All Forum Posts by: Scott D Burrows

@Sev Stan

I am guessing that @Chris Mason would know the answer to your question, since he is in Oakland, CA (maybe he knows someone in that area). 

Some things to appeal to lenders:

If going conventional:

• Good W2 Income
• Low DTI
• Good credit 
• Cash Reserves
• Fewer than 10 financed homes 

If going with commercial lending: 

• Cash flowing assets
• Business Plan that is scalable
• Good cash reserves
• Good credit if possible
• Low DTI
• Know your numbers very well

I know this was general, but that's the overall vibe I get from dealing with both types of lenders. 

Conventional lenders are going to act more like they have no clue what you are dealing with and just try to sell you a mortgage. As far as conventional lenders, I recommend  @Diana Muresan for an investor wanting to leverage conventional loans, at least the beginning. 

Commercial lenders are going to want a really good plan, good track record and are much more analytical when you speak with them, so make sure you are prepared and know the number that you want. Simply be confident and prepared. Also, in the commercial world, $1MM isn't a big deal, so if you are asking for less, expect to kinda be brushed off or put on the back burner, especially if getting loans for SFH (I've experienced this frequently trying to leverage commercial lending for SFH). @Andrew Postell is the man with the plan on BP for creative lending advice, so I'm sure he could help connect you with someone that could give you great advice in this space. 

@Dexter Samour

Who deemed them "non-warrantable"?

You could try the guys at RCD Capital. 

They have some pretty flexible products that might be able to help you with this. 

Also, @Andrew Postell might be able to help. He is always on here posting and has a lot of connections. 

Good luck! 

Scott

@Derek Dodd

@Andrew Postell is very knowledgeable as well. I am sure he could help, if the others can't. 

Again, good luck! 

-Scott

@Derek Dodd

I have no clue how this works. However, I am sure @Diana Muresan or @Chris Mason could help you figure out how to do this. 

Send me an update when you get a chance. 

Feel free to connect. 

Interested to see how this works as well! 

Good luck! 

Scott

@Michael Thompson

Yes. 

@Diana Muresan

She is great to work with and can help you with this for sure. 

Working on a deal with her as we speak.

Good luck! 

Scott 

@Brendan Mcdaniels  

You could get a second opinion and get another appraisal, if the first appraiser doesn't want to explain his valuation in enough concrete detail. Just my thoughts. 

Let me know how it works out. 

Good luck,

Scott 

@Justin Farrar

Something around the 7-9% mark would be fair with some type of balloon due at the end (if you amortize it over 5 years, you'd make a great amount of interest, instead of just doing straight-line interest. In other words, front load the interest, to where the amount paid at the end is their paying off the principle, with mostly just interest being paid to you while the payments are rolling in (paying for your risk).  

Good luck! 

Scott

@Kirk Pak

Home Bank- Kathy-Spencer Ellis 

Bryant Gatz- Fairway Mortgage

Beth Mason- Crane Credit Union.

DM Me if you need their contact info. 

Good luck, 

Scott

@Clifford Laguerre

Heres what you could do: 

1. Get approved for credit cards and preferably BUSINESS credit cards (Chase Ink is really good) or Venture One (Make sure there is no renewal fee. 
2. Get a personal loan or hard loan equal to this amount (minus 3%)
3. Once you get personal loan, you now have cash in account and can send verified funds when needed. 
4. Payoff the personal/hard money loan using your numerous credit cards with 0% interest using Plastiq (send mail in check).
5. Refinance the homes and payoff as much of the credit cards as you can. 

Note: All of this assumes you have a decent credit score and your credit will probably drop about 30-50 points, FYI. However, if you follow this you will save about $4,000 in the first year interest or holding costs(which can then pay for refi). 

Good luck. 

Let me know if you need anything else or have any questions. 

-Scott