All Forum Posts by: Anthony Jennings

@Mary M. ANY idea (including bank) is welcomed!

I'm researching ways to purchase a commercial property in VA with limited liquidity and average credit (650-680 range). The Seller owes about $110k and the locality assessed the property at $187k in January 2020. Is anyone aware of some creative ways to secure this property other than conventional financing through a bank. This post is to inquire about the feasibility for alternative options such as: 1) Seller financing or 2) loan assumption. Due to the REALTOR® designation, the Seller is willing to cover the Buyer down payment in the form of a commission and credit the closing costs. Essentially, this allows acclimation of the property with no money down but, again, will a bank/lender be willing to allow this form of payment?

My wife has changed employers and must make a decision on what to do with her 401k within the next 30 days. We are interested in exploring options for using the money to lend to me towards the purchase of a commercial building or a residential, multi-family unit.  What are the advantages and potential issues for each option (commercial vs. multi-family)?  

Thanks in advance for any advice!

Temple Law Group and American Title & Settlement.  If you use Temple Law Group, let them know I referred you!

@Colin Williams I agree that working with a retail buyer is vastly different than working with investors.  In my first year as a realtor, I've closed on multiple retail deals.  With that being said, you also hit the nail on the head when you said, "private lenders want the assurance on the return of their money in addition to the return on their money."  Hence my dilemma, how do I make my initial deal(s) without backing from private lenders being that I have bad credit and little to no personal funds for investments.  To answer your questions:

1. My niche is a finding distressed properties and I'm also great with foreclosures.

2. I would like to do at least four transactions per year

3. I primarily want to work with rehabs. However, I also want to earn passive income through BRRRR's and rentals.

Are there any current REIA meetings held in the Roanoke, Salem, NRV areas?

@Andrew Johnson Thank you, sir. I became a licensed realtor in March 2017 but essentially do it on a part-time basis. I have a criminal justice and human services background and still work a full-time job in this field. I attained the license to gain the experience in the REI field and to create opportunities to network. However, how can I increase my marketability with investors being a fairly new realtor? I noticed that many on this blog cite having difficulty finding a realtor to work with, but I'm not coming across serious investors that don't already have commitments to realtors.

@Andrew Johnson How would you recommend a "newbie" investor get started with little to no money?

@Eric H.  Thank you for the words of encouragement. I will definitely look into those links since I want to network with constructors and estimating rehab costs is my biggest deterrant.  I have an eye for identifying properties but need the capital to actually invest and identifying great professionals in my area will definitely minimize the risk.  @Derrick E. I have about $4k in an 457 deferred contribution plan and $9-$11k in equity in my personal home.  Any suggestions on how to maximize these dollars?  

I'm a new investor looking for advice on the cost-effective way(s) to begin my real estate investment journey. I recently attained my real estate license (VA) and have already sold multiple homes. However, my ultimate goal is to invest to earn enough passive income to allow me to "retire". Unfortunately, the income I earned from sales went into paying off debt and recurring real estate expenses (e.g., monthly fees). How should I begin my journey being that I have additional money to invest and bad credit (my credit score decreased more than 200 points within the past 16 months)? I also want to be able to accurately get estimates on repairs and gain access to REO properties before they hit the market. HELP!!