All Forum Posts by: David Wright

@Anthony Pace - From a commercial lender perspective Anthony I would suggest the following things to consider, if you will need financing:

1.  Get a quote from 3 commercial lenders and compare not just the rates and points, but also the terms.

2.  Be sure to have a down payment (just in case) of 30% to 35% plus closing cost and reserves.  I know there are many lenders that will tell you they can do 90% to 100% financing but just be prepared.

3.  Avoid any lenders that will require you pay a fee upfront for them to work with you.

4.  Consider the pros and cons of using a Broker vs a Direct Lender.

These fours things should help you in the financing area.  I wish you the best.  

@ William Ika - You can find us pretty much any where.  Go to the market place here in Bigger Pockets and search for Hard Money Lenders.

Here are a few tips with working with hard money lender like us:

1.  Make sure that you receive an offer letter in writing with exact terms, rates, and conditions. 

After applying for a loan you should be able to get an offer letter with these details within 24 to 48 hours.

2.  Call and speak to the loan officer/account executive and build a relationship and interview them with many questions.

3.  Do not expect to get bank and credit union favorable rates and terms, it will not happen with Hard Money loans.

I wish you the best and if you have any questions or concerns just contact me.  

@ Rick Howell....this very good. Thank you

Jeremy, if the lost is more than the upside I would seriously consider selling it.  And if you are an active investor I would sell it because you will have other properties come your way if you are an active investor.  Just my humble opinion.

I wish you the best.

@ Anthony Miller there are many commercial lenders as you have just listed several yourself here.  The key to having a favorable experience with a  commercial lender (including my company) is finding a lender that offers exactly what you wrote: fast, reliable, and excellent customer service.  But the question is how?

The challenge with finding a fast, reliable, and commercial lender with excellent customer service is we all will tell you we have that and do that.  So the key is trust.  Who can you trust?  So here are some "test suggestions" to see which commercial lender is fast, reliable, and above all, has excellent customer service:

1.  Call the Loan officer or account executive of this lender and see how long it will take for them to call you back.  

If they can not even get back to you fast with you calling them for business, how fast do you think they will be able to close a loan?

2.  Email this loan officer or account executive several questions (at least 7) and see how detailed and quick there response is.

The type of questions you ask really do not matter, you are giving them a test.  A lender who is not very detailed with their answers and takes awhile to get back with you....most likely will not be reliable throughout the loan process.

3.  Apply for a loan with a few lenders and see how quick you either get a "detailed" offer letter with all the exact terms, rates, and conditions within 24 to 48 hours or less.

Verbal offers are just that - talk - and talk is cheap as they say.

These three "test suggestions" will weed out the lenders who are fast, reliable, and offer excellent customer service from those who do not.

I hope this helps you find the commercial lender you are looking for.  God bless.

Dustin there is a program called "Housing Alerts" by Ken Wade,  its an amazing tool.  It does just what you are looking for - analyze a market for you.  Here is the link:  https://www.housingalerts.com/

I hope this helps you.

Arie, just Google "pre-foreclosure and tax delinquent list"  there are several vendors to pick from.

The information is only as good as the source.  Check the source of the information and ask yourself; what is their track record for predicting market crashes?  Not saying they are right or wrong, but I need to know what makes them reliable.  Too many so called "experts" have been wrong in the past.  Just my humble opinion. 

Alan, if you can afford to, Direct Mail would be much better from my experience.  Here is why, Direct mail is response marketing...sellers are calling you for help, not you calling them for a sell.  It makes all the difference in the world.

There are pros and cons to direct mail and any other marketing strategy, but compared to cold calling its more effective. When I use to wholesale I called thousands of lists...only because I just did not have it in the budget to do direct mail.  

I wish you the best.  

Jo the first place I would start is to take a real estate investing course in the area you would like to focus on.  Just Google for real estate investment courses.  Starting right here in Bigger Pockets is a good place.

The biggest mistake I see almost EVERYDAY as a lender are new investors who have not taken a training course and learn as they go.  In my opinion, this is a costly and risky why to learn.  Some mistake you just do not have to make.

That's my take Jo.  I wish you the best.