All Forum Posts by: Pamela Maduro

You can't find anything on the company because it is more than likely a foreign company. I have used a lot of VA's. However, there is no reason to pay a flat rate to anyone. You can go on Upwork and find tons of people to do this work starting at $3 an hour. I have a VA that does our social media that I pay $3 and I have one that does lead gen that we pay $4 an hour and my property manager I pay $6 an hour. I have gone through a lot as well. If it is going to be someone that does lead gen then you want to make sure they have a clear speaking voice. If it is for social medial you want to make sure their grammar is good or they will be making posts that make you look stupid. I have also used a company that we paid $6 and they worked in an office and had a supervisor. This worked well for an admin. The company was called My Desk VA. They claimed to be a FL company but everyone I believe was in the Philippians. However, I have just found that interviewing and hiring my own on Upwork works best for us. Happy Investing!

You can't find anything on the company because it is more than likely a foreign company. I have used a lot of VA's. However, there is no reason to pay a flat rate to anyone. You can go on Upwork and find tons of people to do this work starting at $3 an hour. I have a VA that does our social media that I pay $3 and I have one that does lead gen that we pay $4 an hour and my property manager I pay $6 an hour. I have gone through a lot as well. If it is going to be someone that does lead gen then you want to make sure they have a clear speaking voice. If it is for social medial you want to make sure their grammar is good or they will be making posts that make you look stupid. I have also used a company that we paid $6 and they worked in an office and had a supervisor. This worked well for an admin. The company was called My Desk VA. They claimed to be a FL company but everyone I believe was in the Philippians. However, I have just found that interviewing and hiring my own on Upwork works best for us. Happy Investing!

@Pamela Maduro

Okay.  If possible, see how many of the reviews are truly repeat business.  Lets face it, how many loans to people get?  same thing happens with real estate agents.  Here is one with rave reviews, but then you find out you don't work well with them.  

Also, see what he says about the "next deal."  My lender, for example, goes the extra mile and helps one plan out how your finances would look like for trying to invest in another.

But, absolutely have the conversion.  You'll learn something.  Good luck, and let us know how it turns out.

@Pamela Maduro

I think the main question is what does he charge.  If its a "true broker," he'll make his money on the points.  If you work direct with a lender, they almost all take a flat rate.  Mine is now $1095.

Your post says you are financing "...including pulling out of either retirement or equity."  Not entirely sure what that means, but are you really doing something that complicated you need a broker?  Some say you need a broker when your situation is "complicated."  Some say they get you the best deal.  I personally prefer better service since I don't have time to deal with the usual bs in getting a loan.  That's with a relationship with a lender.  Brokers generally hand you off to somebody else to originate the loan -- that's why they are brokers.

Ask given your financial situation, what sort of loan product would he advise.  Lets face it, if you have time to work with him/her to provide your finances, you probably have time to work with a lender directly and save the points as long as the suitable product isn't too esoteric.

Good luck.

Hey Pamela,

Here's my list of starter questions for lenders:

• How will we communicate? Phone/Text/Email?
• How many of your clients are investors?
• What’s your availability to go through loan options?
• How will working with you set me up to buy more properties?
• What’s your typical closing timeline?
• How quickly are you able to get me specific loan estimates for a house?
• What kinds of financial projections do you/your company offer?
• How often do you work with down payment assistance loans?
• Does your company offer any portfolio loans?
• Does your company offer any closing cost contributions?
• How do you think rates will trend this year?

Hope that helps!

@Pamela Maduro check out all that's happening in Detroit:

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

We've helped hundreds of OOS investors avoid the scammers in our area and make solid investments.

I got the Buffalo keyword notice, and was going to tag @Matthew Irish-Jones but see he already responded with some A++ feedback. 

I'll add to it that there is tremendous value to investing in your backyard. First, you can put your own eyes on a project much more easily, and build in-person relationships with your team. Second, you are keeping your investment, profits, and efforts in helping your own community. Many investors might not care about this, but maybe you are on of us that does. Third, you remain less reliant on other people and more on yourself. Personally, I like having control over my investments and managing my own property, while being less dependent on others to run my business. Therefore I'm not interested in out-of-state. Lastly, don't buy into all the anti-NYS stuff. Sure, landlord/tenant law here is much more friendly to tenants than landlords, but if you learn the laws, screen properly, and invest in locations that attract good tenants, you should be fine. Perhaps investing in university districts, MTR, or Class A units would be more ideal for you, as those tend to be less "eviction prone". Or hire a reputable management company and let them deal with it.

Have you been to one of the local BP meetups? We meet every second Wednesday of the month (so you just missed January's meeting this past week!) and the meet recently moved to Pearl Street Brewery. I only recently started going again, and the turnout has been very strong, with a nice mix of investors, lenders, contractors, etc. Please say hi if you do!