All Forum Posts by: Shawn Dandridge

I am looking for a HML/Private lender for 65K for multifamily properties in TN. Total of 7 properties. I am willing to provide a personal guarantee as my income can support it. It's hard to get a bank loan since I just bought a primary residence. Please reply here or PM me if you're interested in hearing more about this deal.

Thanks.

@Colleen F. Yes, its 1 million per property, 2 million total.

@Elizabeth Colegrove I will shop around as USAA seemed a bit high. Any suggestions?

I got quotes from my insurance company, USAA, for two duplexes. Each policy comes with 1MM per duplex. Total cost for each duplex is around $60 a month. Is this too much insurance per duplex or does this sound about the market average. I have seen many posts talk about umbrella insurance and I was wondering do I need one of these although I have 2MM in liability insurance between the two properties.

Most of the people here instantly jumped to conclusions about this woman and want her out on the street. It seems like the OP and a few others are the only ones looking at the entire scope here. Washington State is a medical marijuana state. What she is doing could be entirely legal. I would advise the OP to consult with an attorney to actually find out what she is doing is legal or not. If certain licenses are required then I would ask the renter to present these. There is also the question of what does his lease actually say. Is it no drugs on the property at all no matter if its legal or not or is it drugs are OK as long as you have your medical card, ect. There are still too many unknowns for you guys to tell this landlord to throw this woman out on the street.

I called a small local credit union yesterday about a REO they have. It's a 4 plex, not sure if any of the units are rented are not. I plan to do a drive by tomorrow. I asked her would the bank be willing to finance the property and rep kind of hesitated. I can only put around 3-5k down and they're asking 185k for it. I figure I could go to them with a pitch of no money or very little money down since they already have the property as a non performing asset on their books. This way they could immediately begin collecting mortgage payments. Any ideas on if this would actually work and how should I approach the REO rep.

Thanks,

-Shawn

I'm curious, do you guys let new tenants know someone died in the unit?

The SEC is a joke. They couldn't even stop Madoff who was stealing hundreds of millions in plain sight. I say go with your original plan, I don't think you have anything to worry about.

@Amy Solomon

You should be covered under Regulation D of the Securities Act of 1933. I have pooled money together for a couple of investments, not real estate more like a private equity fund. If you want more reading I would start here:

http://en.wikipedia.org/wiki/Regulation_D_(SEC)

Generally as long as you're under the 5 mil mark your good. I'm not an attorney so don't take my own personal experiences as the gospel. You should still check with an attorney for your own piece of mind.

@Ned Carey

Do you know anything about Beaufort Ave? I'm eyeing a property on the street. I did a drive by and the neighborhood looks a little rough but typical lower income area. A lot of the houses are fairly maintained and had the grass freshly cut. Do you think this is more of a rental area or could I possibly do a fix and flip?

I just recently bought my first house at the beginning of Aug. Before that I was renting a townhouse from a very nice older guy but had no clue on how to be a landlord. He got into financial trouble and we went through a short sale. During the process, his agent would just send people over to view the house without making appointments and gave out my phone number to schedule showings. The first couple of times I allowed the property to be viewed but after that and the non stop phone calls I stopped everything. I reminded my landlord per his own lease that I didn't have to let anyone into the property until the last 60 days of the lease.

We still had over 6 months remaining. It even got to the point where I flat out refused to show to one couple who showed up with an agent as they were standing on the doorstep begging. I didn't feel bad at all turning them away. My house was never dirty or in any type of state where I would be embarrased to show anyone. I just was simply tired of getting harassed every waking moment of the day for showings.