#19 Insider Tips for Advancing Your Real Estate Ambitions with Chad Skelton

Intro: 0:13

Ready to get the inside scoop on equity funding? Tune in to TDJ Equity Funding Insiders Podcast for an in-depth look at what it takes to access financial capital and maximize your investments. Hear from experienced professionals, including bankers, underwriters, loan officers and industry experts, as they share their unfiltered stories and valuable lessons on securing funds securing funds.

Jacquelyn Jackson: 0:52

Hello everyone, I'm Jacqueline Jackson and I'm your host at TDJ Equity Funding Insiders Podcast, and today we have a distinguished guest co-host that is joining us is Mr Chad Skelton. He's a luminary in the world of real estate investing lending that hails from the great state of Texas, but Chad also brings with us a wealth of expertise and experience to our podcast. With a background deeply rooted in mortgage, real estate, loan origination, the dynamic hard money space and the intricate world of private equity funding, chad is truly a trailblazer. His insights and knowledge are not just academic. They are forged in the fire of real-world deal-making, strategic financial maneuvering. Chad's unique perspective and seasoned advice are invaluable to anyone looking to navigate the complex landscape of real estate investing and financing. So if you would listeners, let's welcome our guest today, mr Chad Skelton. Thank you for coming today, chad.

Chad Skelton: 1:52

Thank you, jackie, it's great to be here.

Jacquelyn Jackson: 1:54

Okay and wonderful again to have you. So let's start off a little bit, because you're coming in as a commercial lender, real estate investing lender, am I correct?

Chad Skelton: 2:02

That's correct.

Jacquelyn Jackson: 2:03

Okay, so let's talk about that field, if we would. Let's get a little background of your background. I mentioned some, but I want you to mention some more and, at the same time, if you would kind of explain to us more of what the lending, how did that landscape look with the I think we talked about, with the heart money image and all that as well? Okay, if you could do that for us, sure.

Chad Skelton: 2:24

Absolutely. Yeah, I don't know if I can live up to everything that you just described there, but I'll do my best. So my background's in real estate and then different parts of the mortgage industry Went to school at North Texas and my first job out of college was at a mortgage company. I worked my way up to doing short sale negotiations. That was my first real exposure into the mortgage real estate landscape, so to speak. So I worked in various different parts of the servicing default servicing side of things for seven to nine years there and I got very, very familiar with negotiating real estate transactions from a mortgage perspective. And then I started to originate second liens for agency Freddie Fannie During COVID. That was very, very profitable. It was a huge thing. And then about a year ago I switched over to the. We say hard money, but we consider it private equity lending. It's for more of your real estate investment non-owner occupied properties. So fix and flips, fix and holds single family residence, multifamily and mixed use properties.

Chad Skelton: 3:41

Okay and mixed use properties. Okay, I think to hit on what you were talking about, one of the misconceptions between uh, of the hard money concept is, traditionally people would think hard money is like I'm going to get a loan from uncle Vinnie who's going to charge me 20% interest and be able to close it in two days because I've been a tight spot. That is really more hard money. I would say Private equity is more of a traditional mortgage. In a sense. They're more fix and flip. Fix and hold type loans are shorter term interest only, but you are funding off of in-house money, usually leveraging some type of warehouse lines, but your loan structure is still 30-year amortization. You have a note that has a term date and then also your 30-year fixed DSCR loans. Those are basically just a normal mortgage.

Jacquelyn Jackson: 4:41

Just normal. So let's talk on that, because our listeners are now learning the difference between owner-occupied and non-owner-occupied. Owner-occupied, for this purpose of this show, is going to be residential. Let's say that's residential home, something you buy, get a mortgage from Fannie Mae and those guys right, correct. So when you talk about mortgages, you're talking about non-owner-occupied mortgage, which is a business type loan. At that point, right.

Chad Skelton: 5:07

Correct, okay.

Jacquelyn Jackson: 5:08

So I want to make sure if you could clear up. We talk about the hard money, like you just mentioned that, and a lot of people put hard money and private equity together, but the big difference between them is what I would like you to say. I'm going to start off with what I think it is based on what we've done. It's still the same as a regular mortgage you would have to do, but you're looking at the requirements being a little bit different. So let's talk about the requirement compared to because we don't do hard money as well either. What's the requirement for that, to get those type of loans usually?

