All Forum Posts by: Terek Henley

What should I bring to a hard money lender in order to close a deal? I know most of the main things like ARV, comps, and scope of work. Does anybody have an example they could share? Or possibly a template that you go off of? Also what tools should I be utilizing that bigger pockets has to offer with the pro membership that that would help me with this.

I am looking for a CPA/tax strategist well versed in real-estate investments of course ! I am just starting to set up my entity for flipping houses. I know it's not as easy as just starting an llc. I am looking to talk about C&S corps, setting up multiple llc's owned by said Corp, and dissolving the llc after deal is done. I figure trying to make a connection here was better than just going to Google to call and have them tell me they work with investors all the time when that may not be the case.

@Andrew Postell Thanks for your response, I am aware of what the burrrr method is. I also agree that it doesn't matter where you get the properties if the numbers look good. Yes the 4.5% interest line of credit from from the bank would be better than the 10% from a hard money lender, but if @Jess Jones wants to get around the seasoning period with the refi, why would he not go that route? Buying with a hard money loan is the same as buying with cash. He could work the couple thousand that he paid in interest from the hard money loan into his numbers and still come out of the refinance with $0 left in the deal (a perfect burrrr). If you don't want to hit snags when it comes to the refi then talk with a lender before you start buying to be sure you will be able to get the refi done when it comes time. You don't need to know what property you are interested in buying at the time of inquiry with the lender. The lender is just looking at your personal finances to see what your pre-approval is on a mortgage. (This is the current step I am in.) I think the refinance part of the burrrr method is the most important. You can do everything else correctly and then not be able to get the 70% ltv 30yr fixed you were planning on. If you know what you are pre-approved on, and you know what banks will offer you at least 70% ltv then you're golden. If somehow you are unable to do the refi, look for a dscr lender, or simply turn your burrrr into a flip and make some quick cash.

@Jacob Trogan thanks for the words on @Cody Petersen. I will be in touch.

@Garett Weber thanks for the reply. I'll contact you.

@Greg Ross thank you I will keep that in mind.

@Cody Petersen I will for sure be reaching out to you! Thank you for the reply. I am trying to set up my core 4.

I'm a new investor looking to connect with locals in the Kansas City Missouri area!

Looking to connect with any locals on the Kansas City Missouri area. 

@Andrew Postell is this a different strategy from the tradition burrrr? I am a new investor looking to buy my first investment property in/or near Kansas City Missouri. Like @Ron Brady I currently only have my primary residence that I purchased in march 2021. I'm not sure if I have enough equity to qualify for a heloc but an appraisal would let me know. Idk much about helocs, but I am assuming they would be better than a hard money loan? I would love to grow my portfolio as fast as Ron. Any help you could offer would be greatly appreciated.