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: Marcus Cannady

Marcus Cannady has started 3 posts and replied 22 times.

Post: Hard Money Lenders in GA with Minimum <$100K

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10
Originally posted by @Chukwudi Motanya:

Hi all,

Trying to find ways to finance Buy and Hold investment properties faster and looking into possibly using Hard Money Financing to acquire the property and then refinancing with conventional funding.

My strategy has been in buying Buy and Hold properties <100K. Does anyone know of Hard Money lenders that would play in this space?

Ideally I would just get a Line of Credit but all my properties have mortgages so I do not know if that would be an option I could use at this state.

Did you happen to get a good recommendation on a HML for GA? I'm currently looking for one for a couple of deals in town ATL.

Thanks!

Post: Atlanta investment neighborhoods

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10

ATL Westside investor here. All my properties are in various neighborhoods in 30310, and 30314. West End is increasingly pricey, but it's a good area. It's too pricey for my particular BRRR model, but there's still deals to be made. At this point it has name recognition, so finding value there is increasingly difficult.

I spent the last 8 years on the Eastside (Candler Park, Reynoldstown) before recently moving to one of my investment properties on the westside late last year. Some of what I'm seeing in the Westside reminds me of what went down over there....albeit years behind with respect to amenities. Nevertheless, it's where young professionals who are priced out of those Eastside 'hoods are looking. I work in tech, and my peers are going west. they offer the same proximity upside as the eastside, and for this cohort of homebuyers in town living is a priority.

Lakewood is more speculative. Plenty of inventory of prerehab houses, questionable demand for finished homes, IMO. 

Neighborhoods of interest are Pittsburgh, Mechanicsville, Sylvan Hills, Capital View, Capital View Manor, Westview. 

Depending on your tolerance/ appetite for transitional hoods there are other options.

Post: Private investors

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10

@Kevin M Finley , @Jon Holdman

Thanks for sharing your insight. I've stumbled across this thread as I look for examples of terms that some investors have experienced when dealing with Tier 1 individuals.

I'm raising some capital from F&F. I'm currently cash poor as I work through 2 BRRR projects, however I'm staring at a 3rd deal that makes sense. I'll need to partner in order to get down payment funds for this potential 3rd deal.

I've got some interest, however I'm not sure what terms to provide. Would it be fair to just go for a middle ground between a conventional loan and a HML?

Thanks!

Post: Private investors

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10

edited post

Post: How soon can I c/o refi a home that I'm rehabbing

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10

Hello all! 

Just to update a bit, I ended up going HML route. Gonna get my money back out the deal - per many of your thoughts @Stephanie P. @Dave DeMarinis @Stephen J Davis - and let the Hard Money do the lifting. 

In retrospect, I probably should have done this from jump. I would have done a conventional c/o refi but the home had some serious leaks and other issues that i suspect would have been problematic for the conventional refi. I should have tried.

Nevertheless, the project should still be a success. I'll share pics in the appropriate section of the forums. Thanks again all!

Post: How soon can I c/o refi a home that I'm rehabbing

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10

Thanks for your insights BiggerPockets, fam. In light of the follow up questions/ comments I will share a bit more context.

I've had this house for 2 years. I have been operating it as a rental in the intervening years. The long term plan has always been to BRRR it, however I just wanted to allow a bit of time to pass for comps to surge in the area. Anyone familiar with the (intown) westside of ATL will agree with me that now is that time. The loan is currently a conventional loan. Purchased it as a 'primary' residence.

@David Dachtera I have a strategy, however I was looking at this as one relatively painless option. One of a few.

Ultimately, I think @Joe Villeneuve you hit the nail on the head. I'll likely partner with an investor to get this done. Also, 'habitable' is indeed the operative term after talking to a few lenders and appraisers today. Bottom line the project has to be pretty far down the line in order to get done via the conventional route. 

Apparently it can be done, but it's so far down the line that for my purposes it's not ideal. I don't want to tap my on hand cash resources to that point.

Thanks again all!

Post: How soon can I c/o refi a home that I'm rehabbing

Marcus CannadyPosted
  • Investor
  • Atlanta, GA
  • Posts 23
  • Votes 10

In lieu of drumming up cash elsewhere I'm looking at cash out refinancing a home I'm currently rehabbing. I'm not overly concerned with max ARV at this point. Numbers: 113k purchase, ~40k rehab, 300k ARV.

I have ~20-30k on hand to do the rehab, but I will run out of cash before the deal is fully rehabbed. As such, I'm curious to know the bare min that I need to do to get me to a rehab to help me finish the rehab. 

I'll do a HELOC when the house is fully rehabbed, at which time I should be able to have an appraisal done that fully respects the projected ARV.

I hope this makes sense, thanks for any insights shared!

@Dan Gamache May 2018. So hopefully seasoning won't be an issue as I'm well over 1 year of owning the property. 

I'm completing a rehab in Cincinnati, however I've since decided to BRRR the house. Having an issue finding a local lender that will allow me to do a cash out refi of the home. The hurdle is that I'm based in ATL.

Most to the lenders I've called around to - spring valley bank, and a few others - require that I live in the tri-state area.

My DTI is a lil wonkey because I'm showing a cpl of mortgages on my CR that are homes in ATL that I'm rehabbing.

Anyone know of a local portfolio lender that could help considering my scenario? Thanks in advance!

Sorry, I'm a bit off topic, but couldn't figure this out elsewhere. 

I recently listened to a BP podcast where the gentleman in it shared his story about how he bounced back from a 10 year stint in prison. I found his story to be very inspiring, and wanted to recommend it to a friend, however I can't figure out which one of the recent episodes it was. 

Does anyone happen to recall with episode it was? Greatly appreciate any help. Cheers!