Chad Skelton: 5:44

Sure. So yeah, I'm glad that you made that distinction. There are no income documentation. So for your private equity loans, we're not looking at your employer, we don't look at DTI, we're not looking at W-2's tax returns, anything like that. We don't even have a spot on our application for you to put your employer like that.

Chad Skelton: 6:05

We don't even have a spot on our application for you to put your employer. I've actually been funny a couple of different times, having closed a loan with somebody and then one of my superiors will be like what do they do for work? I'll be like I don't even know.

Jacquelyn Jackson: 6:18

Right, because in that industry it doesn't matter right.

Chad Skelton: 6:20

It's more along the lines of asset-based lending an asset in terms of the profitability of the project and the profitability of your asset as far as the property goes. Okay, that's what that is yeah, that's what it's about and it's based on your experience. Fico score is weighted. It's more so weighted heavily on the 30-year fixed DSCR loans.

Outtro: 6:42

Okay.

Chad Skelton: 6:43

But on the fix and flip, fix and hold loans, it's mainly your experience level, what you've done within the last three years in similar type projects, and then the profitability of the project.

Jacquelyn Jackson: 6:56

Right Now. Let's talk on that On our end as loan brokers and I know you run into it as well. When you talk about experience, the experience that we're talking about is experience where you are on the closing documents or the LLC that actually closed on the property, because people have a tendency to believe that if I invest my money, then that means I'm an investor. But you all, how do you all look at a person for his experience? What do you consider an experienced investor?

Chad Skelton: 7:28

That's a really good question. An experienced investor in our eyes is somebody that is either on the HUD at the time of acquisition of a property and the time of exit, whether that is a refinance or a sale If they've held it. If you've had a property that say you got a conventional loan on, we can still count your experiences in a rehab project, but you've got to be able to document that in some way.

Jacquelyn Jackson: 8:00

Okay. What document would you like to see if they were doing it?

Chad Skelton: 8:03

An appraisal will typically work if the appraiser lists property was acquired X day this XYZ.

Chad Skelton: 8:13

Improvements have been completed since the new owner has owned it. Or we can get creative. The great thing about this landscape is it's kind of living in the gray area. We can get creative with invoices from your general contractors, before and after pictures, whatever it takes. Just that's the thing. And even if you were just in the LLC, we would want to see the LLC that acquired the property. We would want to see that, via your operating agreement, you were at least a 30% owner or more in that. But to your point, just because you put up money to help someone acquire property, that's not going to account for experience, for your personal experience in terms of these loans, not to say you have to have experience. We do loans all the time for new investors because everybody's got to start somewhere. We get that, but you may not get the lowest interest rate, you may not get the highest loan to value percentage on your first one or two, but that's why there's always a starting point. We're willing to work with you.

Jacquelyn Jackson: 9:21

Right, just to actually start. But we do want to make sure people understand what that starting point is, because sometimes a lot of people come to us with some misunderstanding of a lot of how this world works. Now, something you mentioned about the landlord is, for us, something that we see that they need to be aware of is taking pictures Whenever you do improvement. You know they don't think they've always done it, it's done, it's all right. But something you said I want to make sure people understand when you do improvements on your property, you should take pictures, keep your receipts and keep up with your pictures, because even if you refinance it years later, they are going to ask those questions about how much you put in it and, like you said, if document is needed, then if you got the receiptsipts they can show it on appraisal, they can show it. Then that'd be good. But I think the least expensive way just keep the receipts right, absolutely, and they can kind of do it for that. So I think that's a great point.

Jacquelyn Jackson: 10:12

So you guys that's already into the real estate investment field you are listening to this is that's important for you guys to actually keep up with your receipts. Now, with us talking about that and the type of funding that's out there. You're saying basically, we're talking about the private equity field of what you guys do. What is something? What do we do, or what do our listeners do as realtors, to find an agency or a loan lender that can help them? What do they need to look for in a lender that can help them do? Exactly what is that which is getting into real estate?

Chad Skelton: 10:44

What are they looking for?

Jacquelyn Jackson: 10:45

Yeah, what should they look for in a lender? Because?

Chad Skelton: 10:46

you're a lender, oh, okay.

