All Forum Posts by: Steve Kirsch

@Joe Villeneuve Thanks Joe. I'll reach out to a few brokers I know. 

Steve.

Hey BPers,

Looking for ways in researching listings for properties where Seller financing is an option. Properties already owned free and clear where owners no longer want to be landlords. Wanting to network to learn how to find such deals. Bringing value to the conversation. I have a few SFH properties currently and wanting expand my portfolio into SMFH. Any insights are much appreciated. Continuing to educate and network.

Thanks,

Steve K

Hello All, If PML/HML is needed to fund an investment property for the down payment and rehab costs because funds are not otherwise accessible for a conventional 30yr, how can I obtain the funds for the mortgage loan AND the PML monthly payments concurrently? Meaning, I'd have both the mortgage payment as well as the PML payment until the refi is done to pull out the equity to payback the PML. please advise. I look forward to your responses.

Thank you 

Steve K

@Mark Safrin thank you for the feedback and quick response. Your points are noted and well within my means to achieve. Thanks again. 

Hello All,

Can I have some pointers on what thresholds are typically required for ROI that HML/PML strive to achieve when reviewing and approving the lending for a deal? For me, I'm looking at cash flow and long term appreciation as my priority goals when running numbers. However, lenders don't bother with cash flow as they are looking at short term return of their investment in the lending of the funds. Each lender's ROI requirement is different which I fully understand and each use a number of formulas to determine approval. However, I would love to know if there are an industry standard threshold to be reached? This would allow me to vet properties more stringently before I submit data reports to the lenders?

Thank you

Steve K.

@Sharmika M. It depends on your investment strategy. Buy n Hold, FixnFlip? You need to weigh your options. Basically, all you are needing is the funding for the capital needed for the down payment/associated costs and any rehab you want to do if any. Your tenants (if keeping the property as a rental) will be paying for the loan and hopefully your calculations allow you some cash flow at the same time. The BP calculators are a great resource. Do you due diligence on lending programs that offer you the best programs/rates that fit your need. Hope this helps..... 

@Sreeraj P. Yes. I agree with @Jennifer Brown and @Christopher Hunter. You do not want to caught off guard with any surprises. That could be more costly in the long run that having legal documents drafted for you.

Hi @Sharmika M.. I agree with Christopher, educate yourself first. Ultimately, you will have more control of your money (investments) in RE than in the market. If you are hesitant to expose all of your funds, start with one property and learn from every step of that transaction. With repetition, you will become more confident. 

Howzit BP,

Any thoughts on Building Bits as an added revenue stream for investing? Not as a Primary Investing strategy ie: SFH, Multi, flip, Buy n Hold which I already am actively doing, but for a side "set it and forget it" type of investing. I'm aware there is less up front control and similar to investing in the marketplace. However, with this, the commodity is real estate (residential or commercial). Feedback is greatly appreciative.

thanks

Steve K

BP Fam,

 Looking for Lenders who are willing to do some out of the box creative financing. Are there any lenders/portfolio who are open to offering a line of credit  of which I would be using for down payments and rehabs then pull the equity out with a refi conventional and pay back to the credit line. The credit line loan and refi conventional loan would be with the same lender for multiple MFH properties.  Knowing lenders can make their monies in origination fees, service fees and interest, having several properties in the portfolio may be attractive to lenders who can offer unique financing packages. I am also open to discussions of partnering ownership of the property and leveraging my time, knowledge and team management skills to benefit vested parties.

Your feedback is greatly appreciated. 

Thank you

Steve Kirsch