All Forum Posts by: Michael Wyatt

I just noticed this thread from 5 months ago.  This happened to me as well and I lost a ton of money with the deal because of it.  

@Jeff S. I definitely didn’t assume this would be a gimme.  Interested in learning what the actual process is like, how much underwriting and what not is the broker responsible for, what docs are required so that you get paid the broker fee, etc.  

Is the broker doing 99% of the work up front and pairing with a lender? Or do you collect info and work with a loan officer for a terms sheet and just add your points on top. Or a little of both depending on lender.  

I think I’m pretty good at deal analysis and I enjoy it.  I guess my other main question outside the above are how much the broker is involved in the process after pairing a borrower/lender.  

 Hey Chris, any chance you could connect us?

Would love to chat with a broker - how you got into the biz, how it works, etc.  

I have referred many people to hard money lenders that I have worked with and had a good relationship with.  This was just to be helpful to them and share my good experience.  Only once did I receive a small referral fee.  I haven't really asked or wanted one, but now I am realizing that there may be potential in brokering a deal rather than just referring people to lenders. 

Wondering what this would entail.  

$1800 in "junk" fees isn't too high.  

I have seen 0% origination, but high rate, about 16%.  What are they quoting you? 

To answer the question, nothing really raises a red flag, but I bet with less points you are getting a higher rate.  Personally I would go with a lender that offers 1-2.5 points and try to get your rate down to 12% or below.  If you have a project that drags, the higher monthly interest will start to add up quickly.  

Val, I would try to save up 20-30k and in the meantime go to REI meetups, watch youtube videos, read this forum and the Bigger Pockets books, etc. There isn't a whole lot an investor will be able to do with 1k. You could potentially look at lending your 1k to someone for an EMD. You could also potentially partner with a wholesaler or other investor and see if there's anything you can do to help them in exchange for learning what they do.

Hi - looking to connect with those who have bought a rehab type property with the intention to place a tenant and sell as a turnkey rental to other investors. Specifically have the following questions:

1. How do you determine ARV/sales price? Assuming the rehab and finishes will be more rental grade. Are you running comps both on recent sales and also on rents to see if it will cash flow for the future buyer?

2. How do you connect with buyers? Do you list on MLS or try to build your own buyers list similar to how a wholesaler would go about this?

3. What is most important to turnkey buyers - cash flow, recent updates to property, current condition of the property, neighborhood, do you want a property manager in place or do you want to bring your own, do you prefer the tenant in place or find your own, etc.

Hi - looking to connect with those who have bought a rehab type property with the intention to place a tenant and sell as a turnkey rental to other investors. Specifically have the following questions:

1. How do you determine ARV/sales price? Assuming the rehab and finishes will be more rental grade. Are you running comps both on recent sales and also on rents to see if it will cash flow for the future buyer?

2. How do you connect with buyers? Do you list on MLS or try to build your own buyers list similar to how a wholesaler would go about this?

3. What is most important to turnkey buyers - cash flow, recent updates to property, current condition of the property, neighborhood, do you want a property manager in place or do you want to bring your own, do you prefer the tenant in place or find your own, etc.

Hi - looking to connect with those who have bought a rehab type property with the intention to place a tenant and sell as a turnkey rental to other investors.  Specifically have the following questions: 

1. How do you determine ARV/sales price? Assuming the rehab and finishes will be more rental grade. Are you running comps both on recent sales and also on rents to see if it will cash flow for the future buyer?

2. How do you connect with buyers? Do you list on MLS or try to build your own buyers list similar to how a wholesaler would go about this?

3.  What is most important to turnkey buyers - cash flow, recent updates to property, current condition of the property, neighborhood, do you want a property manager in place or do you want to bring your own, do you prefer the tenant in place or find your own, etc.