Justin Pilakka

I’m new here. I recently had a conversation with a buyer who needs about $1M for a group of properties he is buying in Houston, TX. He submits everything through his team, so I don’t have all the details. What’s my next step? I’ve seen the HUD, and he would like to close early next week. He does a lot of deals so I think this would be a great contact. Full disclosure: I did submit this to a lender in the new Gator Challenge (Pace Morby), however it’s a brand new relationship and I have no visibility into the process as the buyer had his team fill out the application. I’m not sure if or when they will fund it so I thought maybe we could reach out to the buyer and see if we can get them taken care of.

New comment 5h ago

Justin Pilakka

2 likes • 2d

@Tom Bennett - has this deal been submitted so we can review all the details?

Kirsten Martinez

10d •

❓ Questions

Stack question, verify/clarify

I constantly find myself questioning something. When someone says they want to do a stack method and have 50% SF, how does that work when a DSCR or HML gives the 70%…. Technically the SF only needs to be 35% ish. Are they: getting the 70% DSCR Having SF 50% of the total PP And then keeping the spread that remains after we get our funds and fee back?…. Which basically means pocketing some money that originated from the DSCR/HML

New comment 10d ago

Justin Pilakka

2 likes • 10d

yup. In that scenario they use the surplus to pay for closing costs rehab etc. also in that scenario they over leveraged the property to 130%

Meredith Ries

25d •

💬 General Chat

IG jail

I started using IG to make more connections and find leads. I searched for people that might need funds like wholesalers, I message a few, then this morning, I got a notice that I had a restriction on my account and am not allowed to send any links for one month. 🙄 Has anyone else had any issues with IG? I didn't send a link so not sure why I am in jail, but apparently my actions were not my normal actions and I was flagged.

New comment 21d ago

Justin Pilakka

4 likes • 24d

@Meredith Ries This is a rite of passage. As you season your account for more activity youll encounter less and less of these issues. All these platforms have this mechanism. This means youre doing something right!

Meredith Ries

May 26 •

❓ Questions

Names on the contract

I am just checking into this since I am a bit confused. I had someone reach out and ask if we can loan and put the buyers name on the contract, the last person doing the EMD the lender had a requirement that "EMD lender" be on the contract which doesn't work bc they r past contract stage...(sorry this is why im confused). Just seeing what we can do here. Thanks everyone.

New comment May 27

Justin Pilakka

3 likes • May 26

@Meredith Ries - Different contracts have different requirements, so it’s difficult for us to comment on the prior EMD lender’s structure without knowing the specifics of their agreement. Our EMD structure is handled differently. In most cases, we do not sign directly on the PSA. However, for larger EMD amounts, we use stricter agreements that may require us to sign as a party to the contract for added protection and clarity.