All Forum Posts by: Matthew Wolk

Hi here for some help. Im looking at a portfolio with 12 units for sale, all in long term lease. Question on the loan i need to look into, a commercial loan, blanket loan or portfolio loan ? I honestly don't know where to start to search for a lender, can anyone please lead me to a right direction?

Where are you trying to buy these 12 units? Is it one complex or 12 separate units? It sounds like you could do a portfolio type loan on all of them but would need more information! DSCR portfolio loan might be best for you but again, would need some more info.

0 Votes

Quote from @Tyler Weston:

I need some advice on the most efficient way to take out some cash to start my BRRRR business. I have 3 properties all with some equity and really need some advice on what I should do to get some cash on my hands.

It sounds like you need a DSCR cash out! I am a local Tampa lender and do these on a regular basis, let me know if you have any questions!

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Tampa, Florida

Quote from @Luke Schumacher:

Hey all,

My investments in the past have been with traditional mortgages. I have an opportunity for a creative finance deal where basically I take over an existing mortgage payment and give the seller the 100K they need to move on etc. Massive upside here. BUT I do not have 100k liquid. I have access to 30k from a HELOC on another property (not sure if its a good idea to use that or not) but if I do I still am 70k short. Open to suggestions.

I know about hard money but thats not a good long term strategy

No immediate access to Private money in my inner circle

Any one know of ways to get a loan for a property based off the deal instead of debt to income (mine is not good as I own a few traditional properties) and this property already has a mortgage on it so not looking to just get a mortgage either

Any insight is great thanks!!

Luke

How much is the property worth that you have the HELOC on? You could potentially DSCR Cash out that property and use those funds.

1 Vote

Colorado Springs, Colorado

Quote from @La'Terrius Campbell:

Hey, guys! I spoke to a investor and he told me about a loan similar to the FHA loan with 3.5% with a 30 year term, without having to make it your residence for a year. He also said you can have up to 10 mortgages. Just trying to get more information on this type of loan. Just want to check with a experienced mortgage broker or anyone who has experience with this.

If you are not going to make it a primary for a year, minimum down is 15% for conventional investment. All non QM investment would also be 20% down (Could maybe find a lender doing 15% down). Primary rates are also MUCH lower than investment property rates so there are major advantages to living in it for one year as a primary.

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Quote from @Daniel Frantzen:

I am seeking general guidance to ensure I set up the correct legal entities and comply with the laws.

I am very excited to be working on my first REI deal in Virginia. My close friend / business partner and I have teamed up to purchase a home. He will live in the home for at least a few years. After a few years we do intend to transfer the home into our LLC. For now, we are looking to have the LLC manage the property while the title and loan will be co-signed by each of us. He is a real estate agent, I am not.

Are we allowed to manage the property through an LLC even though it is split in out personal names?

Thanks in advance for all advice!

If you do a Non QM loan (DSCR, Bank Statement, etc) and it is for an investment property, you can just close it in an LLC. The lender will use one of your credit profiles (I would suggest whoever has higher credit score if going DSCR) and once you close in the LLC, the mortgage liability would not show up on the person's credit report who was used as a "grantor" to close in the LLC. Now if you wanted to go the conventional route, you cannot close in an LLC. What you would have to do is close the loan in either of your names (whoever qualifies) and then transfer the title into the LLC from your personal name once you close.

1 Vote

Quote from @Benjamin Sulka:

Does anyone have any advice for comping multifamily properties?

I have been looking on Zillow, Facebook Marketplace, and Craigslist so far.

Just curious if anyone has any tips from their personal experience.

Much appreciated!

Ben Sulka, aspiring real estate investor

Work with an agent who knows investment properties in the area. They will have access to the MLS.

1 Vote

Cleveland, Ohio

Quote from @Antonio Villao:

Looking to meet up and connect with local bp members in the Tampa, Fl area.

Im a local wholesaler and RE agent just getting started in my real estate journey, looking to provide value to others where ever i can and make some new connections in the Tampa area. If anybody knows of any meetups or real estate groups and can let me know it would be much appreciated! Wishing everybody good luck on their 2023 real estate journeys :)

Antonio,

Congratulations on getting started!! I am located in Tampa myself and there are a decent amount of networking events to go to. Eventbrite nd Facebook usually have a lot of local events. There is also a BP meetup on 1/19 as well. Please let me know if you have any other questions, I would love to connect!

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Tampa, Florida

Quote from @Account Closed:

Hello, I just wanted to get some insight on an issue I had recently in regard to my commission split. I had closed many transactions in the past several years and my commission was split correctly, up until I had my highest sale / transaction ever, this past November where I was the dual agent on a $1,305,000 transaction. My broker, without advising me first, split my commission completely differently on this particular transaction than he had on any other transactions prior, resulting in a loss of $6700 on my end. I come from a market in PA where the average sales price is $200,000, so this was a HUGE deal for me. I had gone back and forth with him several times in discussions, and he basically said he didn't care that he split my commission completely different to favor the company and I just had to suck it up. What can I do? Is it worth hiring an attorney and switching brokers? Trying to close the wage gap with a greedy broker is impossible. :(

What does it say in your contract? Do you have a cap on your commission? I would read that first and then go from there. You could also ask your broker to go over it with you as well to see if he references the contract as well.

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Quote from @Matt Caviness:

Okay thank You for all the help. I have reached out to short term shop and I’m waiting for response. Do they have any type of Airbnb regulations?

Some locations will depending on the HOA. You would want to stay away from an HOA. I would make nothing off a referral, I just know agents that would get on the phone with you the second you reached out. PM me your email if you want me to make an introduction and you can at least get your questions answered even if you go with your initial agent.

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Orlando, Florida

Quote from @Steve Wolfrey:

BP Fam,

New England Investor interested in purchasing an Orlando condo to Airbnb. Any advice, tips or tricks. Looking at 2 to 3 bedroom condos. Any comments on potential profits?

Are you going to be buying them with a DSCR loan or can you qualify with a conventional investment mortgage? If you are going to DSCR them, buying a condo might be tough because the HOA's are usually high and the rate is also going to be higher due to the property being a condo. ON a DSCR loan the entire mortgage payment, needs to be higher than the mortgage payment so the two factors I listed above are going to make this property harder to ratio. If you are going the conventional route, I am going to assume you make a decent income and this may not be a factor. If you are going DSCR, I would suggest a townhome. Please reach out with any questions.

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Orlando, Florida

All Forum Posts by: Matthew Wolk

Matthew Wolk has started 1 posts and replied 77 times.

Post: What kind of loan should i obtain ?

Post: 3 properties with equity how do I start my BRRRR?

Post: Creative Opportunity 100k Loan?

Post: Loan to Buy First Rental

Post: Can my LLC manage my personal properties??

Post: Comping Multifamily Properties

Post: Any meet ups in the Tampa area?

Post: Broker Changed Commission Split / Won't pay on current agreement

Post: Looking to buy first Airbnb

Post: Airbnb advice - newbie