Jacquelyn Jackson: 10:47

So what do you think in your experience, because you've been doing it for a while and I noticed you said some stuff that we really don't have to talk about, because you know how it looks when it's ugly.

Chad Skelton: 10:55

Yeah.

Jacquelyn Jackson: 10:56

Yeah, so we'll talk about that in a bit too, but go ahead.

Chad Skelton: 10:59

So, yeah, I mean. So what you want to look for in a lender is somebody that can actually do what they say that they will do upon quoting your deal to actually close it, someone that's got some skins on the wall. Word of mouth is always a great method, you know. You know somebody for a fact that has closed a deal with this company that has referred you over to them, but you know it is a very competitive landscape. I would say speed to close is always a really big hot topic item with people. Also, your size of your company can play a factor. If there's a lot of red tape you got to cut through every single time you have a question. It takes 24 to 48 hours to get an answer.

Chad Skelton: 11:46

Or 20 to 48 people to get an answer 20 to 48 people to chime in to get a straight answer. Yeah, I happen to work for a more of a niche investment. Happen to work for more of a niche private equity company. To where the beauty is. If I get a question that my senior vice president of sales can't answer, I walk down 20 steps down the hallway and I talk to the CEO founder of the company, who's got more than 25 years experience doing these types of loans, and if he can't answer it, there ain't no answer for it.

Jacquelyn Jackson: 12:21

Right. So and I want to say that even for us, being loan brokers, we don't co-broke. We don't co-broke it. If you're actually broken out loans, you're not a direct lender, you guys are direct. So we work with you guys because y'all are direct. But we have some people that approach us that are actually just that. They work with different lenders and they're like oh, we can work with you on your co-worker and that doesn't work, because we see the importance of you to a client.

Jacquelyn Jackson: 12:48

I guess when we say that, it kind of leaves a little bit, as you have more and more people Plus people don't know you, they don't know what you do, but you do because you've talked to us, you've talked to me, so you know what I'm trying to do and I like that because it stays with you and, like I say, if it's a problem, you don't send us all everywhere. You take care and you'll come back and say, okay, this is what they say we can do. And that is really important because a lot of us don't know that there are retail markets out here that's selling the money. You know money, like we're doing as well, but then it's those individual more. I think you like private connections, which is what you're saying. That's a lot better. I mean, that's what your opinion is. You believe those a lot better than those retails, right?

Chad Skelton: 13:29

True yeah.

Jacquelyn Jackson: 13:33

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Outtro: 14:27

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Jacquelyn Jackson: 14:59

So what have you seen been like a really great, I guess, lending I want to say lending program that, like real estate investors are really to get into right now. Do you know of any of them that's pretty good, like on a fix and flip. What kind of programs y'all have that's working really good for them?

Chad Skelton: 15:17

So fix and flips are always a popular mode of investment properties. A lot of people do just like the turnkey investments. That's why we do offer the 30-year fixed DSTR loan. Those operate about, I would say they've got a lower interest rate, maybe about two points above prime. Those are turnkey properties. Sometimes you buy them with a lease already in place. Those are pretty simple. But for fix and flips or fix and holds, you identify a property that you think you have a good chance of putting X amount of money into it and then either turning a profit by selling it or putting a tenant in that property and leasing it out as an investment. Those are really our bread and butter. We love to partner with you. We get very, very detailed and in-depth partnering with you on the scope of work, what you're doing, we want. We're not going to give you a loan that doesn't make sense just to sell it, Right, right.

Jacquelyn Jackson: 16:21

Because you want them to be successful, and that's something not to break in on you. That's something we try to tell our clients, because they come and they think, like the lender is after you. No, the lender is not. He want to give you the money, but they also want to make sure they don't get their money back. That's basically what you're looking for, and so that one-on-one relationship is really important with you guys, with us as well, because you are looking out for the client. You want this to be success and that's something I think our investors need to know. You have an alternative instead of going to the bank or these national I think I call them retail spots to come to lenders that's individual, like you guys on a private equity line is it may be more beneficial to them, right? Is that what we're thinking?

Chad Skelton: 17:00

Yeah, absolutely, and it's not our goal to just close one loan. We'll take one loan with you. We want to close all of the loans that you do now in every single next loan that you do makes it that much quicker because we've got 80% of your file that moves forward for the next one. We've got, you know just to use one of my colleagues, investors for an example, this lady has 80 loans with us.

