All Forum Posts by: Ryan Herting

Hey @Scott R. I just messaged you!

Hey @Jordan Lockaby, yes that's going to be tight criteria to get around when it comes to lenders. I would recommend going private, family and friends, or a small local credit union. Also, here is a resource of lenders called private lender link. Basically, you input your criteria and they do a great job at matching you with a capital provider. 

Hope that helped!

Hey @Abigail J Steinert & @Steve Vaughan, 

to answer some of your questions. When someone is an avid flipper, they usually have trusted capital partners if not a few great relationships where that pain and risk are very much reduced. Also, I would love to clear up the stigma that obtaining capital partners is painful and risky, which is in fact not the case. Just finding the right partners is difficult. 

The following will elaborate on the above and answer more of your question. 

See, it's an even bigger risk to have your money tied up in a deal than to pay some fees and interest on capital you are lent. Yes, you might lose out on a couple of grand here or there, but this is also a business that requires speed, and having a lot of your capital tied up in one deal will slow your scaling process. 

To add, when it comes to most lenders, they will want you no have some equity in the deal. With that, you are going to need that liquid cash. If you waiting for the return/to pull that cash out from another deal, you're going to lose time and most likely money.

I hope that answers your question. I can go into more detail, but this is basically the reason.

Hey BP Family,

Below is a list of tools investors have recommend for property management to track and collect rent. This list is in no specific order, but what I would love to know is:

1. If you have used any of these tools
2. Which is your favorite property management tool out there - either on this list or an alternate software (Add as much detail about the usage of the product if you like).

I would like this post to act as a conversation for all of us to learn more about the different software that is out there.

Avail

Rent Manager

Hemlane

Appfolio

Buildium

Cozy

Stessa

Yardi Voyager

ManageCasa

Rent Manager

@Rikera Waters, will be at this meetup tonight. 2nd Tuesday Real Estate Investing Trenches- Scott Patterson 

Hey @Khadijah Oliver, what are you looking for from a lender? Better leverage? Most types of lenders have that minimum loan amount. Some do 50K, but what are you looking to get from a private lender?

Hey @Ivan Fence, can I ask why you are looking to obtain private financing from another country and not a local source of capital. 

Hey @Jason Moomaw, Could you clarify what in specific you are looking to get answered?

Hey @Robert A. Coloma, I would do more research on lenders. Rates that low don't make sense especially if they're a no doc shop. Purley asset-based lenders are most likely going to be hard money lenders whose rates are typically going to be much higher. Also, did they provide you those terms off the bat or after explaining your project?

@Tim Lee, I would also recommend the following: 

1. Read Rich Dad Poor Dad if you haven't already. A big part of creative financing is your mindset and thinking alternatively. This is pretty difficult because the industry itself has been conventional for a long time. 

2. I would even look on BP, check out posts in forums where people discussed their strategies, and connect with them. People love talking about their achievements, so get these people on the phone so you can learn what they've done. This also offers an opportunity to expand your network. Search by "creative investing" 

Let me know if I can help further!