All Forum Posts by: Mark Scarola

I no longer manage the group, but it is still up and running. The website isn't updated as frequently any more, but I think the meetup page is: https://www.meetup.com/Central...

BiggerPockets (under events and happenings), Meetup.com, and reiclub.com are all good resources that list investment groups in your area. Not all will be multifamily focused, but it'll get you started. If after you've exhuasted the area and still can't find one... maybe start one yourself. I started a REI group several years ago because I was tired of driving and wanted to focus on meeting people and finding deals close to where I lived.

@Solo Scott, 

From personal experience, I would recommend you ask a lot of questions of your attorney. Don't assume anything and make sure you fully understand what you can and cannot do. There are a lot of different ways to put together a fund and the nuances can work in your favor or against you. I would also suggest you have everything prepared in advance, so that once you get the green light you can hit the ground running. I unfortunately lost several months because our team wasn't as prepared as we thought we were when our attorney said we could go ahead and start fundraising.

Hi @Watson Hilaire. As already mentioned, BP does not allow marketing or other promotions in the forums, except the Marketplace. You can check for lenders there.

Need funding for a new or existing commercial property or mulitifamily dwelling? Strip malls, apartment complexes, shopping centers, condo complexes, new developments, senior housing, section 8, etc. We can help! The only requirement is that if it's residential that there be at least five (5) units. Call for more information: 877-957-4357 x7200.

• Loans from $75,000 - $75,000,000
• Amoritization of 30 years
• Terms: 5, 7, or 10 years
• Fixed interest rates (starting at 4%)
• Interest only available
• Max LTV: 70-80% depending on location
• Non-recourse available

Imperfect credit or background? That's okay.

• New business owners
• Self-employed individuals with no w2
• Missing tax returns
• Those looking for cash at closing
• Month to month leases on existing property (refinance)
• Liens on property that can be removed at closing
• Low credit score
• Prior criminal background
• History of foreclosure or bankruptcy (must be at least two years ago)

Not sure if you'd qualify? Call us... it's our job to find a way and there's no obligation if you just want information. We work with over 100 different lenders and use our connections to find the RIGHT lender for YOU! Contact us today to learn more!

capitalgroupfinancing.com

877-957-4357 x7200

Just heard about this company as I'm looking for an asset protection resource. Other websites including Yelp and even their facebook page have enough negative reviews to have me cautious about them. Though they're not accredited, their BBB page has an A+ rating at the time that I'm writing this. I know there are other companies like this one out there and I plan to keep looking.

It Doesn't Get More Turnkey Than This!

If you're looking for a turnkey rental you don't have to worry about, this is the deal for you. Moraine is located in the southwestern part of Ohio, near Dayton and is home to a mostly working class population. The tenants have been in place for over two years and the property is currently being professionally managed. The rent has not been increased since the tenants moved in, though the market would permit a rent hike at this point in time.

• Tenants moved in Feb. 2016
• Monthly rent: $900
• Tenants handle all utilities and are responsible for yard maintenance
• RentFax report suggests fair market rent to be between $966-1076
• 2018 taxes were paid in February: $975.40
• Current insurance: $71.69/month
• Total repair costs since tenants moved in: $979

More Information (click on links below): 

• RentFax Report
• Realtor.com (please note: pictures are from around 2011)

Why am I selling? Moving out of state and looking for one less property to have to keep an eye on.

The borrower is a real estate developer who obtained a pair of private loans to purchase a piece of property (7.48 acres). The borrower has paid for the past five months without issue. A balloon payment for the $400K on the first note is due April 1, 2018. The other $400K note will be due in the Fall of 2018. 

Borrower is seeking a new one-year interest only private loan in order to extend the balloon payments. The new loan can either be for $400K or $800K. 

The property was purchased for $1.1 million. It is raw land being developed in the cannabis corridor of Desert Hot Springs, CA. The land consists of two parcels. County assessment data is shown below. Summary of offer:

• Purchase Price: $1,100,000
• Down payment: $300,000
• Current Outstanding Balance: $800,000
• Current Notes: 1st position $400K; 2nd position $400K
• Assessed Value: $512,040 (parcel one) + $484,500 (parcel two) = $996,540
• Current first position as-is equity: $996,540 - $400,000 = $596,540
• Current second position as-is equity: $996,540 - $800,000 = $196,540
• After development the property is projected to be valued at over $20 million. Undeveloped neighboring properties have sold for as high as $1 million an acre.

Borrower is seeking either a $400K 2nd position loan or a $800K first position loan, interest-only, for 12 months. Either way you'll have approximately $200,000 in equity protection. 

Hi @Frank Kim, 

My company operates in the cannabis space and if you are indeed properly zoned we may have an interest in the property or know someone who is. Would you be able to send me a private message with some more details? For example, address, asking price, pictures, anything/whatever you might have. I understand if you don't have it listed and don't have any formal documents. 

I have a property in Southern CA where we are planning to do just this. We're not growing or selling cannabis, we're buying and selling/leasing property that would be suitable to the cannabis industry. Like any investment there are risks, but done property it's an opportunity that we may never see again. We are actively looking to bring on other investors and have found there to be a strong interest, so it can certainly be done.