All Forum Posts by: Travis Nagler

Hi,  Rich.

If you are using a CA- licensed Realtor, they will be using a CA BRE residential purchase agreement form. On the is a check box that says you will be making an all-cash offer with no lender financing needed.  That was put on the form a few years ago specifically because people were saying it was an all- cash offer but having to get loans. Basically,  people were lying and sellers got sick of it.

If you're not using a realtor,  you can put whatever you want,  I would guess.  But you wouldn't be able to put in any contingency for getting the loan. So if the loan didn't come through,  or for that matter took longer than you have said for a closing date,  you would have no recourse for getting out of the contract based on that. 

Also,  what are you going to show the seller for proof of funds? In California,  it is usually requested,  same reason now as the all-cash offer deal. People used to say sure,,  I got it in my pocket. Than not close the sale because they didn't qualify,  etc.

Lastly, not telling your commercial lender is not a good idea. In residential lending, people are told not to buy ANYTHING on credit until they close on the house, because it changes FICO scores and DTI ratios. I will say I'm not sure about commercial lending since it's usually not based on your personal credit, but something you might not want to risk.

Feel free to do what you like, but I personally would not suggest that course of action in California. Just a lawsuit waiting to happen. 

Travis

Hello, everyone.

I am looking for business and/or legal advice on setting up a partnership with a private money partner. We are looking at purchasing 1 or 2 properties together to start, but this would be the 1st time for both of us. Me having a money partner, him bringing in the private money.

What kind of business set up will we need to get going? I'm sure there is a basic minimum necessary piece, and then a long term, many deals type piece. I'm looking for the basic minimum piece at this point.

If you can shed any light on this, I would appreciate it.

Thanks,

Travis

Travis

View report

*This link comes directly from our calculators, based on information input by the member who posted.

So I'm looking at this deal, with conservative rent income for the area based on 4-2BR and 2 studios in the building ($700 and $400, respectively). I like it and, after some more due diligence by my realtor in the town and some pictures/info on the interior, provided everything looks good, would really like to put in an offer. My calc offer price is just a little below asking, but it's been on for on the market for almost 2 months. I would start less than the report says, and work my way up to that, if needed.

My question/problem is this. How do I find a partner to come in with the down payment (25% down) for 50% of the cash flow? I've been a real estate agent for 8 years in California, so I know the business, but this will be my first investment property. So it's not the deal I have a question on, it's the money relationship.

Actually, there are two of these buildings and I would like to buy them both.

In my experience, I can't put in an offer until I have the POF to go with it for the seller to show basically that I'll be able to close. But how am I supposed to get a money partner if I don't have the deal in contract?

Any help would be appreciated.

Thanks,

Travis

Hello, everyone.

Any suggestions for good Property Managers in the Dayton, OH area? I have offers ready for some MF homes in the Dayton area that I will be turning in this week, so any suggestions would be appreciated.

@Andrew Fidler I saw the recent posts from you regarding your broker's license in a Toldeo PM post. Congratulations! I don't suppose you guys have in contacts or do business in the Dayton area?

Thanks,

Travis

@Darrin Carey

Hi, Darrin. I can appreciate that there may not be a lot, but all I need is 1 or 2. I'm certainly not going to start off by saying I need a C-average PM. This is just the start of my investments in Dayton, and I want someone who I can stay with for the long haul.

Hi, Jorge.

What's your investment strategy? BRRRR? Flip? Buy and Hold?

Hello.

I am investing in property in Dayton, Ohio and am looking to get in touch with property management companies specifically in that area. I am working with a realtor already and am currently putting in offers on, mostly, multi-family properties east/south of the river. I am focused on BRRRR properties to start.

The kind of property management company I am looking for has rental properties already in that area, is listed on the Better Business Bureau with an A+ rating, is listed on Angie’s list with an A rating, as is a member of NARPM. Stringent criteria, but I live in California and don't want issues ( as least as little as possible) with tenants. I need a company that is proud of the work they do and cares enough about their image to maintain a high quality of service. These items above are the way I will see that.

Please feel free to contact me through Bigger Pockets. I am on here every day. I look forward to starting a new relationship.

Thanks,

Travis

I am looking to buy some MF properties in Ohio (I live in California). There are some investors looking to sell multiple properties (mainly duplexes) in package deals so they can cash out and retire.

I have not seen the insides of the homes yet, so I am not sure how much rehab exactly would be needed, if any. So I'm going to ask both ways.

Are there hard money loans available that would cover all properties for purchase under 1 loan including money for any rehab (80% on the purchase, 100% on the rehab), saving me some money on fees? If yes, is there anything special on how they work?

Are there conventional loans available that would cover all properties for purchase under 1 loan (80% LTV), saving me some money on fees? If yes, is there anything special on how they work?

I have the 20% down and excellent credit, so I'm not worried about qualifying. And depending on the interior condition of the homes, then I'll take the HML/conventional path, as needed.

Of course, getting a good price so the numbers work, etc., I understand that. But that's why I'm trying to get some figures on how much the financing is going to cost so my calculations and offer can be more accurate.

These will be my first REI purchases.

Thanks in advance.