All Forum Posts by: Ryan Keenan

@William Lees

I opened up 3 unsecured lines of credit over 100k. I applied to all the banks in one day, has worked well for me so far.

@Matt Dinofia

For me for a 6 month seasoning refi was I believe 720. Sorry what do you mean by soft money?

@Sean Ilenrey

Hey Sean, just wondering if you followed thru with Visio and have any feedback ?

@Chris Lord

Appreciate it Chris thanks!

@Danielle Wolter

Hey thanks for responding! My lender understands it just when I told my lawyers office of what i wanted to do she had no idea! Said it cant be done and what's the point of it

@Michael Doherty

Thanks for your response! After your second property did you go back to conventional financing? What made you refiance your second one with a commercial loan?

This question of seasoning period and scaling has been very frustrating to figure out.. for me I have 8 units and the plan now is to buy with a personal line of credit and my own money.. I wanna make sure the buy has minimal rehab and use the delayed finacing to atleast pull out the purchase price leaving roughly 10k in repairs in and do this till banks cut me off.

Soo many questions, what kind of rates and terms are you getting ?Are you sticking with commercial/ portfolio the rest of the way? I've called atleast 20 banks and I find most of the bankers dont really understand what I'm looking for but banks that do especially the small ones offer 10 year fixed 20 amortzation... or 15yr 20yr 25 year adjusting every 5 years.

Theres also lenders that will do 30 year fixed 0 to 3 month seasoning but high 6 to 7s in terms of rates . This can be kinda tuff here in ct when investing in sfr...

If you dont mind me asking who are you using for 3 month seasoning? And what's the fastest and best way to scale in your opinion? I know the brrr is great but what type of financing?

Thank you for what you can share!

Ryan

@Lane Kawaoka

Def agree with being close to the investment. I actually read david greenes book on long distance investing and was seriously looking into north carolina but it just felt way to risky!

I have 8 units and had 1 eviction so far in my short 7 years of being a land lord.. I just wanna scale faster

@Patti Robertson

Thanks for responding! The only problem is having to wait the 6 month seasoning period which I'm currently doing right now. It will only allow me 2 deals a year.. I really want financial freedom alot quicker ! I know delayed finace you can only pull out what you paid and not rehab costs so just wondering about other investors not waiting to get the 10 loans.

@Cassi Justiz

Thank you for your response! With commercial and portfolio lending what terms are the ones to strive for? I've called around and I'm seeing 15 , 20 and 25. But every 5 years it adjusts is this normal?

Thanks!

Hi BP people, I hear many people say to get your 10 conventional loans first then switch over to commercial / portfolio. Seems this way is very slow in reguards to scaling and sitting on the sidelines every 6 months waiting to refinace. I know about delayed finance but it doesnt recoup any of the rehab costs.

My question is how many investors dont actually go all the way to ten and make the jump to portfolio/ commercial way sooner? If so are you still buying 1-4 units or larger? Seems like less restrictions and easier to scale on the portfolio loan side. Appreciate any thoughts.