Chad Skelton: 17:31

And she basically does two or three a month and just sends him updated bank statements and we just move it on. We get the property information, the purchase contract and boom, we're off to the races because she knows exactly what we're doing and we can scale up an operation as big as you want it and make you creating a big, burly business that's going to have generational wealth for you and your family. Or if you want to do two a year, one a year, that's fine too. But coming direct to a lender that can partner with you, that's the main thing. And then being able to have trust with each other and knowing that if there's any possible way to get this done for you, I'm going to get it done.

Jacquelyn Jackson: 18:14

Right, exactly.

Chad Skelton: 18:19

And if it doesn't make sense for you to do it, I'm going to tell you right up front that this is not a good deal. I'm telling you I'm not going to lend money on it because you're going to lose your shirt, if anybody does.

Jacquelyn Jackson: 18:25

And that's what I like about Islanders. What you're saying of course you're one of them is that you guys will look at a deal with us and you will say I don't think he need to do this. This one doesn't seem right. He may need to look at doing this or doing that, and that's what makes it that one-on-one that's so important. So for our listeners that are just starting they might have wanted to get into it or those who's thinking about getting into it what type of advice can you give a person that wants to get into real estate investment? What are some advice you can give them that want to start into that?

Chad Skelton: 18:58

Sure. So I would say be realistic with goal setting. Don't bite off more than you can chew. You need to have a logical progression. Don't just because you did a single family 900 square foot fix and flip with $20,000 into rehab, think that you can bite off a 10 unit multifamily with 250 grand worth of rehab. Wow. That's so true, you know that's, that's uh it, not saying that you can't. You might very well be able to do that, but don't expect a lender to think that that's a great loan idea.

Jacquelyn Jackson: 19:35

You know what I mean. Let me say this and I'm going to bring this because you brought this up as a good point we deal with a lot of. We have athletes and we have past athletes, professional athletes, and the biggest thing that we have when they come to us, that when we ask them about experience, they're like oh, we've already, I've been invested, I built this, I built that, and then you find out you just put your money in, Like you said, you just can't put your money in. It's more to that and I think, like you said, if we start doing a due diligence, like you said, if you kind of do your homework and kind of research, what you need to do, that would help them be better prepared. So I think that's really good. I just want to bring, I just reiterate what you're saying. I totally agree.

Jacquelyn Jackson: 20:16

So what else do you think they need to, like you said, to do diligence? They need to do be realistic, which is true. Which is question, for you is a person that wants to start multifamily and they come to me saying that they do need to have experience first. What type of experience do you look for? For? If somebody want to come and do a 10 apartment complex. What would you look for?

Chad Skelton: 20:37

So a multi? Well, I think that to start off, we should define what we consider multifamily. Okay, right, in my space and most other lenders I would assume will agree we consider anything that's one to four units a single family. Gotcha, that kind of goes by the Uniform Residential Appraisal Report standards, but anything five plus units is a multifamily. So that within itself has a whole different set of requirements and parameters as far as how your loans are not necessarily how they're structured but the requirements for experience are going to be looked at a little bit more heavily, like you're going to be scrutinized a little bit more on what is your actual experience?

Chad Skelton: 21:26

Because, right, you don't necessarily have to have a multifamily experience to get a loan for a multifamily property, because how would that work? Because you've got to have a first time for everything. What we would want to see is a logical progression that you can paint the picture that this person started with a single family, they then did a duplex and now they want to do a four, or then they did a four unit and now they're looking at a six unit.

Jacquelyn Jackson: 21:53

So, basically what you're saying, in the portfolio you need to show your single family. That's great, but also let's look at some duplex and fourplex to put in there. That is really good. That's good. That's some good information to know, because I think a lot of people don't understand what the lenders and that's why we have this show because they don't understand what the lenders are wanting. And what you're asking for is simple. It's just when they come to us, and probably to you as well, that when they don't have the things they should have in place, it's frustrating. One, it may not happen, or two, it may take longer. So, by knowing this, starting out what you're going into, because a lot of people jump into I want to do the multifamily thing and I'm like or they want to start with new construction. I forgot about that one, they want to start with new construction.

