All Forum Posts by: Mark Munson

Hard money lenders only require 2 months of bank statements and some don't look at statements whatsoever. Any deposits over $10k may need to be source by HML, but the extent of that may just be a letter of explanation explaining where it came from. If you seasoning it 30 days and no $10k+ deposits occurred the next two months, then it is a non-issue.

Welcome @Danella Swanson Munoz, 

I'm based in Orlando, but you can check out the TBREIA and the Tampa REIA. We invest and finance a lot of deals in the Tampa Metro, so happy to help provide some insights or guidance where I can. Best of luck!

I would avoid mentorship at this stage, your money is best used to invest. I'm a big proponent of mentorship and Masterminds to collapse time, but you need to establish a network you trust first so you can truly vet a mentor or group. I'm happy to give any guidance I can, but I'd start with networking in the local REIAs and with members here. 

Welcome to BP @Harsh Patel!

      The secondary and tertiary markets around Charlottes are reasonable to enter (Rock Hill, SC , Gastonia, NC, etc). I have a number of clients moving in AL at the moment too, one of which is building numerous homes as a Build to Rent strategy, so worth exploring Birmingham and Huntsville.  Happy to connect further to see how I can help or give a bit of guidance, best of luck!

Welcome @Benjamin Gross, 

      I'm not quite in the same market (Central FL), but we do lend in SWFL often. I'm happy to connect and see if I can give you some guidance on the financing side. Best of luck with investing and in the League!

Hi @Kiley Boss, 

      I would figure out what your short and long-term investing goals are, as that may help dictate your approach. If you are wanting to own rentals, but are limited on capital, it may be helpful to sprinkle in a flip or two, then buy a rental. That way you are not locking up all your liquidity. You can also use a 1031 Exchange to avoid some of the taxes that may be a concern. I'm happy to connect further, feel free to message me. Best of luck!

Assuming time allots, I would use a DSCR out of the gate and avoid two closings. If you need to close quickly, then a delayed purchase refinance will work, assuming the lender you choose allows them for DSCR loans, which not all do. They will likely cash-out up 80% of the purchase price within the first 6 months and after 6 months they will do 75-80% of the appraised value. To avoid the 6 months of seasoning, some lenders will waive that timeframe if you have rehabbed the property after purchasing it. I'd be happy to connect and go into more depth if you need it, best of luck!

I would avoid a partner and do a DSCR loan, like mentioned above. Your credit score will qualify for lower DSCR rates (LTV matters too). You can look at a buy down if you want the floor rate too. You can either tap into the equity you have, or $50k is enough for a down payment (I'd estimate 20% of the purchase price as the down payment). This would allow you to establish a relationship with a HML too, so you can open up other options as you scale. Happy to connect to answer any questions.

Jacob, I'm not in Ann Arbor, but I'm happy to give you some feedback on how to get started and the best way to deploy your capital. If you are ever intending to use hard money or other financing, I'd suggest opening credit lines now at a young age. Most lenders want you to have a couple of open or historical tradelines, so make sure you have some credit cards, loans, etc in your name to help you access capital as you start growing your real estate portfolio. 

I would echo the above, assume the buyer will be using a HM loan at 10% interest, as that is an average rate at the moment. Each investor has a different ROI, Cash on Cash Return, or overall margin they are looking for; so, with that said, you should be thinking about establishing relationships with investors to find out exactly what they are looking for, especially if your goal is to wholesale. In today's market, reverse wholesaling is far more efficient than finding a property and then trying to figure out who will buy it and why.