All Forum Posts by: Marc Caraballo

PM details and I'll look at it...

@Andy W. It may be tough to work something out in this scenario, keeping your same lending. I assume they're lending 75% LTV, and not 75% appraised value, so even if the property appraises high, you'll still need the same amount out of pocket. A documented "gift" may actually be a solution, but you definitely can't just magically have 15k show up in your account. There are other lenders that don't care where this money comes from, just that it shows up - and a lot of these lenders want you to be in an LLC on rentals.

PM me if you want the name a lender who's got a non-traditional program on rentals; even if just for future reference.  Smaller, local banks could also be an option as well. 

@Bryan Michael Just keep going!!!

I've found a relaxed, sensitive, and aware personality seems to work well when talking to sellers of properties that I buy.  I actually like talking to these folks, teaching them the process, NOT always be closing, and being aware of their feelings and situations.

When dealing with banks, that's another story - and that's why I have extroverts working for me to do that  :)

Point is, it takes all kinds to do this business.  Like with any part of your business that you're not strong in (marketing, accounting, making phone calls - I hate talking on the phone), you get someone else to do it for you.

@Andy W. When you say you're using conventional investment load, do you mean it's a non-occupied loan from a traditional financial institution? If so, I'm not sure that entering into a partnership or LLC is a solution, as that would change the terms of the money you're trying to borrow.

There are many options available for borrowing money, and maybe switching gears could be an option for you. I know my hard money lender has long term portfolio programs where they'll lend 75% of appraised value. So if you've purchased at the right price, that could minimize your out of pocket. Additionally, if you can find a lender with a portfolio loan (loans that they don't plan to sell to the wholesale market), they'll be much more likely to lend to LLC's and the like.

Dig through the BP forums on funding, and I bet something will surface.  Good luck.

@Sarah Larbi took the words out of my mouth. I just read a CL scammer email that read very similar. The difference is that this scammer used a property that was already listed on the MLS for sale. I completely appreciate your concern, but I believe that part of the marketing process needs to be attracting the renter to want the property first. Your questions are great, but will be better received by renters that really want your property.

Good luck.

Update w list w spring pictures. I had a project that was finished & photographed in winter weather. Less than a month later, it was spring!!!  Made a difference. 

please reach out if you come across any deals. Need to keep my folks busy.

Thanks

Thanks @Brie Schmidt . That may be a strategy to try. I feel like i'm in trial-mode, experimenting to see what will work. We're dealing in different financial stratospheres, so no $20k EMD's coming from me for now, but your point is taken. Thanks again for the suggestions.

@Account Closed

Even though I don't think it's germane to my overall issue at hand, I don't put 10 days to settle in my offers because I don't believe it is a game-changer anyway... What bank or FNMA can close in 10 days?

I honestly haven't found settlement dates to be drivers in these. To @Jason Clemens point, I may change to "cash offer", regardless of how I'm getting the money...

Thanks for the quick responses. To provide some additional info...

- @Brie Schmidt I am using an agent to submit offers for me. My offers are have a week of due diligence, and 30 days to settle. EMD's are typically driven out of whatever requirement the seller requests (typically for FNMA)

- The multi-offer situation isn't only on FNMA... I'm seeing this on majority of bank-owned. I'm starting to feel like @Jason Clemens with my skepticism.

- @Account Closed : All offers are submitted with either a letter from my HML or Private Money, or a Bank Statement showing available funds.

I'm feeling like "I don't know what I don't know". So, what don't I know here?