All Forum Posts by: Derek Brickley

Yep sounds like you got it.  Essentially looking at the bottom line and then you can add back a few of those things like depreciation.  All good tips here so far.

Hey Andrew! In almost all cases when investors first come to us we say utilize the conventional route as much as you can.  I might have a biased opinion, a lot of those we've worked with though would say good things haha feel free to reach out if you have any questions on those differences or what that might look like for you.

Hey all! One of our partners has an off-market duplex in Ypsilanti, MI on Eastern Michigan University's campus.  

Zoned R-3, one side is a 4-2 and the other is 3-2 so could be good for student housing and/or multifamily potentially.  Updated pretty recently and C of O is current as well at $3,800 total long term rent now.  Might be able to add a studio or 2 bedroom unit for another $1,100.  Anyone looking for anything like this? 

Hey Leanna!  Happy to connect, not sure what relationships you have already and not to step on any of those but if it's helpful to look at some new ideas more than happy to.

Hey Ben!  Not a realtor by any means, but highly recommend Trey Johnson.  Local to Austin and a lot of investor connections whether you're looking for cash offers or possibly listing it and going on-market as well.  Here's his contact card if you'd like to get his take: Trey Johnson  

The company yes, the loan officer no.  Yes BofA is all over the country but if you go to your local branch it's pretty likely that loan officer and/or office wouldn't be licensed to operate in another state.  I'm not for sure though never been there

Hey Leonard!

Yep as John mentioned, it really doesn't change much.  Just need to be sure that the company itself is licensed in the state and so is the lender/broker you're working with. You typically will see small banks/credit unions probably wouldn't be able to out-of-state, but otherwise any mid-size company or larger should be able to.

Hey Anthony, yeah just some additional details.  Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best.  Either way though of course

I'm not sure if you listen consistently to BP podcast, they actually just released an episode that would probably be useful!  It was called ' How to Make More Passive Income with Fewer Rentals (& ACTUALLY Retire Early) w/ Chad Carson'.  

Personally, I'm in the growth phase so I'm still working to acquire more properties and utilize more leverage.  Depending on some other factors though it might be more beneficial for you to either pay off the other debt or invest it in the market.  Not a financial advisor or a CPA, but maybe give the episode a listen!

Hey Mary!

Yep I was going to say for DSCR especially it's pretty straightforward. For a purchase generally application would be to review an ID, asset statements, and LLC docs if neccesary. As long as the property cash flows, that's what is mainly needed. Always recommend doing a soft-pull especially since not sure exactly when you'd find a property but you can get qualified and get some estimates.