All Forum Posts by: Darryl Dahlen

Agreed. I don't think I could justify the money to buy a numbers matching car. I'd be happy with a car that looked good where I could enjoy driving it without fear of adding on some miles to it.

It must have been a sad day to sell off that Mach 1! I too am a Mustang fan. I had a 71 Mach 1 with a 351W, but it was a project car. I quickly found out how little I actually knew about mechanics, so I threw in the towel and sold it.

I hope to buy another Mustang in a year or two. I'd be happy with early 70's Mach 1/Boss that was a weekend driver since they can still be had at reasonable prices.

My first car was a Datsun 280Z so I'm partial to those. I've owned several of them and they've all been great. Nice little sports car that's extremely reliable and not too bad to look at.

Grand Nationals are another one I'd love to own, but it's hard to find one that hasn't been driven a quarter mile at a time. Definitely a sexy car to look at though.

2003 Chevy Blazer with 32K miles on it, no joke. Working from a home office means I don't drive all that much, and since it's barely broken in, there's no need to throw money away just to get something newer.

I will say that I'm impressed with this thread. To be honest, I really thought I'd see a lot more higher-end vehicles listed, but most of us drive practical cars/trucks. Very cool!

Here today, gone tomorrow!

As a moderator, do you have the ability to check IP addresses? If so, you can confirm if the two posters are actually one.

My vote is to nuke the thread. On the slim chance this is a real scenario I don't see how keeping it around will add any value to BP.

The OP is possibly breaking the law, is certainly immoral, and is doing just about the exact opposite of what anyone with a shred of common sense would do.

Not exactily what I'd want seen on BP.

I'm having a hard time believing this scenario is actually real. Posts like this are often started by trolls who are simply looking to stir the pot by provoking the board members.

My spidey sense tells me this is a fake.

Lenders will evaluate multi-family loans using several criteria that serve as the driving force for the loan.

LTV- It's certainly possible to get 80% financing for multi-family loans and even higher if you're using a Fannie/HUD loan, but I'm not going to get into those here as I don't think either of those is fit for you. Since this property seems to have a couple issues I wouldn't get married to the idea that you'll find 80% financing.

Occupancy level- Lenders like historic occupancy levels of 80-85% over a 3-6 month period. They also don't like when incentives have been used to lease the property up, since the occupancy is likely to drop when the incentive runs out.

DSCR- Can the property service the debt at a 1.2 or better? That's the norm for multi-family properties.

Recourse- Most lenders are only offering full-recourse loans these days. This means they are going to evaluate your experience, credit, and financials to determine if your guarantee is worth anything and if you are an asset or liability as the property owner.

There is certianly far more to a multi-family loan, but those are the foundation blocks I'd worry about for now.

One mistake I see people make with SBA loans is they look to what the SBA will allow and not what the actual lender will do. In most cases, the difference is quite large.

Meaning, just because the SBA will allow up to 90% financing on 7a loans does not mean the bank is obligated to do so. I'm seeing most banks lending in the 65-80% range for the 7a program range with an occasional loan for 90%.

Since you have a rehab scenario you are likely going to have to come to the table with a lot more than 10%. My SBA lenders don't mind funding minor improvements, working capital, and/or equipment as part of a loan, but I don't know of any who would embrace major rehab work right now.

If this is a start up business you really need to talk to a SBA lender who has PLP (Preferred Lender Program) status to discuss their appetite for start up businesses and what is a realistic loan if they are lending on them.

From the collateral standpoint, the SBA program is very flexible. While they prefer to use other income producing collateral, they are not opposed to attaching the equity in your home, and will actually allow co-signers who are willing to pledge the needed collateral.

As far as when you would inject the cash, it would be like any normal closing in that you would bring it to the closing table.

I don't mean to be the bearer of bad news so please don't take this post as me trying to rain on your parade. It's important to talk to an actual lender to get an idea of what is possible so you can decide how to proceed based on real numbers.

We are being approached more frequently by entities who are looking to put some serious money into real estate investing so this is a thread I'm interested in.

From what we've seen, the investor typically is one of the following:

1. A small investor and has owned a couple properties but is looking to enter the volume arena.
2. Someone who has had success with SFRs and is ready to get into commercial property (most often multi-family).
3. A person/group who has money, but isn't familiar with real estate investing.

While there are many ways for someone to get into real estate, we find the two best ways for our investors to either use an established turnkey seller or use an investment group.

A turnkey seller can provide properties that have been rehabbed, are rented with vetted tenants, and in some cases, provide ongoing property management. This gives a buyer a means to purchase an investment property without all the hassles of owning it.

An investment group, like Bryan Hancocks, gives an investor the means to get into a particular property type(s) and rely on the experience of the group to deploy that money in a manner that they probably could not.

Also, by investing in a group you have the means to buy into properties that would normally be out of your reach.