All Forum Posts by: Patrick Hendley

Updated - I've been in the 100PF MAP program for over a year now, still have not secure my first multifamily unit. Placed another 8 unit portfolio under contract in early March, unfortunately contract expired on April 23rd, couldn't secure favorable loan terms that wouldn't allow portfolio to meet cash flow numbers because banks changed lending practices due to Coronavirus pandemic. Seller was not willing to extend contract or accept creative financing options. I lost another $1000 in inspection fees but should get back $2000 earnest money deposit. So far this journey has cost me over $22,000,   still without a cash flowing multifamily property...to say the least I'm extremely disappointed and frustrated.  

Mark Dorsey, The 11 unit deal unfortunately fell through due to seller not cooperation, now back to square one. I lost over 4 months worth of time in deal, $2,425 inspection fees but hoping for refund of $450 back from the inspector. He said he would send refund check but have yet to receive as of this post. I was refunded my $2000 EMD. The be honest my experience hasn't been all that great so far. 100PF is currently looking for another deal that meets my available finances. Note: finding bank to finance deal seem to be more difficult than I was lead to believe. I was told initially that commercial deals(5 plus units) were based more off income property is producing than personal credit/finances but that's not entirely true. Maybe that's true if you already own a multifamily property or two. I agree 250 MAP clients is a lot, even in a city the size of Pittsburg.

I have been in the 100pF MAP Program since December 2018. I currently have a 11 property portfolio under contract for a few months now with no closing date in sight. We are working with a seller from Hell. At this point i'm extremely frustrated but still hopeful that things will turn around. Will be posting my Journey with the program soon.

Thanks guys for the feedback. I guess I could wholesale and flip my way to 100k goal but not all that familar with either. So I was thinking since I already have 30k in business credit, received 15k in business LOC today and bank will front me 30k HELOC on the 40k rental I own which brings me to a total of 75k, which means I need 25k more. Which would be the better method? Buying a house in cash, fix it up then flip or use hard/private to buy and flip? Or should I find a experience flipper in my area to partner with? I have close to a 800 FICO and a W2 job so getting financial should not be too difficult.

Hello community,

I would like to build a 20 to 30 unit portfolio(multifamily and SFH) in South Carolina. I have Fico currently have 30k on business credit card and I own SFH free and clear worth 40k that currently being rented. What is the best way to turn 30K into 100k in next 6 to 10 month so that I can start growing rental portfolio quickly?

Thanks in advance.

I recommend not using 3rd party companies as they charge 9% - 15% success fee for their services. You can do the same thing that they will do. Just keep in mind its best to have a FICO score 690 or higher, 5 or less new accounts in the last 24 months and 5 or less hard inquiries within the last 6 months before applying. I initially used one of those 3rd party company when I first stated to look into business credit cards. But quickly realized I could apply on my own. Their claim is they can get you 30% more than you could obtain on your own. Even if this was true, I rather obtain 50k with no fee than 65k with a fee...That's just me.

Mary, You may want to consider also applying for Chase business, Amx business plus, and PNC Bank. But you will need a FICO score 690 or higher, no more that 5 new open accounts within the last 24 months on personal profile and less that 5 hard inquiries in the last 6 month.