New to Real Estate · NC · Member since 2024 · 7 posts · 0 votes
Hello everyone first time poster, still navigating the site. I hear people talk about having a business plan that they take to the banks or lenders to show what they plan to do with a property.i was wondering who is that person that writes up the business plan is it yourself, a developer, architect, a numbers guy or is it all of their information put in a booklet to give to the bankers for the loan. People always talk about the numbers and ARV but I haven't heard how it's actually put together to present it to a bank. If I'm questioning this wrong forgive my rookie mindset and thanks so much in advance.
Welcome to Bigger Pockets! We live/invest in the Charlotte/surrounding areas.
Opportunity is in the Eye of the Beholder
There is much to learn, especially when just getting started and I would encourage you to invest some time in your education.
I've found Audible Audiobooks are a great resource to learn from. I use Audible daily. I can listen to books and educate myself on whatever I want while at the gym, in the car, etc.
If you'd like some recommendations, let me know what area of real estate you're interested in. I have 200+ books in my audible library and they have helped me tremendously.
If you're interested in attending a local REIA meeting there is a great one in Matthews, NC I attend weekly and would recommend. It's located at Jonathan's on Tuesday mornings 8am - 10630 Independence Pointe Pkwy, Matthews, NC 28105
I also just started a meet up on Wednesday Mornings. Rock Hill Diner on Cherry Road, Rock Hill, SC 29732 8am.
Feel free to reach out if there's anything I can do to help you.
Hello everyone first time poster, still navigating the site. I hear people talk about having a business plan that they take to the banks or lenders to show what they plan to do with a property.i was wondering who is that person that writes up the business plan is it yourself, a developer, architect, a numbers guy or is it all of their information put in a booklet to give to the bankers for the loan. People always talk about the numbers and ARV but I haven't heard how it's actually put together to present it to a bank. If I'm questioning this wrong forgive my rookie mindset and thanks so much in advance.
@Lutfiyya Portier: Real estate falls into a lot of different catagories. If youplan to build a house from the ground, I can see that maybe a lender will want that kind of plan.
But most lenders want to know why you are borrowing the money, how much and how you plan to pay them back. That is what it all boils down to.
If a lender asks what your plan is and you say there is a new slot machine in Vegas you want to try out, that probably isn't going to fly.
If you say you found a 4 bed 2 bath built in 2015 that you can buy for $350,000 and after fix up of $40,000 will sell for $500,000 that gets the conversation started. They'll want more detail, but at least you've given something to get them interested.
lol oh yeah slot machines would be a no no. But I have to ask with that 4bed 2bath plan the bank wouldn’t give you the loan if had a house in mind you have to have it at least under contract right? And if you did are there banks that would give the loan without a down payment to start the plan