All Forum Posts by: Sammy Lyon

My business partner just permitted his 10th ADU in Los Angeles (aka accessory dwelling unit / garage conversion / in law unit / granny flat / casita / tiny house). It's a legalization of an unpermitted garage conversion near Hollywood. He's going to be sharing a 60 min, no-BS class on everything you need to know about designing, permitting, and building an ADU — such as costs/timeline, how to get approved fast, how to negotiate with architects/GCs, utility connections, etc.

I was wondering, what’s one question you have about ADUs? Cost? Timeline? Size? Rules? Process? Benefits?

I want to build one myself and want to help guide the conversation on what’s most useful.

I use Huntington, there's also First Federal Lakewood. But for syndication purposes we would be looking at a blanket loan, which is a commercial product.

Thank you @Jason E. Smith! Just sent over her info, much appreciated.

Morning! I am helping a friend buy property in North Carolina - I am in California. She's looking for a mortgage broker to help with pre-approval (today 12/12/20) since she can't find someone who works over the weekend. Turning to the BP community for some stellar recommendations! Thanks :) -Sammy

Hi all! Hope everyone is doing well and staying safe. In my real estate business I buy out of state properties, renovate them and rent them out to tenants who wish to eventually purchase them. I set aside 5% of their rents as a future credit toward their down payment -- the goal is to earn income with cash flowing rental properties, but also turn those properties over to tenants when they're ready to purchase. The theory is if tenants can afford the rent -- which is close to 3x the PITI -- they can afford the mortgage, but have been excluded from homeownership due to credit issues and lack of down payment. My partner and I have connections to local non-profits who provide financial counseling and character based lending to assist the tenants in accomplishing homeownership. This model aims to repair the long history of mortgage and housing discrimination in many American cities that have led to the wealth and homeownership gap. I see us as real estate investors using the BRRR strategy as a social impact strategy!

We are looking to scale by raising more money to buy properties as portfolios. Currently each property is funded with a private investor. Obviously, the time and transaction costs of doing one house at a time prevents us from scaling. One method to raise more money and buy in bulk, of course, is syndication. I know folks are buying single family houses as portfolios, and I know people are syndicating apartment buildings, but is there anyone out there syndicating SFR portfolios?

We would love to talk to investors who are using syndication as a way to purchase single family homes in bulk. Not trying to compete - just trying to learn how you've done it, what are the operational hiccups, and how we can apply syndication to single family home portfolios. There are many investors, especially in these times, who are interested in the model of real estate for social good.

Notes: I am pretty familiar with syndication and how it works, the basics of SEC regulations, and am also a passive investor in syndications myself. I know why it makes more sense to syndicate a 100 unit apartment building rather than 100 houses, fewer roofs, etc. -- however through the years I have built a portfolio of OOS properties using this model and really believe in "real estate for social good" that my partner and I have developed building on the BRRR method. Syndicating single family homes would allow us to create homeownership and generational wealth for our tenants.

Would really appreciate any advice or feedback on how to actualize an SFR syndication, and to connect with folks who have actually done it! Thanks in advance to this awesome community who has put me on the path to financial independence.

Your best bet right now might be to find an entry level W-2 job, and use that income to qualify for a loan. All the other non-QM loans have dried up as far as I know. Or find a private lender to pay off your short term loan and avoid foreclosure.

Who is excited for some beers and real estate tomorrow?

Drop a note on the thread: What are people's questions and experiences in Cleveland investing so far?

just found out @Account Closed

hey @Jorge Fuentes that's great! You'll definitely meet folks who are at different levels of investing in Cleveland and will be happy to share resources

Can’t wait to meet up with you guys!