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All Forum Posts by: Richard Helppie-Schmieder

Richard Helppie-Schmieder has started 60 posts and replied 243 times.

Post: Wilmington, North Carolina Investors

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

Hey @Albertinny Colin, what has been your experience in investing in Wilmington? Long-term, short-term, flips? Super interested in the city, but don't know enough about the place at the moment.

Post: Roof Size Estimate/Rule of Thumb

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

@Miller McSwain You can order a quick estimate from Roof Scope and they cost $15.00. This will give you the size. You can measure the ridges and valleys on Google Maps and get within $100 of your cost for a new roof. This is how I run my roofing business here in Dallas.

Post: Has anyone used Networth Realty?

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

@Cameron Hunt I have never seen accurate numbers in 6 years. You can find better deals on the MLS fairly easily.

Post: Looking to connect with General Contractors in Waco, Tx

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

Following

Post: Investor Contracts, Am I Crazy?

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

@Rusty Haake you can do the same leveraging with a hard money lender and then refinance into a portfolio lender or traditional Fannie/Freddie product. Hard money will only cost you a little over the $5,000 interest you are offering, but streamlines the process on your end with endless capital based on the home. Personally, being in Dallas, I don't think you can get a $30,000 price reduction due to a cash offer vs a financed offer, but want to encourage you to start with one and maybe take it all down by yourself or be a passive partner to learn a little bit on your first investment property before seeking outside capital. Please shoot me a PM if you have any specific questions. I would be happy to help where I can through my experiences.

Post: New Real Estate Investor in Dallas Texas.

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

@Brent Cheney what are some of your goals in real estate and what action items have you taken/plan on taking to achieve them? Congrats on taking the first steps man.

Post: On a scale of 1-10, how good is your insurance agent?

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

Our company is a 10 out of 10 satisfied with David Thompson from 4Square Insurance. His communication is amazing and knows how to manage our portfolio so we don't have to. Sends reminders as needed and takes care of everything start to finish. We are at the point where all we do is shoot over an address and he knows what to do. Huge time saver for us an an asset to our company and growing real estate portfolio. Please shoot me a DM and I will share his contact. I am NOT affiliated in any way with him except a super satisfied client. After a few other agents in the past, he has full control over our 4MM portfolio here in Dallas.

Post: Creative ways to cash-out

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

Hey! I am usually pretty good at creativity (check out this story https://www.biggerpockets.com/...) and have also done some other crazy things, but I am now looking for some solutions from all the brilliant people here at BP for a case specific scenario. 

I own a specific property at 50% equity with a partner and we carry a note on the property as well. Each of our equity interests is about $30,000 as the property sits (if we sold it today we would each walk away with $30k). I cannot go through a cash-out refinance as our debt-service coverage wouldn't meet the banks terms, but I do want to grab about 15k of the equity out in some way. I was thinking to possibly have someone loan against the property at a fixed interest in second position, but I really want their interests in equity to be aligned with how the property performs without being on the mortgage or on title. 

Does anyone out there have creative ideas to do this? Maybe some sort of ninja Sub2 deal without taking over title or a completely new agreement that bases their interest off of how the property performs over the next 3 years. Please share any crazy things you have done in the past or any crazy ideas whether you think they can be reasonably done or not.

Post: BRRRR Refi CASH OUT VS SIMPLE REFI

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

@Michael Clark From my experience when I was calling banks was to make sure I was talking to the right person and asking about their portfolio lending rather than just talking to whoever picks up. I have found 75% LTV all day with commercial products (no Fannie or Freddie), but alot of bankers just aren't interested in a one-off deal so it takes a lot of phone calls. Here is how mine used to go down....

"Hi there [insert bank name] does your bank do portfolio lending or commercial lending for investment real estate?" "Can I set up a quick 15 minute call later this week with [insert bankers name] to discuss?"

On my first deal I called 45 banks, 5 did portfolio lending, 2 offered to finance the deal and the one that was chosen was negotiated at a 10% down rather than 20% like the other bank wanted. Hope this helps encourage you to start making those phones ring at the banks!

Post: Favorite Question for Screening Tenants

Richard Helppie-Schmieder
Pro Member
Posted
  • Posts 263
  • Votes 145

@Heather Reed We don't usually ask too many questions, but we have this great pre-qualifications document before we show a house to save us some time in vetting. Two things that I particularly love about it is that we have the right, but not obligation to disqualify a tenant for using profanity around us or showing up late to the viewing. We have had success with this docs and even is a huge time saver to see who is serious about renting the properties. If they don't sign the doc ahead of time, we don't show the property. This eliminates all the wasteful showings and time from people who just want to see the property before we have even shared our criteria for renting with them.