I'm a Investor/Realtor/Contractor in North Richland Hills. 

@Andrew Johnson I'm a Realtor in DFW and I'm checking the mls multiple times a day. Once I find a deal I immediately go to the property and submit my offer. I've submitted 17offers and not one has been accepted. I'm also an Electrician and successfully rehabbed a property, so I'm confident in my rehab costs. I subtract my profit 10% of ARV sales price - rehab -fixed costs to come up with my offer price. I guess my next question is if MLS is too tight and direct mail isn't working how should I go about finding properties? Should I increase my direct mail list from 3,000 postcard/month?

Hello, I bumped into a lady today and she said she runs an REICLUB in DFW. I asked her what her response rate is for direct mail. She said that if she does a 1,000 postcards she would get maybe 2-3 calls. Those numbers don't sound right to me! I would expect the traditional 1-2% or 10-20 calls. Is direct mail still working in the DFW market or has it become so over saturated with mailers that the response rate is very low? Thank You!

I hadn't considered inheritance being an issue, since I had been co-owner for the 3 years we've owned the property. 

The title company says they need the general warranty deed, but she is on the general warranty deed. The general warranty deed isnt valid anymore since ive filled the quit claim deed with the county I'm the only owner. My grandmother wouldn't be able to sign the general warranty deed. Another issues is how do I get a power of attorney if she isn't able to sign power of attorney over? 

Is it possible to convert my quit claim deed into a general warranty deed? 

Hello, 3 years ago I purchased my first home for $227,000 in Grapevine, TX with zero down! I managed to do this because the property was worth $280,000 at the time. On title it showed as a gift of equity. My great grand mother (currently 97), who I've lived with and taken care of since I was 15years old in high school as co-signer on the loan. 

November of 2015 my grandmother Quit claimed her interest in the property over to me. Making myself the sole owner of the property. Recently, she had a stroke and I can no longer take care of her despite my best efforts to keep her out of the nursing home as long as possible. My plan from the beginning was to live in the house with her and one day flip it. I've already remodeled the entire property and is on the market for $375,000, but the title companies are saying the underwritten won't insure a quit claim deed. Please any advice or suggestion will help! Thank you! 

I do Lease Options in Texas, but i'm just getting started! 

To break it down for you:

Their would be 2 main contracts you sign with the seller: a residential lease & a option to purchase agreement. Once you find a qualified TB you would assign your contracts to the TB for an assignment fee. Similar to an assignment fee on a wholesale deal. They would make payments to the seller and your assignment fee would show as earnest money on the HUD. Once you assign the contracts your out of the deal.

I'm rehabbing a live in flip in a traditional neighborhood grapevine, Tx and need your opinion on the exterior colors im using. I'm worried they are too modern for the neighborhood.  The front door will be sanded down and stained a deep brown. Check out the pictures! :) Thanks!