All Forum Posts by: Matt Nico

 Hey Allan,

What are you looking for in the Florida area specifically? I'm sure someone on here will be able to help you. Its nice to see everyone above me own multi-family property in Central Florida. I barely ever see them around here.

-Matt

Scott,

I have been seeing better rates if you go with a loan that is through Freddie of Fannie. If you have really great credit you might be able to get low 4%'s with no fees. In that scenario, I would ask the lender how much it would cost to buy down the rate by a bit and do the math to see if its worth it. Maybe buy down 1-3 points.

If you go with a smaller lender or use a no-doc loan (if you have no W2 income), then the interest rates are around that 5%-6% for investment loans as of right now. Thats what I got quoted on at least. 

I would also call around and try to get a loan with only 20% down. 25% is a bit much.

Hope this helps,

Matt

 Hey Noam,

I am familiar with Poinciana and could probably help you out with contacts in that area if you need them. I also do property management if you wanted to go with someone who is more localized. I invest near Poinciana as well.

-Matt

@Adam Bartomeo

Thank you for that info about Wholesaling. I have never done it myself personally but its always great to have information.

Hey Adam,

Thats a great idea to call FREC. I never even thought of that to just ask them about this. When you talked to them, were you talking about wholesaling or about a referral? I'd be interested as to what they said about both.

Thanks,

Matt

Hey Charlie,

I would look on Bigger pockets in the "Network" tab and then click hard money. I found a handful of Hard Money lenders there. I ended up not getting the few deals I had lined up, but if I had gotten them I would have used one of them.

Thanks for your input Nick. I was not using the wholesaling thing as an excuse. Just trying to make a point.

Thanks! 

 Hi Patricia, thanks for the input. I am aware than I cannot pay a non-licensed person a fee for a real estate transaction. And yet a wholesaler makes a fee on sales.

What I am getting at is giving my neighbor a referral bonus as a way of saying thank you for the contact. I am not paying him a fee for a house I bought, but for the contact. I think that is fairly common in an investor's world. He didnt have to give me anything, but chose to you know?

As an example, I hear often on the podcast that Brandon Turner will give someone a referral fee if that person brings him information or a deal that leads to a mobile home purchase for his syndication. 

Hey BP!!!   Real estate investor and new real estate agent here!!!                    

Referral based Question:

I have a neighbor who got me in contact with a person who was looking to sell 4 properties off market one at a time. I contacted him, and everything worked out great on the first one and I bought it 4 weeks ago and am right in the middle of the rehab. 

How much should I pay my neighbor for giving me this contact information? Do you have a set price, a % of the purchase price, or does it vary based on the kind of deal you got?

Also, when does this referral get paid? After the house is purchased or after the rehab is completed and the home is rented?

Thanks in advance for your input,

-Matt

 Brian I would tend to agree with you, however I called a few mortgage brokers and a handful of banks up and they all told me the exact same thing. They tell me I need 2 years of history of the house before they count rents. It  makes it very hard to scale up like I want to do.