Jacquelyn Jackson: 22:38

And they have no real estate investment experience. So you all are hearing it from a lender, and I've had other lenders to say it on the show too. You have to have that experience and that's what they're looking for. And if you're wondering what type of experience, then reach out to us and, like I said, we'll get you connected with someone that can actually work with you on showing you everything you guys need to do and how you need to have it done. So that is good. So let's go on to our next question that we have Now. This one is where I think we've talked before, and you talked about the call of actions that you think our lenders should be. So what is one of the main call of actions you think the listeners should do?

Chad Skelton: 23:18

I would say that all times are good times to invest. We have a real estate housing shortage in this country that needs to be filled, and it's only going to be through people investing in real estate, continuing to gain the experience to build new houses, you know then. Then don't I'm not saying to try to skip steps like we had just talked about. You know, you got, you're going to have to have a little experience to do a ground up construction, um, unless you just did it out of your own pocket. And then right. But to get a loan for it you're going to need to have some experience, right. And then multifamily is around the same same lines, but those, those are quick. Multifamily is a quick way to alleviate a housing shortage, for sure, but I mean, the biggest shortage is the single family residences.

Chad Skelton: 24:12

You know, from 200 to $500,000 range Right.

Jacquelyn Jackson: 24:15

And that is true. That is true, that is there. I think some of my investors was telling me how they show up, you know, to look at homes and there are people actually purchasing investment homes for themselves. So you're right, that shortage is there. So you, now you got the regular residential homeowner. They're showing up at an auction or at the place where you're bidding on rental property to be fixed up. So you're right, it is Now. I do want to go into something. I know you and I have talked before, but you had mentioned something I thought was so important that when people start wanting to get into real estate that you talked about, they need to start by getting their background checked and clearing up all their stuff and lien issues. Can we talk a little bit of what you think? I thought that was a great advice that you gave when we talked before about what they need to do background wise. What do you think they should do to prepare to go into real estate investing?

Chad Skelton: 25:07

Sure, well, I think two main things would be to do a true self-reflection of your experience level, don't overstate your experience level and don't overstate your assets, and don't try to sugarcoat any type of blemish on your background or your credit. It's just, it's not like those things aren't going to be identified immediately upon starting the process.

Chad Skelton: 25:35

So you might as well just if you've got something like a felony on your background, that's not saying it's. Don't be embarrassed by that. You're talking to somebody you know. Your, your loan officer should be somebody that is well-versed in hearing that and I guarantee you they've heard it all. Um, so prepare a letter of explanation for it, prepare to be asked for that at least. And um, credit things that are that are outstanding. Um, you know, charge off accounts, collection accounts that are recent things like that on your credit that you are going to present the argument that you're disputing it or something. Have those docs ready to go.

Chad Skelton: 26:13

Right you know, just do that. And I think that the experience part, just don't overstate it. And I'm not saying that everybody is purposely going in to do that, but it's things like this that help educate the people to know what is truly considered experience.

Jacquelyn Jackson: 26:35

And the fact that we look it up in the courts. That's how they find out if it's yours and I've had that a lot, where a loan, a processor or a closer call me and say, hey, can you give me a list of the homes he said he had, because we're not seeing his name come up or anything. They're checking this, so you're not and they know that. We know the answers. The closing guys, they know the answer that they're asking. So, like what you're saying, we tell people just be truthful and everybody need to know this. Every felony does not mean you cannot get money to do real estate investment. That's what people don't understand is according to what type it is. That's where we come and that's where we have our attorneys look at it. We kind of see what everything is and if that's what the case is and usually if you have like those minor ones, they don't make a big deal about it but again it's according to what bank you're dealing with, what lender you're dealing with. So we know that is a major factor. So I also wanted to add to on the background I tell people you could actually go to a title company and have them pull a title. You know not title, but you know research on you. You know to see what comes up, what shows up, because and I don't know fee could be anywhere from three to five hundred. I've had people to do that and and you'd be amazed what you can find out about yourself before you start down that road If it's something you need to correct.

