All Forum Posts by: Nathaniel Walker

Hello BP community,

I am looking for a community bank that works with investors, I would be looking to use these Banks to refinance out of short term loans as well as even use them for the initial capital to buy the deal and fix it up. How do has everyone found there current investor-friendly banks?

Im In the Tampa Florida market and I have called a multitude and they either don't work with investors, or they don't exercise cash out refi, is there a catalog to use to find the best investor-friendly banks in your local market? Or is there any BP member that can send out a recommendation to a bank they use in the Tampa Florida market, Thank You I appreciate your time! 

@Michael Taylor I would reach out to your inner circle and see if they would want a return on they're money, if that isn't a feasible option then possibly use credit cards 0% interest for 12 months so you can pay it back. Best of luck!

Hello @Kim Booth, I am a new investor in the Tampa Area always looking to connect with more real estate individuals.

I also agree that there is going to be a great deal of opportunity with the Retail asset class especially since that seems to be hit the hardest this year.

Hello @Oleg Erik Kalsow

I am also a new investor in the Tampa area, as far as the opportunity we are in a very strong seller's market so the MLS has potential deals that just have a bidding frenzy and go over asking within the week with multiple cash offers. So that's why I am focused on going for Off-Market properties and marketing to the sellers myself, many wholesalers are getting properties under contract already at %75 of the ARV without factoring the Rehab in which makes it close to %90.

I am also looking for small local community banks that are investor-friendly.

@Cory Dial

Well since you have listened to that many I'd say you got a great understanding of how this game plays out in any circumstance. As far as leveraging I personally don't think of it as you cant have a mortgage on some properties to not be considered over-leverage, what I believe it is to be is when using a strategy like the BRRRR method you are refinancing at no more than 75% LTV that way you have wiggle room for a rainy day. Now some investors want to take the risky route to be able to grow rapidly and are holding mortgages closer to 85% and even 90% LTV which in these times is something I personally would stay away from. Hopefully, that helped a bit!

@Jody Sperling 

Thank you so much, between you're advice and from research, it seems as if the DTI is a bank by bank situation so I definitely will reach out to a portfolio lender. Lol, I don't have the sports cars just yet but hope to one day!

@Cory Dial Hope you are having a good day, I am also a new Investor in Tampa Florida, The biggest thing for me to get general knowledge was listening to the BiggerPockets podcast. Then from there if there is a certain topic or strategy I would honestly just go to YouTube or Google and I found the answer to my question every time.

What are some strategies for investing that stand out to you?

@Łukasz Juraszek

Why can’t you seem to answer the question either buddy keep @Andrew Mankowski out you’re mouth. 

But my answer to the question is being creative is so important especially with hot markets, you have to be going off market during these times when inventory is so low on the MLS connecting with Wholesaler‘s bird dogs word-of-mouth and if you wanted source for your own off market properties. 

I have a few questions regarding the HELOC,

1.) If I have a mortgage with Bank A and they don't accept me due to my DTI can I find another bank and get only a HELOC through them or do I need to have my initial mortgage through them as well?

2.) What is the limit for the DTI to get a HELOC?

Thank You for all you're help!

@Nicole Holcomb I get my list from Propstream, they have a free 7-day trial to see if you like it but after that, I am on the $99 per month subscription and I didn't know that sort of mailing technique was that cost-efficient.