All Forum Posts by: Shawn Krieger

@Shawn Krieger, the terms seem a bit out of wack. Also you say it's 1 property, and then say it's a multi-family portfolio, which is it? 5% fees for brokers and origination seems ridiculous.

any direct lenders you recommend

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Upstate New York, New York

Quote from @Chris Seveney:

@Shawn Krieger

I recommend setting terms for people make it easy as possible to understand the deal

20/80 split gp lp

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Upstate New York, New York

Quote from @Scott Wolf:

@Shawn Krieger, the terms seem a bit out of wack. Also you say it's 1 property, and then say it's a multi-family portfolio, which is it? 5% fees for brokers and origination seems ridiculous.

this one is one but its together with another 8

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Upstate New York, New York

Quote from @Paul Klei:

Quote from @Account Closed:

Quote from @Shawn Krieger:

Quote from @Account Closed:

Quote from @Adam York:

Quote from @Cliff Benner:

I would say save up, like everyone else is saying. I invested with no money and it shot me in the foot. I had a lot of other things I did wrong that happens to most rookies, but no money to help correction those issues and got stuck in a scenario that stopped everything I wanted to do in life.

Im pretty sure I was the worst case scenario that people come up with, and I wish I would have saved more money then I did, I talked about it on the BP podcast #610 if you want to hear more about it.

But you are on the right track, start educating, budget your finances, attend meet ups, talk to lends to see what options they have. Don't be stagnant because of funds, maybe you find a seller finance deal while learning and they are ok with no down payment.

Thanks Cliff, I'll definitely check out that episode.

Be careful. Unfortunately from what I have reviewed about the "subto community" and the "elephant challenge" they do not tell you about the downsides that would have your wife and kids wondering what kind of fool would do these things. Just because a clock is right twice a day, doesn't mean that it's working the rest of the day. Beware of what you don't know and what they aren't telling. Someone posted a nice primer at https://www.biggerpockets.com/forums/311/topics/1060320-usin...

I'd start with that as a guideline.

i have a couple seller financed deals but i still need equity partners for closing costs and fees

If you can't afford the closing costs and fees, how are you going to make the mortgage payments, insurance and taxes to the seller? Just curious.

Hopefully the properties he's looking at are income-producing and the NOI can carry the debt service, etc. Lenders look at DSCR, debt service coverage ratio. DSCR = NOI divided by the amount due to the lender/seller. If the NOI is 100,000 and the debt service is 50,000 then the DSCR would be 2, meaning that the property makes twice as much as necessary to cover the payments.

yes exactly there are deals like this out there

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Overland Park, Kansas

Quote from @Account Closed:

Quote from @Shawn Krieger:

Quote from @Account Closed:

Quote from @Adam York:

Quote from @Cliff Benner:

Im pretty sure I was the worst case scenario that people come up with, and I wish I would have saved more money then I did, I talked about it on the BP podcast #610 if you want to hear more about it.

Thanks Cliff, I'll definitely check out that episode.

I'd start with that as a guideline.

i have a couple seller financed deals but i still need equity partners for closing costs and fees

If you can't afford the closing costs and fees, how are you going to make the mortgage payments, insurance and taxes to the seller? Just curious.

rental income

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Overland Park, Kansas

Quote from @Jennifer Cramer:

I'm a new member and this is my first post so please go easy on me! I'm interested in investing in my first LTR or MTR. I have a full-time job in NYC and travel excessively for work so I will need a property manager. My goal is geared towards long-term wealth and eventually reaching a point where I don't have to work as hard because I'll have passive income to offset some of the income I will lose when I "take my foot off the gas". I am not interested in house hacking as my plan is more centered around Buying and Holding.

The idea is to start in one area, build my team and then purchase my first property. Eventually, I hope to build my rental property portfolio in the area I choose. Initial budget is small, up to 300K with 25% down for the first property. Looking for Class A/B areas. I don't really care about making a profit off the monthly rent in the short-term (though it will be nice!), I just want to build equity and not "lose" money. Right now, I can't even narrow it down by state, much less city!!! Here are my options:

1) Georgia - my old company was headquartered in ATL so I know the area well and have friends in the surrounding areas. Hower, it seems really over saturated so not sure if I should still look there

2) NC - I'm drawn to this state but am not as familiar with the cities. Looked at the Wilmington area but open to any suggestions

3) NY - upstate, NYC or even far out in LI (mastic Beach?). It's my home state but property and taxes are so expensive outside of the city and in NYC you're dealing with maintenance fees, boards etc. I just think my money will go further elsewhere

3) Maine - I'm drawn here because eventually I want a second home in this state but this is my heart talking, not my brain

My question is, how did you go about deciding where you to invest? What resources did you use? Who did you talk to initially? Does anyone have feedback on any of the areas I listed above? Are there other areas I should consider? I realize this is incredibly broad, so I apologize but I'm feeling a bit overwhelmed. Once I narrow it down, I feel like I will move but right now I'm stuck. Thanks in advance for your help. Looking forward to learning from all of you.

invest local

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Quote from @Account Closed:

Quote from @Adam York:

Quote from @Cliff Benner:

Im pretty sure I was the worst case scenario that people come up with, and I wish I would have saved more money then I did, I talked about it on the BP podcast #610 if you want to hear more about it.

Thanks Cliff, I'll definitely check out that episode.

I'd start with that as a guideline.

i have a couple seller financed deals but i still need equity partners for closing costs and fees

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Overland Park, Kansas

multifamily portfolio in upstate new york

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Upstate New York, New York

If its just one loan your rate is way to high for a 700 Fico and I would also ask do you have to go DSCR? If this is one property can you go "Full Doc" using you personal W2 or 1099 income

w2and 1099 not gonna work

A Jumbo loan like that can get an exception on broker fee's and the Prepays.

are you saying we can get the brokers fee waived?

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All Forum Posts by: Shawn Krieger

Shawn Krieger has started 11 posts and replied 136 times.

Post: are these good terms for dscr

Post: are these good terms for dscr

Post: looking for an equity partner to cover acquisition costs

Post: are these good terms for dscr

Post: Starting out with no cash?? What would you do?

Post: Starting out with no cash?? What would you do?

Post: First Post: Overwhelmed and can't figure out where to invest

Post: Starting out with no cash?? What would you do?

Post: are these good terms for dscr

Post: are these good dscr terms - propert 2