All Forum Posts by: Arpan Patel

Great!! That is always the best way, by shadowing or having a mentor walk you through the process.

Great idea!!! Use what you got and who you know. When you do begin to figure out what numbers work then while you are looking up closed comps also pay attention to who the buying side agent is. Then when you compile the data of what deals made sense, cross reference that back to who the buying side agent. Then take the person who has closed the most deals as the purchase side agent and you will have found someone competent who fits your model. Does that make sense?

I would say no, that is not a good deal to get started with. It is not the worst but you can do better. If you for a loan for 90 on that you might have to pay about 5-700 a month and that would kill all your cashflow. I say that is not a good deal (plus I think you left out cap ex) Happy Huntin!!

Lenders come in all shapes and sizes. General industry norms, no they will probably want more or charge higher fees but honestly, there is a lender out there for you!! It took me 200 calls to get 3 lenders I could work with for my given model so they don't fit the mold but are willing to take a look at what we got and lend on it. Same can be said about your scenario. Good Luck and don't stop till you find someone!!!

At those rates, it will be much easier to cash flow and you can acquire properties and make them work in ways other investors cannot so you can purchase a higher percentage of available homes. This makes your pool of potential viable properties much bigger that others who do not have those rates. That is what I would do and combine that loan product with the BRRRR strategy. That could be a powerful strategy. Also, as you indicated, with using that for a flip you can save a lot of money on financing and therefore again many more properties become viable. That is a wonderful product you have access to and it can open up many opportunities you would normally have to pass on. Good luck!

Those are amazing rates and I'd use them for rentals. Is there anyway you could share your source over a DM? I would be very interested in that type of financing for our rentals.

yea, don't start off in historic districts, don't take on an investment that has a ton of rehab for your first deal and go with a contractor you know or were referred by someone who has been in this game. All of those are mistakes I made and paid for on my first deal. It was rough, don't do the same. Also, we are also in Chicago so many coffee at the office? DM me and we can go from there. Happy Hunting!

Just run a ton of simulations off of zillow in your area and find what numbers can work. Best and cheapest way to figure out what is a deal and what is not. Hope that helps!!

biggest tip is not to fall in love exclusively as a realtor. I have known many how wanted to become real estate investors who went the license route and gave up altogether on being an investor. Some stayed as realtors and some just left the industry so if you go in with that mindset, make sure not to give up on it but rather take incremental steps to move your ambition forward. Happy Hunting!

I do agree with them about maybe holding off for now. Learn you market and what makes a good deal but unless you are about to truely begin, I wouldn't have any run my credit. They can give you a round about number that you can use when looking at property. That should be sufficient to help you look. Then when you get closer to september start with the lending process in earnest.