All Forum Posts by: Shavar G.

@Jeremiah Robison - I’m in the process of closing on a deal in which I leveraged my equity to purchase two 4 unit properties off market at 50 cent on the dollar.  My agent, who is also an investor as well as my property manager brought me the deal.  My advice is find someone similar in your area as they are bound to have deals that they cannot do for a variety of reasons and based on the relationship you have with them and their understanding of your goals, they will become a great source of deals for you.  The trick is that you want to add value to their business FIRST and by doing so they will be more than happy to return the favor.  Happy hunting!!

@Kirkley Cain - OBTW, when referring to property, multifamily properties with 5 or more units is considered commercial property, 4 or less is residential.

@Kirkley Cain - here is what I would do if I was in your shoes. I would take my $30k and find a duplex, triplex or quad on the MLS. If possible, I would live in the property for one year and manage the tenant(s) myself, then I would move out after a year and hire property management to manage the property for me. During my year as an owner occupant and beyond, I would invest my time in the following three areas: 1. Read as many books about RE as I could so I gained a foundational understanding of RE investing principles, listen to as many podcasts about RE as I could for the same reason and go to as many meetups about RE as I could so that's i was constantly networking and meeting other REIs in my area 2. Continue to save as much money as I could, and keep my debts and expenses as low as possible 3. Pick an area of real estate investing and focus all of my attention on it!!!

@Cecilia Nsiah - make a list of all of the credit unions in your local area then call them all. What you are looking for is a bank that is a portfolio lender meaning they don't sell the loan to someone else, rather they keep them on their books. Larger banks tend not to be portfolio lenders and are therefore less interested in what you are looking to do. I have found several credit unions in my market willing to do up to 90% LTV w/no seasoning period if the loan is in my name, and 80% LTV w/ no seasoning if done under my LLC. Start with credit unions and you are sure to get better results. Also, if you are refinancing in your LLCs name, your want to speak to someone in the business services department as opposed to the residential loan department. Hope this helps

@Lydia R. - they do exist! I have an agent who brings me both MLS and wholesale deals, and facilitates negotiations and paperwork. Investors may want to look for RE agents who also invest/manage properties. From my experience, individuals with that combination of experience have access to a plethora of deals for the traditional and strategic investor alike.

@Robert Amrhein - I read a great book by David Green called BRRRR that you should check out. It describes the process in great detail so that you gain a deeper understanding of each steps in the process.

@Clint Shelley - hadn't considered this approach, however I'm going to call my portfolio lender today and inquire about the possibility.  GREAT addition to the conversation.

@Jared W Smith - As of today I find myself in the exact situation that you've outlined above.  I just found two (4) unit multifamily properties in my target area below market value that I'm looking to fund.  I'm using HM to finance the purchase and rehab, with the intention to get the property fully rented after rehab (currently 62% occupied) then cash-out refinance and stabilize the loan.    

My advice (if you're trying to wrap your head around funding your first deal purchase) would be to call some HML's and get details about the products that they offer, then plug those #'s into your calculator to see if they work for you.

@Kevin Sack - ABNB Federal Credit Union

@Joseph Sanchez - why not market directly to owners of distressed properties in your area?