Shiloh Lundahl has a good portfolio mix of multifamilies, mobile home parks, and single families with lease options. As a child and family therapist, he’s only been serious about real estate investing since 2017, but he’s been able to scale up rapidly with some pretty incredible strategies. After his first few deals, his mentor warned him, “You’re going to run out of money, so you need to learn to use other people’s money”.
How many banks are too many banks to work with? That’s a legitimate question you should ask yourself. Every bank can have different lending requirements, so at a bare minimum, you should work with two banks at the same time. That way, if one of them rejects your loan, then you haven’t wasted several months of effort.
Right now, Shiloh has a pool of investors that he works with, and a system in place that lets him keep the money coming in. He purchases the home with a hard money lender and a private money lender. Then he takes the deal to a bank after they’ve been seasoned to refinance them. His investors are kept in the loop constantly by his WhatsApp messages, and his encouragement for them to network with each other has really strengthened how well they all work together.
You’ve heard about the BRRRR method; Buy, rehab, rent, refinance and repeat. But have you heard about the BRRRRLO method? It’s Shiloh’s special wholesaling spin that you are going to love. Because of the way he’s structured these deals, his lease option properties take a quarter of the time and effort it takes to manage a normal property. Sign up for Shiloh’s YouTube and make his day. He’s got creative content coming at you consistently, and cool projects in the works.
—How Shiloh uses What’s App to talk about his deals with his investors.
—Shiloh takes the BRRRR method and adds something a little special to it that yields him significantly more money.
—We talk banks, funding, and the trouble with relying on one bank for all of your needs.
—What a Nuisance Clause is and why you are going to want one in all of your lease options from here on out.