All Forum Posts by: Alisha Magwood

 Weighing all options... traditional won't allow llc closing so far. Plus, having two personal properties seem to be causing some road blocks. 

Thanks! These terms were just provided to me as if "standard" nothing was done based off my situation per say. They do allow closing under LLC unlike the other places I've looked so far ie traditional banks. I do plan to continue looking. Since I'm new I wasn't sure what typical with fees when dealing with non traditional lenders.

This information was sent to me as a standard loan information that I requested. Nothing was based off my credit or amount of down payment. Seems to be "their program". So not sure- this also is not a tradition bank.

So I'm looking for lending options and thinking about one in particular. Being fresh/new to all this i'm not sure what's "standard" or even if there is such a thing. So I would like some input on these fees outlined. What does the repayment penalty mean below "declining points?" I've heard/read about "points" but I have no clue what it means. This would be for a SFH to be purchased and used for initial investment rental. Thanks for any and all input!

Here's a breakdown of the fees included with the loan:

(Minimum Loan Amount: $75,000 / Minimum Property Value: >$100,000 / Rate: 6.25 % - 8.25%

Upfront Deposit: $999 (Appraisal, background, credit check, and application fee) – Non refundable

Origination Fee: $1,499 or 1%, whichever is greater

Processing Fee: $750

Legal Review for LLC: $750 per entity (Due at closing)

Title Review Fee: $500 (Refinance only and if borrower does not use preferred Title Co.)

Prepayment Penalty: 3 Years, Declining points.

Hi BP,

I'm looking to narrow down a few SFH's I've found for my initial investment (rental property). I was hoping to use the same agent that assisted with my personal property, but I have not been able to find him again (bummer). So, I need good leads/ referrals for investment friendly/ knowledgeable agents to assist me in the remainder of the process. I think I've found a lending option for the property. Now, I need an agent to act on behalf of my best interest. Thanks in advance!

Thanks @michael great starting points!

What's holding me back is understanding the process of wholesaling (ie "assignment of contract"), locating buyers/sellers and TIME. Mother of toddler and now infant, hubby works out of town and I'm really debating not returning to work from maternity leave (in order to free up more time). Guess to sum it up FEAR and lack of full understanding. Need a mentor--- Super motivated with hubby's support. Just many factors holding me back. Any suggestions?

@Nicholas Armstrong yes for sure! I won't give up, it will just take "creativity" will power, and lots of COFFEE! lol. Thanks!

Very Encouraging! I am finding it difficult to put in the time and effort I would like. My husband works out of town, I have a 2yo and now a 3week old. Thought during my maternity leave from work I'd have the time I wanted to "do a little more"... HA! Yea right. But, this story is very encouraging and I'm not giving up... it will just take longer and more creativity. Thanks for sharing!

Hi All,

I am trying to figure out my options to purchase and finance my 1st SFH/ Rental Property. My hiccup seems to be my property in Georgia that is being rented out that has had a few "late" payments. Other than that, my credit is above 700, my current home has had no late payments, I would have the 20% down payment and I have a tenant for the property I'm trying to purchase. Is this going to be what stops me from getting started in real estate? Are there any potential lenders that anyone is familiar with that would look past the late payments on that said property? Really need to find a lender, ASAP.