All Forum Posts by: Ryan Herting

Hey Everyone! I am a huge BP fan, and I'm so humbled and excited to say that I was offered the opportunity to speak at BPCon!

I started out as a real estate investor back in 08'. I stepped in many land minds, but as a result, I saw an opportunity specifically in lending. I noticed how my friends and I were so frustrated constantly by our lending experience (Give this a vote up if you feel the same). So I decided to build an alternative lending company with a mission to educate and support investors. I want to know that I am impacting the lives of my investors, not just lending to them. 

So I will be at BP Con spreading my message and discussing my journey. If any of you want to connect now or at the conference, please don't hesitate to reach out! 

@Khadijah Oliver, 

Yes, usually that will be the case with lenders. Have you tried talking to family or friends? 

Going with a local private lender is a great idea too! Hope all goes well.

 Hey @Arjan Manwani,

I think what you are asking/what I recommend is closing on the property with a hard/private money bridge loan and then pay off the hard money loan when your HELOC closes.

Let me know if this answers your question. 

Hey @Justin Heacock, 

There are some individuals who lend below 100,000, but how low are we talking? Some lenders will go as low as 75,000. In my experience, I've rarely seen them go below that. And yes, as @Andrew Postell said, this is nothing new. 

Hey @Tyrel Holman,

Yes, when it comes to banks, it's going to be hard to get pre-approved without full-time employment/w-2 . Luckily, there are lenders who either lend solely based on the asset. By down payment, do you mean that you already have some equity in the deal?  That will also make a lender more likely to work with you too. 

You seem to be in pretty good shape. I would look at hard money, private, or alternative lenders to get funded. 

Hey @Eric Eckman, You got to connect with Mary and Marco Ceccarelli from Itrip - https://www.itrip.net/property... 

They Specialize in property management for STR soup to nuts. Let them know Ryan sent you.

Also, shout out to my man @Jordan Smith! Realtor extraordinaire!!

@Daniel Coleman, great! glad I could help :)

Hi BP Family, 

I understand that many newbies and even some experienced investors are not really sure how to start working with a lender, have a clear understanding of the multiple ways you can finance your deals, or know how to obtain "funding" partnerships.

After speaking to many investors we are seeing this pattern of investors being unsure of how to even start initially approaching a lender.

To start, I think it would be great for lenders to get the answers to this information.

Above are topics that we are looking to provide the bp family information on, but we would love to hear from all of you, specifically: 

1. What are you unsure about (Besides where to start)?

2. Is this a good direction and do you feel that haveing this information will start you on your investing path?

All questions and comments are welcome!

@Andrew Fisher, if you don't have a specific deal on the table, lenders like to see that you've had experience and have a goal in mind generally speaking. So touch on that. What to come initially to the table with may vary per lender though. 

You're specifically looking for a certain loan so see if that lender provides it. 

Also, know off the bat, the rates and terms marketed online aren't always set in stone. The "lowest rates" and the "best terms" that are marketed online may not be what you are qualified for. They vary based on the investor's experience. 

DM me if you want to speak further!

Hey @Andrew Fisher,

You're starting to think in the right direction so that's great! You can do this type of deal with banks, alternative lenders, hard money, and private/family and friends. So establishing your set lending partner would be a great first step. They'll also be able to paint out a picture for you on how to execute your goals and assist with a strategy (Maybe not family and friends, unless they have experience in the space). 

Hope that was helpful. You probably have many more questions, but here is a start!