Hello everyone, Im a first time home buyer and i used a FHA to Purchase a townHouse. My goal is to keep for a year and then rent it out, but its a new construction home and it wont be ready until Feb 2017. So all they have is a down payment/ernest money. any advice on how do continue to invest while this process is waiting to be completed? or any input or advice on the whole process in general? thanks
Welcome here to B/P. Great place to network and learn. I have met some great people on here in the last few years that I have been on B/P. Not sure of your question. What do you want to tackle next? Keep looking for properties and creative financing unless you have your own. Nothing should slow you down.
@Steve Haight thanks steve, I want to tackle a multifamily but i don't want to do anything that would interfere with the current deal on my primary residence. im not trying to slow down, only grow and get better. im trying to get a grasp on the other methods of financing. all of this is new to me.
Yes I see using your credit on your main deal kinda stretches you out? Yes there are many ways to opm deals, I started in real estate 30 years ago with no money and still use different strategies to this day. Had a Dr client of mine that did a JV without his own money ended up with 2k per month cash flow on a 30 unit apartment complex just for putting the deal together. There are many ways to skin that cat.
@Steve Haight yea my credit will take a hit when this deal close. so im trying to find other ways to skin this cat lol. how did your client fund the deal if you don't mind me asking? And how did you present the deal to that person?
Some people got it and some just do not. My Dr Client was smart enough to know to go out and get investors and keep 40% of the deal. First he put said property under contract, then learned how to JV it all through my connections including finding him the apartment. Once you have the package together you present the package to the investors, usually in power point format with all the projections and numbers so the investor can make an informed decision on your investment. Does that help?
That helps Alot. I just got to find the people that get it. thanks @Steve Haight
For big deals do JVs so you can profit.
For smaller deals, use private lenders for three to the five-year terms at 5 to 7% interest paid annually or semi annually, interest only.
thanks @Brian Gibbons
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