All Forum Posts by: Logan Lambert

Hello, looking to potentially use a hard money lender in NJ. Can anyone recommend some stand up lenders I can speak to? Also if any NJ agents that are familiar with using these and transitioning out of them can reach out for some advice and education that would be great seeing that I will need an investor Friendly agent over here to help guide me through everything. Looking to build a solid team over here if possible.

Looking for a direct lender to do a cash-out refi at 75-80% LTV/LTC on a property in Gary, IN. Preferably a lender that does not require a full appraisal but is okay with a desk valuation or is open to a referral for an appraiser. Any recommendations?

I'm a self-starter entrepreneur who owns a vending machine business. I plan to own a real estate business and start flipping homes. If anyone has any advice, please feel free to share it with me.

Hi, I'm researching financing options for non-US citizens who wish to purchase multifamily investment properties - around 4 units to start with, for example. 

If you know of any lenders or if you are one of them, please feel free to reach out. I prefer public comments here before you send a direct message, though. 

I work outside of the US (Hong Kong), making slightly north of 100k per year, with scheduled salary bumps of approximately 4k per year. 

Thanks. 

I am a new investor looking to partner with other investors to help homeowners facing foreclosure. (fix and flips) 

Hey Everyone,

As many of you know, Pittsburgh is a unique market with a lot of opportunities in neighborhoods where properties can still be purchased for less than $100K. However, many DSCR lenders have a minimum loan amount of $100K, which can make it challenging for investors to secure financing for lower-priced properties.

I'm currently working with a lender that has a $50k minimum, and his rates and customer service have been great so far. His name is Dalton Godson with Nexa Mortgage and we're using a UWM product.

If you’ve found a lender willing to work with smaller loan amounts, what were their requirements and rates like?

I’m sure others here are also running into this issue, so any recommendations and referrals would be greatly appreciated!

Thanks in advance,

Alex

I have a home under our names. I want to cash out refinance and close it under our LLC as DSCR mortgage. Its being operated at STR from last 30 months with great cash flow. Please reach out if you are a lender or can connect me.

5 Bed 2 Full Bath & 2 Half Bath

Existing Mortgage ~$550,000

Home Value ~$1.1+ Mil

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $1,100,000
Cash invested: $400,000
Sale price: $2,200,000

High-end property rehab with 4 individual units. This property had a main house, a pool house, an apartment over the 3-car garage, plus a 1,200 SF guest home.

What made you interested in investing in this type of deal?

This was a high-end property that needed a lot of structural work

How did you find this deal and how did you negotiate it?

I had a partner who found this deal

How did you finance this deal?

Hard money

How did you add value to the deal?

I had the right contractors to handle this type of work

What was the outcome?

The home turned out beautiful

Lessons learned? Challenges?

This project took us WAY too long to complete. We had challenges getting the tenants to vacate, we had material supply delays during the pandemic, and I was juggling several other projects at the same time. The lender made the most money on this deal as they had a $30,000 fee clause in the agreement for going over our timeframe on the rehab.

The adage about who you surround yourself with is accurate. The five people you spend the most time with will influence you. But as a new investor, sometimes this advice leads you to only have cheerleaders in your life. Don't get me wrong, cheerleaders are essential - they make you feel good, are always there to lift you, and cheer you on no matter what. The only problem is that last part - no matter what.

Every new investor needs a "deal killer" in their life. This is why:

1. A deal killer is a voice of reason when you are emotionally attached to a shiny object (it could be a property or a new guru course).

2. A deal killer has no emotions. They are focused on the numbers and your well-being when you aren't.

3. A deal killer has nothing to gain from telling you it's a bad deal. (For this, your deal killer can not be a direct competitor. You must have built the trust to know they aren't telling you it's bad so they can take it. Real deal killers don't do that.)

4. A deal killer doesn't shy away from conflict. When you are new to the game, agents, wholesalers, other investors, and even you can push you around. A deal killer doesn't mind hopping into the fray and telling everyone the truth.

5. A deal killer has the experience that you don't. They can see the things you are missing because they have missed them before and they know what happens when they do.

So, make sure you have those top five in your life. The ones that motivate you and keep you on track. But don't discount a deal killer as negative when they only work in your best interests. When you are new, you can be your worst enemy (due to lack of knowledge, ego, and FOMO).

If you are new, do you have a person who tells you that some deals suck?

If you are experienced, how important do you think it is to know a deal killer?