All Forum Posts by: Muz Khan

@Stephanie P. 

I agree that the BRRRR strategy is something we will definitely go for once we transition into the buy and hold part of our business, can't wait! We'll continue to try MeetUps and REIAs that have treated up well so far, thank you!

@Chinmay J. 

I think i'll definitely try to go to the meet ups for Washington Capital Partners, this seems like the best bet, and also provides the informal environment that we're looking for to build this relationship. Great tips!

Thank you!

Hi all!

My business partner and I have been working diligently on getting all our pieces in place before purchasing our first home renovation project. Currently we're fleshing out our business plan, got our LLC in place, ran our numbers (being conservative), and have had a heavy focus on our REI education and local networking. 

Our next step is to meet a HML in person to get a feel for what we need to do next, and where we should be headed. Ideally this will help us prepare for when we find the deal, so that we can go right to the HML and close the deal quickly without any newbie overlooks.

My question is, is this a good idea, and will HML even give us the time of day, just to sit down (virtually or in person) to talk and ensure we are on a good grounds prior to purchasing a deal.

If so, I would love any good HML recommendation that are willing to work with a solid first time home rehabber with experienced mentors backing us every step of the way. If anyone has a HML they can recommend who's ok with a quick chat over coffee to go over any of the nuances prior to finding a deal, please comment below. Any and all help is much appreciated!

Muz

Hi all!

My business partner and I have been working diligently on getting all our pieces in place before purchasing our first home renovation project. Currently we're fleshing out our business plan, got our LLC in place, and have had a heavy focus on our REI education and local networking. Our next step is to meet a HML in person to get a feel for what we need to do next, and where we should be headed. Ideally this will help us prepare for when we find the deal, so that we can go right to the HML and close the deal quickly without any newbie overlooks.

I'm looking for a good HML recommendation that is willing to work with a solid first time home rehabber with experienced mentors backing us every step of the way. If anyone has a HML they can recommend who's ok with a quick chat over coffee to go over any of the nuances prior to finding a deal, please comment below. Any and all help is much appreciated!

Muz

@Andrew Postell this information is just what I needed!

It seems like perseverance is really the key in this venture, and thankfully i've got a ton of that and can take a good deal of hearing "NO."

I was talking to my partner last night about how we need to get our business plan created, going over our full strategy, what are goals are, projected growth, and cost analysis, which goes over some of what you said above. I absolutely agree that we cant go to a lender without all of this sorted out, otherwise I'm sure we'd be laughed at. Thank you so much this insight!!!

@Hayden Harper Thank you for this advice! A quick question on commercial mortgage brokers, will these types of brokers lend to an LLC that will be flipping residential homes? Or would be then be limited to commercial properties only (a new territory that I admittedly am not too familiar with). I'll be DM'ing you soon, appreciate your help!

@Scott Buchholz Unfortunately I do not own my primary residence, however, I have co-signed for a family member on their primary residence, would you know if this allows me to qualify for HML from your specific lender?

Thank you all so much, this is truly an amazing community and its all because of you guys and gals! I cannot wait till I can contribute and help others out in this community as well!

@Rolanda Eldridge Thanks for the words of encouragement!

@Tom S. I've called 2 banks so far and they dont do any commercial loans. Both were credit unions, do you know if there is a rule where credit unions dont do commercial or investment loans?

Hi all,

After some research, im having difficulty realizing how my business partner and I will be able to finance our first deal. We haven't done any real estate transactions before, so the future deal we do will be our first. In the mean time, we're building our team, fleshing out our LLC, and are planning to talk to a real estate lawyer and CPA in our area.

The biggest issue we're coming across is being able to obtain financing for a deal. We have approx $50k saved up between us for down payment and renovation costs. It seems as though HML dont lend to first timers, and finding private money seems to be a challenge, especially since our plan is to buy the property under the LLC.

We are planning to attend REIA's in our are as well to expand our current network, but any other insight on this is much appreciated.

Thanks,

Muz

Thank you @Russell Brazil and @Rob Drum! 

Hi BP!

I stumbled across this website a few years back and never really looked too much through it, however, my friend told me to check you guys out. WOW. I am insanely impressed and humbled after reading so much content on the forums and blogs here. I have already learned and digested a tremendous amount of material from the stories im reading, informative post all around, and reading through the BP books.

At the moment, I have a full time job, and I'm based out in the Northern, VA area, 25-30min outside of D.C. I love the area, but am worried that it might be too costly for a new time investor like myself.

I'm very excited to start my real estate freedom journey, with realistic expectations of course. I hope to learn as much as possible, and hopefully make some great friendships along my journey.

Thanks all, and I look forward to learning more!

Muz