All Forum Posts by: Adekunle Ilori

Very Good deal, you already have an exit strategy in place. Now I guess you are looking to get property number two

Hello Mya, I would suggest to use owner financing which could be a low down payment. Or you can have the owner finance the down payment and the lender finance the rest and all you have to pay is closing cost

Hello Dae"Leon, did you post it here on BP real estate listing and specify you want cash buyers

Hello Nathan there is a lot of Property Managers on BP who will like to do business with you. It okay to ask reference from property managers. I will personally ask REI investors who are BP members to recommend a great property manager

Hello Christopher, Does your partner have two years on the job? If not is the owner open to owner financing for a year or two for you to qualify to buy the property.

I will go to her directly and tell her I am interested in buying her property. This can work to your advantage and explore what she wants to do and create excitement around what she wants

Hello Ebony, why cant you partner with an investor? My second concern is there is no tenants, that is its is not currently cash flowing , Are you wholesaling this deal that is why you are getting a hard money. Why cant you put the property under contract?

To your question and what I have experienced myself hard money lender works if you got a property that has add value potential that means after repair value around 60 to 70 percent. That is when a private lender will probably borrow the money to you. Its high interest between 8-14 percent with high fees and normally have not more than one to two years before it amortize. The key for the loan is used to get a property under market that needs work and for you to get it stabilized and refinance within six months to a year [Depending on he hard money loan]. They normally close faster than conventional loans. I will say talk to the Hard money/ Private money lenders in BP

I commend you Nathan for saying this on BP. Do you have to get another house? Why not get a 4 unit that is an multi unit that does not need a huge down payment because is still considered a residential. Do you still own your current home? If you do you still can do it and build from there.

congratulations Casey , this is a blessing from God and to be able to pull this off in this market is very good