All Forum Posts by: Marvin Meng

Thank you!

Thank you!

One more question to add: I understand how there's no need for financing with wholesales but if I use hard or private money to finance the initial purchase of a flip or "BRRRR" is there a minimum amount of time a hard money lender will require the loan to season before I can refinance with a traditional loan?

Wow! Great information and I really appreciate it. While I'm mainly interested in buy and hold it sounds like doing some wholesales would be good experience and would help generate some cash going forward. 

I'm sure there's quite a learning curve with mailers and it sounds like it could get expensive but is sounds like lots of folks have had success with it.

Right now I'm leaning toward using someone like Yellow Letters to put together lists of absentee, divorce, probate, late mortgage and late taxes in my area, then generating my own letters, following up with phone calls and or visits. We'll see how that goes. 

Thanks again!

Hello, We've been a buy and hold investor in Edwardsville, IL (suburb of St. Louis) for several years. I would like to fund growing our portfolio by conducting flips and possibly wholesale deals in this area. Regarding financing flips and wholesales...

What information would a hard money or private lender want to see from me before they could loan on a flip or wholesale? I have zero experience with either but have a high credit rating and 10+ years experience as a landlord. (If you're either type of lender I would really love to hear from you!)

Is it reasonable to accomplish a "BRRRR" deal and refinance/cash out immediately after renting (will private/hard money lenders allow that)?

Also as far as lead generation goes I'd be looking in a smaller geographic area (2 to 3 zip codes). I'd love to hear suggestions as to the best way to find motivated sellers in a small specific area.

Thank you!

What's a "Series" LLC?

Thanks!

I know you're going to be busy with the flip but can you post updates as you progress with the deal? I'm sure many of us would like to follow along for our own education.

Thanks and good luck with it!

Here are some other options you might consider:

Talk to some other banks.

Inquire about the seller financing the 25% (the upside to the seller is they can defer some capital gains and they make more money on the interest).

If you're confident you're buying under the market value of the property you might be able to use hard or private money then refi after you get the property up and running.

Good luck! I hope you can work this out.

Hi Joe,

Sorry for the slow response - I work for an airline and have been flying the last week. I'd love to see who you used. And thanks for the link to your website.  It looks like there's a lot of good information there!

Hi,

I'm interested in creating a website that I can direct potential sellers to with a marketing  campaign. My intentions are to purchase single-family homes from motivated sellers and hold them as rentals in a relatively small geographic area (Edwardsville, IL). 

Can anyone recommend a good source for developing and optimizing such a website? Or if you would not go the route of using a lead-capture website what method(s) would you recommend?

Thank you!