I'm new here. I have a lot of questions

Baltimore, MD · Member since 2017 · 2 posts · 1 vote

Hello everyone. I'm new here,in fact this is my first message. I am new to the game and seeking to make a fast start. I have identified a property and looking for any advice on buying a multi unit property that I will not live it. Aside from looking for the above recommendation, what qualities should I seek out in choosing a private or hard money loan? Thanks

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Briana Malkoon
Real Estate Agent · San Diego, CA · Member since 2016 · 25 posts · 7 votes
9y
@Sylvan McDowell please pm and I can help you with a HML! Thanks
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Dave VisayaPro Member
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Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
9y
Hello @Sylvan McDowell, welcome to the site! Here are some good places to start: http://www.biggerpockets.com/meet - find and connect with other BP members that are in your area.
http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.
And, of course the
http://www.biggerpockets.com/forums - ask any question about real estate!
See you around!
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David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
9y
@Sylvan McDowell,
If you don't already know how to value a multi-family property, that's where you need to start. If it's 2 to 4 units, the lender will care about comparables. If it's 5 units or more, the property's income will determine the value.
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Steve S.
Lender · Los Angeles, CA · Member since 2015 · 800 posts · 229 votes
9y
I hope we all have a lot of answers for you.
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Anthony SuscoPro Member
Lender · Turnersville, NJ · Member since 2016 · 173 posts · 68 votes
9y
@Sylvan McDowell I would look at your lender like a partner, so you should look for the same qualities that you would in any other business partnership. Look for honestly, transparency (there should be no hidden fees/costs, etc.), experience, etc. I would start networking with other investors in your area and get recommendations on lenders and then talk to as many of them as possible until you find one you are comfortable with.
Hope that helps, and if you have any other questions, this community is a great resource!
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