All Forum Posts by: Leo K.

@Paul Barbeau

Tim Westergard is his name

I used TriStar Bank in Dickson, TN for 90% LTV with 2 yrs I/O (that was 2 years ago, their appetite may have changed).

You can also try Republic Bank in Nashville - they offer 90% LTV, 10yr term, 25yr am.

Couldn't agree more with @Taylor L.

It's a long term game, building relationships takes time.

MF owners are generally more sophisticated than a single homeowner and PERSISTENCE and creativity in your follow up touches is key to differentiate yourself.

I'm getting ready to expand my MF pipeline by cold calling and would be happy to chat more and swap ideas if you're interested.

I'm in the process of this right now with my LLC... Refinancing 6 properties and doing a 2nd lien with all 6 properties under a portfolio for a LOC.

If you're opposed to a 2nd lien, you may want to pursue an unsecured LOC, however the terms may be worse and you'll have to personally guarantee the loan anyways.

@Christy Holt - If you have the time to browse MLS inventory, I would reach out directly to the listing agent for any properties you may be interested in.

This cuts your buyers agent out and the listing agent serves as the facilitator.

It sounds like you have experience, so why pay a buyers agent to shuffle paperwork and relay messages from the listing agent?

Working directly with the listing agent gets you closer to the decision maker and inherently creates an incentive for the listing agent to sell to you - they'll get BOTH sides of the commission (although they won't admit it, and they have a fiduciary responsibility to the seller, they're excited about the prospect).

In addition, you'll build relationships with every conversation you have and amass a larger network of agents that can potentially bring you future pocket listings.

The closer you get to the seller, the better position you'll be in.

Just Nashville

I've had a good experience with TriStar bank - Jeff Barber. They're aggressive. 90% LTV & 20 yr am for rentals.

You may also want to try Republic Bank in Green Hills - Doug Jahner. 90% LTV & 25 yr am for rentals.

@Paul Smith

REIA meets at the Corky's in Brentwood every Monday at 11:30. Smaller group than REIN but you'll have an opportunity to have more 1x1 dialogue with other investors.

My general rule of thumb is $200/unit per month NET cash flow for anything under 20 units.

If it's a larger apartment building those numbers flex.

Was it difficult to refinance with fannie/freddie during the 2008 recession?

I know many banks froze credit for commercial loans - was the impact similar for mortgages?