Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Logan Lambert

Logan Lambert has started 2 posts and replied 61 times.

Post: Appraisal before rehab

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Ludwig Koeneke:

Yes I did! I checked comps and all the rest. Bought for 30% under asking price. Getting rehab started now. Pretty excited!


 Congrats on that. Hoping it all goes smooth for you!

Post: Appraisal before rehab

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Ludwig Koeneke:

Hello everyone,

I'm brand new here. I'm starting my first BRRRR project and just closed on a property using cash. Since I bought cash, I didn't get an appraisal. Is it a good idea to get an appraisal before AND after the rehab/refinance stage? What do you guys think?


 Hey,

Great question. You want to wait after the work is complete before you get an appraisal and do not do it until you are refinancing because most lenders will want it through the AMC and you will be out your money. Did you determine the ARV before buying it cash?

Post: Why don't agents and investors like wholesalers??

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Ashley Mierez:

I'm considering getting into wholesaling, but from videos and some research I have done it seems like a lot of investors and agents don't like wholesalers? I'm assuming it's because the wholesaler is basically the middleman? I would love some advice on wholesaling from the experts here on BP. Thank you 


 Hey,

What area are you wholesaling? I lend all across the country and may be able to help find you clients for your deals.

Post: Baltimore City Fix and Flips

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Patricia Redsicker:

My husband and I have other property investments but recently, we established an LLC to start doing fix and flips in Baltimore City/County/surrounding areas. Baltimore City has a massive vacant housing crisis (no surprise there!). However, the City initiated the "Buy Into Baltimore" open bid program (which we're interested in participating) through which you can bid/buy city-owned abandoned/vacant properties for redevelopment/resale.The problem is, there are so many blighted neighborhoods in Baltimore, it's tough to know where to start. Our goal is to help tackle this crisis by rehabilitating one unit/block at a time. Has anyone looked into this issue? How did you start? How did you decide which neighborhood/street/zip code to start with? What was your approach? Appreciate all your feedback.


 Hey Patricia,

Baltimore is a great market. I am local lender here and would love to connect with you in regards to what areas to invest in. Shoot me a connection!

Post: Hello Newbie Here!

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Jae Lee:

I'm a newbie to the BP community but a long-time listener of the BP Podcast. I would like to connect with all of you! Thanks, 


 Hey Jae,

Glad to have you apart of the BP community. Shoot me a connection!

Post: Loan type for 4 plex purchase and rehab???

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Marshall Smith:

I have my eye on a 4 plex I'd like to buy, renovate, rent, and hold.

What kind of loans are best for this?

4-Plex details:

-currently occupied

-estimated sale price 265k

-ARV 400k, and 4k/mth in rent

Background on me:

-I have an LLC

-I own 4 single family rentals

-each has around 70k + in equity

-all cash flow well

-credit is 800+ with adequate income.

If yall were me, what loan options are best to buy, rehab, and rent a 4 plex?


 Hey Marshall,

I would consider going the BRRRR method. Have you connected with any lenders yet to get you terms?

Post: First time out of state investor

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Amanda Skipper:

What is a good way to feel out of state real estate agents and others that I will need to build my business. I am not able to fly to meet up at the moment and probably won't be able to for 6 months or so. What are some good questions to ask?? Thanks in advance!


 Hey Amanda,

Where are you investing at?

Post: Banks that work with out-of-state investors (Augusta GA)

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Michael Martin:

Does anyone know any banks in or around the Augusta Georgia area that will work with out of state investors? Preferably with 30 fixed conventional loans!


 Hey Michael,

Are you considering DSCR loans?

Post: Section 8 BRRRR in Baltimore

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Michael Beirne:

Hi everyone,

Some business partners of mine are looking into BRRRRing in the Baltimore market and are looking to find a GC, agent, property manager and an attorney that could help us affordably close on properties.  

Our strategy is to buy out of shape properties and rehab them back into shape, so a GC with experience in doing extensive renovations at once would be preferred. An agent with market knowledge and deal flow that could present us with off and on market properties that match our strategy will be needed. A property manager that can assist with rent collection, tenant screening, maintenance, and run an online ledger for us to track expenses. Lastly, we'll need a closing attorney who can close quickly and as inexpensively as possible.

Any recommendations are much appreciated!


 Hey Michael,

I work for Beltway Lending in Baltimore. I would love to connect with you. I am not looking to pitch you but I can have connections for what you are looking for. Shoot me a conenction.

Post: 1031 into a BRRRR

Logan Lambert
Pro Member
Posted
  • Lender
  • Kingsville, MD
  • Posts 64
  • Votes 28
Quote from @Joey Samudio:

I'm doing my first 1031 exchange and will be netting about $200k. I am planning on using it to buy multiple properties in AL, TX or OH and wanting to use the BRRRR strategy on these homes. Looking for some advice on how 1031 will view rehab costs/ ARV on something like this?


 Hey,

Quick question, is your 1031 exchange in your personal name or LLC? The reason I ask is that depending on what financing option you utilize, if that bank requires you to close in an LLC then the 1031 exchange may not work. I have seen this happen and people end up stuck. They always want it to stay in the personal name or entity you go into.