All Forum Posts by: Marcus Wright

Any one know of any lenders that do HELOC's for rental properties? I have one that is worth $185,000 with a mortgage of $114,000 & another that is free and clear worth $70k. Not sure if it's possible, but I'd love to combine these to make one combine total HELOC with a competitive rate. Thank you I'm advance. Both are currently rented and cashflowing beautifully.

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Kansas City, Missouri

ISO recommendation for verified Virtual Address & Registered Agents for LLC’s?

Do you use someone local or with an VA & RA, Would it even matter?

Thank you in advance.

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Kansas City, Missouri

Quote from @Steve Vaughan:

Quote from @Marcus Wright:

For 2023, I'm thinking over a few ways to add more assets to my growing portfolio. Ran across the thought of obtaining an unsecured loan to help assist in my growth. The lenders mentioned the loan would be in my personal name using my personal credit score which would add to my DTI & possibly drop my score as well. 3/4 of my portfolio isn't traditional meaning most were financed using commercial loans, private money or DSCR and I would more than likely utilize the same options moving forwards since they allow me to purchase within my entity.

I love to group think so has anyway had any experience building their portfolio in this fashion. Any other options that may work as well when there’s plenty of deals but lack of funds. Any pros or cons that may come to mind? Thank you in advance.

I have used signature loans and lines of credit to help purchase seller-financed deals or as an emergency fund. Most were in the 9% range. Used to be 7ish%.

Over the years I've acquired several personal and business local bank accounts. Those are the ones I'd ask.

The cons of course are hits to your DTI and risk of being overleveraged. Don't want too many loans designed for shorter terms financing long term holds.

My thoughts exactly, I can make it make sense for flips or something similiar but for something long term, Not so much.

1 Vote

Kansas City, Missouri

Quote from @Sanat Bhandari:

@Marcus Wright Depending on your relationship with commercial departments at local banks, they should be able to offer you such a loan product for acquisitions. Make sure they don't report to personal credit

Another option is 0% APR credit cards though those can be risky if you don't know what you're doing

I've personally been JV'ing with local investors on deals. I bring the deal with financing and operations, they bring the money, and everyone laughs all the way to the bank (no pun intended)

I've been very interest in JV'ing on deal within the two state I invest in. I'll look into that diligently, Thank you!!!

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Kansas City, Missouri

Quote from @Chris Davidson:

@Marcus Wright stress test it before pulling the trigger. Nothing wrong with taking on more debt, but if you overleverage yourself to the point it could blow up your portfolio was the "growth" worth it? REI is a slow game that takes patience. You can speed it up with leverage, but you can also blow it up.

Could it be better to see what DSCR options are out there and maybe you refi with a higher rate but lower payments with interest only, or you can pull some funds out at a rate better than an unsecured line. Do you have private money looking to invest more?

Before I go looking at new sources of capital I like to assess my current capital and see if it can be optimized.

Best of luck and keep crushing it this year!

That’s was a great response. I’ll look more into my options beforehand and I’ve been looking diligently into interest only. Thank you very much. Best of luck to you as well.

1 Vote

Kansas City, Missouri

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Kansas City, Missouri

Quote from @Dustin Street:

@Marcus Wright

Paul Higbie 913-636-7504

Alex Chang 816-520-9355

Both these guys can help you out! I personally haven't done any deals with Alex yet, but he seems like he has some good options. Paul takes care of a lot of my customers though! Both are worth a call!

I'm an investor friendly agent in KC. If you need any other contacts message me, I have several contacts for everything you may need!

Thank you! I know of Alex. I let him know that you recommended him. I’ll reach out to Paul tomorrow to see what terms or options he may have. Thank you.

1 Vote

Kansas City, Missouri

Quote from @Mark Munson:

Hi @Marcus Wright

With values in that range, it may open moor options up for you if you bundle them together in a portfolio loan. 75% LTV is likely to be your max cash-out, assuming you go with a DSCR product. Feel free to reach out if you need recommendations.

Okay, Thank you. If I decide to go with keeping one free & clear, Would there be any equity I could utilize in the other value at 60-70k?

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Kansas City, Missouri

For your LLC's, Who do you use for your Register agents & Virtual Address's? Any recommendations on companies that provide these services?

Bonus Question: Is there a certain amount of asset that you keep in multiple LLC's or do you have them all under one with an umbrella policy?

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ISO lenders for smaller 75-80% Refi's or Line of Credit's for 1 or 2 properties in Kansas City, Mo. One is currently free and clear and the other will be soon. Both valued at 60-80k. Both occupied and cashflowing far past the 1% Rule. No credit issue. 700 credit score & 6+ years of experience in experience with SFH & Multi.

1 Vote

Kansas City, Missouri

All Forum Posts by: Marcus Wright

Marcus Wright has started 9 posts and replied 23 times.

Post: Questions about a creative HELOC

Post: Virtual Address and Registered Agent

Post: Obtaining Unsecured Loans

Post: Obtaining Unsecured Loans

Post: Obtaining Unsecured Loans

Post: Obtaining Unsecured Loans

Post: Refi or LOC

Post: Refi or LOC

Post: LLC Register agent & VA

Post: Refi or LOC