All Forum Posts by: Zachary Anderson

@Tyler Labrador My parents (and pretty much society as a whole) always told me to go to school, study hard, keep “quality” company, get a good corporate job, save in a 401k, find the love of a good, honest woman (or man) and marry them, buy a house large enough to grow a family, and have lots of children (after all, they come with tax deductions). This is apparently called the “American Dream.” My biggest piece of advice is to do AS LITTLE of the above as possible. This philosophy is basically just “heard mentality” and creates a zombie workforce, anchored in student loan debt and mortgage debt.... and if you make a good W-2 living, you won’t qualify for ANY of the “tax deductions” that everyone gets excited about. The MUCH better option would be to find that good woman (or man) and make a pact to “live like college kids” at least as far as expenses go... you don’t REALLY need that new car, that big shiny engagement ring, the 5-figure wedding, the huge house, etc. and if you didn’t finish college... so what! Learn to hustle, educate yourself, DO WHAT YOUR MOST PASSIONATE ABOUT (ie. Real Estate) and encircle yourself with people who love what you love AND who make a good living doing it. Don’t focus on the “revenue”... that was my costliest mistake... and if money is your goal... you need to think a little harder... money is only a tool to reach the TRUE GOAL. Buy a Quad or a Tri and rent out the units... your girlfriend/wife will appreciate the added privacy versus a single family renting out bedrooms... just my two cents... GOOD LUCK!

@Joseph Edouard Hey Joseph. We just completed/sold our first Flip in Suffolk, Va... have another underway in Norfolk, and 3 more properties under contract in downtown Suffolk. Our headquarters is actually in Tampa, Fl, so we do all of our deals remotely, from out-of-State. We would love to connect with other local investors like yourself to grow business, share insights, and simply do more deals. PM me for contact info and give me an update on what you’ve been doing since your last post.

@Jeff Dulla Yes, the flip loans are 12m interest only balloon notes funded to the LLC , but we as partners are guarantors. Im not even sure if they are recorded loans/mortgages that would show up in an underwriting search. My personal residence is a conventional residential loan in my name only. That is the loan that I wish to refinance. I am working with several local banks at various steps in the origination process, but don’t want to waste everyone’s time if it’s not possible.... yours included. However, if you feel that floating some information to some underwriter colleagues could shed some light on my situation, I’d certainly appreciate the assistance.

Just completed a large remodel on my primary residence ($90k in) with the goal of refinancing to consolidate some personal debt and pull some additional cash for other real estate related projects, BUT ran into a road block with a lender. I was told that my two ongoing flip projects (under my LLC with a partner) would be included as debt in my DTI ratio and therefore wouldn’t qualify for my jumbo conventional cash out refi option (seeking $540k note). The bank was going to require 100% of PITI to be counted in the ratio, even if prepaid as part of the loan for the year in which we intended to complete the flips. This doesn’t make sense to me, but I am a novice at this. I was hoping for some suggestions on how to go about this refi and whether this is “the norm” or unusual. How does anyone refinance property if they are in the flipping business and these are “normal” terms? Also, if these deals are portfolio funded or private notes... how do they show up in the underwriting process with a bank? My searches don’t reveal any connection with me individually, except that these properties are owned by my LLC and our LLC docs are public domain. I hope this doesn’t come across as me being sneaky or deceitful, but looking for any assistance or direction. I don’t really want to put my business on hold to refi my home, but at this point that looks like my only option. Please help!

I'm sure this deal as been scooped up already, but if by some rare chance it hasn't, please send me the details to [email protected].  If your sitting on anything else in the greater Tampa Bay area, I'd been interested in the details.

Thanks,

Zach Anderson

Principle Partner