Jacquelyn Jackson: 27:51

And, like he said, he thought he had some houses that was sold in the family. His name was still on all of them and guess what? Those houses was really set up in a bad situation so he had to get that all kind of caught up. So it's even great to do that from time to time if you're not even doing real estate. But that is out there for you to get. And I think that was some great advice you had mentioned that check all that stuff out before you start, because when we get to the money part it's going to show up. You know, we're going to know what it's doing. Okay, so let's talk about explaining a 75% or the loan to value. Um, we do want to explain that because a lot of people was not understanding that, that it come in to talk to us. So I said you know what. We got someone coming on let's talk about when you talk about loan to value, as far as how much people qualify for, what's the percentages you all usually go with when you do loan to value and why.

Chad Skelton: 28:42

Sure. So depending on the type of loan that you're going for, obviously, and the property type and your experience level and your credit score, that will determine what loan to value we're able to offer. Everybody's always going to advertise their best case scenario 90% loan to value, 100% rehab. That's what we're looking at as far as for our very experienced investors who've got 700 plus credit score and when I'm talking experience I'm talking verifiable on HUD, documentable experience. But so I guess loan to value means if it's an acquisition it's to the purchase price.

Jacquelyn Jackson: 29:29

Right.

Chad Skelton: 29:30

Not to the as-is value. If you're getting a great deal, that is great, but we're still going to base our 75% of your purchase price as far as loan-to-value goes, and there's two other metrics that pretty much every lender in the private equity space would have in its loan-to-cost and its loan-to to the ARV after repair value and whichever one of those metrics, by the data of the deal you hit first.

Chad Skelton: 29:58

That's where you're capped. Any lender is going to be capped out, and maybe it's 70% to the after repair value. If you're capping at ARV, then that means your loan to value is going to be lower. Or if you're capping at ARV, then that means your loan-to-value is going to be lower. Or if you're capping at loan-to-cost, most ground-up construction deals are based on loan-to-cost, so that's your purchase price for the land plus your rehab construction budget. That's your cost, right. So if you're at 85% to 90% of cost and you're covering 100% of your rehab budget, you just take 85 or 90% of your cost minus your rehab budget. That's your initial loan amount.

Jacquelyn Jackson: 30:38

That's it. That's it. So that is something you need to know when you determine how you want to go about the loan. That's what you have to do, based on the property, the utilization, what you're going to be doing with the dollar. That determines how you set that up and that's where that lender comes in at the counter. Yeah, I'll figure out what's the best program for you based on what you have, right, because everybody's not the same and I think we have a lot of people that can actually come in and they go on what they've heard other people do. You know, and we know, in real estate it is a custom deal, not one deal, two deals. Real estate, it is a custom deal, not one deal. Two deals are the same. They're just not. So I think that's real good and I appreciate you coming in and saying that. Is it any other last notes or actions you'd like to talk to our listeners about before we close out?

Chad Skelton: 31:26

I would just like to say I've thoroughly enjoyed this. This is a really unique perspective that I think is extremely valuable in this marketplace and I don't really know of anybody else that's doing anything particularly like this. So keep it up and I appreciate you having me here, Okay, but yeah, I mean the biggest pitfalls that I see, if I could just leave with some pitfalls to avoid for potential real estate investors. I just want to reiterate know your experience, Don't overstate it. It's not always good to just shop around. You got to find somebody that you feel that you can trust and that you're comfortable with. The grass is not always greener. It matters who can actually close your transaction at the end of the day.

Jacquelyn Jackson: 32:17

That's true, that's true. So you've given us some great takeaways of what we had today and I hopefully you guys have kind of heard that and in tuned in. If you like what we've said and you would like to have more, we definitely invite you guys to come to our website, to go to our website at wwwtdjequityllcnet backslash podcast to get more information. For right now, we want to thank our guest, chad, for being with us today and definitely want to welcome you to come back in the future to be on our show as well.

Chad Skelton: 32:44

Well, hey, I thank you for having me, and if you'll have me back, I'll be back.

Jacquelyn Jackson: 32:49

All right, well, it sounds like a done deal, so for our listeners. I want to thank you again to our listeners for being there. Again, if you like the information that you heard on, please visit us on our website at wwwtdjequityllcnet slash podcast. Until next time, thank you and take care.

Intro: 33:09

We hope you enjoyed this episode of TDJ Equity Funding Insiders Podcast. If you'd like to be a guest or get in touch with us, please visit our website at tdjequityllcnet. Forward slash podcast or email us at podcast at tdjequityfundinginsidersnet. Until next time, take care.