All Forum Posts by: Andrea Weule

Hello Ian,  I'd look up (Google) Matt Larson: real estate matt 

He's been investing for close to 15 years and has some impressive stuff.  Best of Success!

Are you asking about a specific turnkey company or are you asking for a referral?  I know of a couple.  One I've personally bought 6 properties from.  If interested in a referral shoot me a DM.

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It depends on the bank and the financing.  The if it's a small local bank they have a lot more flexibility in the types of loans they offer.  From there they also offer different Loan to Value requirements, Seasoning requirements and debt to income/performance requirements.  

I'd start interviewing banks in your area and talking to various lenders.  Your specific criteria will influence this greatly.

Best of Success!

There are many things you can do....

1. Learn everything you can and narrow your focus initially.  

2. Set clear goals and build a solid team

3. Figure out your financing.

4. Take action!

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Both...I recommend having some money lined up so you have confidence moving forward.  However, just looking at deals (even if you don't get them) gives you something to talk about with potential private money lenders.  I know that's a chicken or egg answer, but it's true.  If you have funds you'll be more confident pursuing properties and if you've looked at some deals, you'll be more confident talking to lenders.  Put in some time and you'll get what you need!

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Personally, I do not have a license and haven't seen the advantage.  If you want to be an agent then great, but since you don't I think it's just another thing that would take up your time and keep you from moving forward with real estate.  Get agents working for you and then you can focus on the deals, the team and getting the financing in place.  

As for the LLC, we like that as there are a ton of tax advantages to it and so it's worthwhile for us. However, usually a commercial loan can be a little more expensive then a personal loan so there is that too. It really just depends on your long term goals and your deals. Put together a plan and work it!

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I do not know the Arkansas market, but nationally I know that Stewart Title and Chicago Title have always been investor friendly.  I've had good luck with them in several markets.  

I'd also ask your local REI club. Often times the sponsors for the club are title companies and are use to working with investors.

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If you're doing an owner occupy house hack, then definitely traditional financing. A good mortgage broker should be able to help you, but I'd check with a few and even banks to see what they have to offer. I'm assuming you don't want to put a ton down being a college student so FHA is probably what you'll be looking for. The big thing to compare is the cost of the loan...origination and admin fees. Rates are fairly similar for an owner occupy FHA loan, so look to the other fees to make sure it's the best deal possible.

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@Madison Heck I don't really look at the rehab that way. I'm probably a bit old school, but I focus just on what the property needs to get to Retail (ARV - After Repair Value) I start with Retail (nice) comps and work back from there on my numbers to get my max offer amount. Here's my latest blog where I address this as an intro to numbers:

https://www.biggerpockets.com/member-blogs/12876/91491-intro-to-running-the-numbers

Hope that helps!  Remember, when asking for private money...You're not asking for a favor, you're offering an opportunity.

Best of Success!

Personally, I've had a hard time finding construction loans so I did a lot of hard money up front.  Now I use almost completely private money for short term deals (ie 3 - 9 months).  I offer guaranteed interest 6 - 10 % annual interest only to friends, family, business associates, members of my local service clubs, etc.  I often can get loans for 6 or 8% and I never have to pay points or origination fees.  I love this strategy.  It helps them grow their money and helps me do a deal without so many hoops and red tape.

Best of Success!