SA111 | Developing Your Knowledge Through the Process of Loan and Lending for Your Multifamily Real Estate Business with Will Coleman
Episode description
Expanding your real estate investing into multifamily space can be exciting and can be risky at the same time. Especially in this time of the pandemic, it's hard for a lot of investors to finance their properties. Regardless of the current situation, you still have ways to access funds if you're new to commercial or multifamily space. An example of this is commercial lending which allows you to borrow funds from a financial institution or private real estate loan companies. In this episode, you'll get to learn more about the lending and loan process, as Will Coleman explains how it works for investors, things that you must take to qualify, and your obligations as a borrower.
What You'll Learn From This Episode:
- Will's Background and How He Started in Real Estate Investing
- His Transition from Single-family to Multifamily Commercial Real Estate
- Benefits of Multifamily Investing and Commercial Lending Space
- Changes Commercial Lending Because of Covid
- Steps Need to Take for New and First Time Investors to Qualify for the Loans
- How Reserves Works and its Role for Lenders to Mitigate Risks
- Importance of Communication and Honesty in Building Trusts Between Investors and Lenders
- Things that Investors Need to Provide to Lenders to Qualify for the Loan
- Difference Between Recourse and Non-Recourse Loans
- Biggest Challenges in Building Up a Mortgage Business
- Timeframe for Loan Qualification Process
- Controlling Your Emotions and Aggressiveness to Secure Your Success in Real Estate Investing
- Advantages of Reading Books in Solving Your Business Problems
Guest Bio:
Will Coleman, began his real estate career in 2016 by investing in and self-managing single family properties in the DFW market while working in property management for Greystar Real Estate Partners. He now works as the Director of Rand Capital, a mortgage brokerage which focuses on finding the ideal financing on apartments and mobile home parks.
Website: https://randcre.com/
To Download Personal Financial Statement: https://jakeandgino.mykajabi.com/pfs
Email: will@randcre.com
To Connect With Us:
Please visit our website: www.bonavestcapital.com and please click here, to leave a rating and review!
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