All Forum Posts by: Seth Timmerman

I need some advice on securing a loan for my first property. I'm hitting roadblocks with lenders because I'm a new company, and private lenders are telling me that I haven't borrowed substantial amounts in the past. Does anyone have any tips on how to borrow money to kickstart my first Section 8 venture without having to deal with interest payments on a personal loan just to establish myself in the US financial system? Your insights would be greatly appreciated!

Being new comes with lots of challenges. Lenders want experience for a reason. Look into partnering on deals to start. Even if those deals aren't your end goal the experience gained is highly valuable. Hard Money / Bridge loans that are refinanced out to long term after a renovation and seasoning will help you get a deal funded. But working with a partner that is doing the deals similar to what you want to do will give you the ability to get your road map. It's not impossible to strike out on your own to start but the road is much harder. So many new investors I speak to are thinking so much about the long term without the knowledge of what it takes to get there.

The question I have about partnering is this, what benefit would a bank or lender see in me having partnered with someone on a few deals. Im all about knowledge and im looking forward to learning as much as possible from anyone and everyone I can. But if a partnership doesn't help me look better to a lender or help me get funding then what should I do now or in addition to a partnership?

The partnership shows experience completing a deal. Conventional banks are going to want to see financials for 2+ years which I'm assuming isn't an option for you just starting out. So, when it comes to Hard Money and Private money the lenders look at 2 things: the deal and the ability for the investor to make the deal happen. Going in with no experience a lender is not as comfortable that WHEN you find something unexpected you will be able to execute. Completing deals shows you will get them to the finish line. Also, a partner with experience serves as a type of mentor as well. You are able to tap into both their knowledge and their network. If you work with a partner and fund a deal or two with them at XYZ BANK and are able to pay them off through whatever exit you decide. Now you can go to XYZ BANK and tell them you're experienced and are looking at this deal. They will be more inclined to work with you by yourself. Then when you have a few solo deals completed ABC bank sees you have a track record of MULTIPLE deals and will be happy to lend to you.

1 Vote

Morgantown, West Virginia

Quote from @Tyler Young:

1 Vote

Morgantown, West Virginia

Quote from @Charles Roy:

Hi Guys,

So my information is there is a house on the market near me that has been on the market over 300 days and is priced at 300k. The owners originally listed the house at 339k on 10/2022. The main house is a 4 bed 2 1/2 bath and the additional house located outback is 3 bed 1 bath with potential for 2 baths. I plan to live in the primary house and rent the smaller house.

My question is how would I go about putting in a lower offer due to them being unable to sell. I don't want to come off as offensive but I understand they aren't getting any offers so a lower offer might be accepted. Any tips or advice is appreciated thanks!

On market properties ... you make the offer through your agent to their agent. Be as offensive as you want to be.

0 Votes

Charleston, West Virginia

Quote from @Bagus A.:

Hi all I am a new investor.
I live in a suburb DC area in Maryland, and look to invest outside my area. West Virginia is the state nearby and I want to know more about its prospect. I also look to connect with investors, realtors, and prop managers in the area, to learn more insight about the market. My goal mainly focuses on cash flow with some appreciation. I look forward to hearing anyone who has experience with WV market.

Let's connect. I'm local to Morgantown and also have connections throughout Virginia.

0 Votes

Morgantown, West Virginia

Quote from @JonPaul Kessinger:

I'm excited to join this forum and learn from the experienced real estate professionals here. I have some questions about starting a property management company in the state of West Virginia, and I'd greatly appreciate your insights and advice on this matter.

Here's my situation: I'm currently in the process of obtaining my real estate license, and I plan to operate a property management company. I understand that in WV, I need to work under a broker for my real estate license. I have two options:

Option 1: Wait for two years and become my own broker.

Option 2: Start the property management company now and operate under the supervision of one of the brokers I know, who are willing to let me do so.

I'm hoping you can provide me with your valuable opinions and experiences to help me make an informed decision. Here are my concerns and questions:

Advantages and Disadvantages of Each Option: I would like to hear about the pros and cons of both options. What are the benefits of waiting for two years and becoming my own broker? Conversely, what challenges might I face if I choose to start now under a broker's supervision?
Potential Ownership Stake and Independence: I'm worried that if I start under a broker, they might demand a substantial share of my company, or it might be challenging to separate from the broker once the two years have passed if I was to become my own broker then. Has anyone been in a similar situation? How did you handle the ownership structure and ensure future independence?
Contracts and Client Relations: As I understand it, the broker would hold the contracts in option 2. How much control do you think I would have over my clients and business operations in such a setup? Is this a common arrangement in the property management industry, or are there alternatives that would allow me to retain more control?
Best Practices and Legal Considerations: I want to ensure I'm following the best practices and adhering to all legal requirements for starting a property management company in WV. Are there any specific regulations or licensing nuances in the state that I should be aware of?
General Tips for Starting a Property Management Company: Lastly, I'd love to hear any general tips or advice you have for someone embarking on this journey. Whether it's related to marketing, attracting clients, handling property inspections, or any other aspect, your wisdom would be highly valued.

I genuinely appreciate any feedback, advice, or personal experiences you can share.

Thank you!

Hey would love to connect with you. I'm local to morgantown

1 Vote

Morgantown, West Virginia

🏡 Join Us for a Real Estate Networking Happy Hour! 🎉

Presented by Mountaineer REIA

Are you a real estate professional, investor, wholesaler, realtor, lender, or contractor in the Morgantown WV area? Don't miss this exclusive networking opportunity!

📅 When: 8/24/2023 at 6:30 PM

📍 Where: Mountaineer Taphouse, 453 Oakland St., Morgantown WV

#mountaineerreia

1 Vote

Morgantown, West Virginia

The Charleston group is Central WV Real Estate Investing Group on Facebook and the Morgantown group is Mountaineer REIA on Facebook. Charleston is the 2nd Tuesday of the month and Morgantown is the 4th Thursday. (July date is actually 7/26). I help out with both groups if you're interested let me know.

1 Vote

Charleston, West Virginia

🌆🤝 Unlock Opportunities, Connect with Experts! Join our Real Estate Networking Event.

📅 Date: 7/27/2023

⏰ Time: 6:30 PM - 8:30 PM

📍 Venue: Mountaineer Taphouse, 453 Oakland St. Morgantown WV 26505

🔑 Expand your network, collaborate, and stay ahead in the real estate industry. Connect with top professionals, gain insights, and explore new ventures. Investors, Contractors, Agents, Lenders and all Real Estate Professionals are welcome. Newcomers and seasoned veterans!