All Forum Posts by: Jake Knight

Hi Junior,

You have to ask yourself, "what do I offer this lender in return for taking a risk on me?" Are you offering collateral that would help mitigate bad credit? While a line might help you in your business, the lender is not going to give you what is essentially a blank check, if it does not make sense for them.

I underwrite business loans/lines for a commercial bank and my firm considers real estate investors to be higher risk unless they have sufficient collateral (i.e. real estate or cash) of have a long track record of success.  There may be other companies who can do it, but again, consider what you are offering in return for the risk they would be taking.

 Jeff, I'm going to Philly for the first time in two weeks. Any favorite restaurants or pretzel spots you want to share?

I tried this last night and it was super easy. Had my daughter write up the font sheet and it printed just like handwriting. I threw in some yellow paper and did a quick mail merge. I had a hard time telling it was printed... and I don't have a very good printer. Thank you for sharing this, Mindy! 

@Emilio Basa No problem! Good luck.

Do these people actually succeed with this "business model?" It hardly seems sustainable.

Hi Emilio,

The rent roll can be originated in excel or other accounting software.  There is no standard template but will usually include some variation of the renter name, unit #, amount of rent, Bd/Ba, Sq Ft, lease terms (start date, expiration date) or maybe if any rents are past due. A rent roll would be complete for each property separately and compared to leases when possible. I might be missing something but that's the gist.

Great job, everyone. Glad you were able to get a unique deal done and that you shared it with us.

@Account Closed Can you share how the end buyers were found? I'm trying to understand a little more about how I could connect with end buyers. Was it through word-of-mouth, or other marketing?

No offense taken! I feel for the people who have to deal with terrible underwriting. I see some underwriters just get complacent and lose sight of the big picture (if they ever saw it in the first place).

As someone who has been on the sales side, and is now on the underwriting side, I've seen conditions like the ones mentioned but also just as ridiculous things from the folks submitting loans. There's not a day that goes by that I don't shake my head at some incredibly asinine thing a customer or banker tries to get away with. I enjoy being on both sides of the table. Now, if you'll excuse me, I'm going to go start a thread about strange things borrowers have done on the underwriter's forum. It's called SmallerPockets. 

Hi Brian, 

Decided to stay local. Focus on just a few pockets of areas that I am very familiar with, and that are manageable from where I am. Maybe down the road when I am more experienced I can expand that territory, but for now I am building relationships and farming the area where I live.