All Forum Posts by: Austin Nelson

Is there anyone on BP who is a local in the Savannah area that invest in commercial apartment real estate?

I've been looking to buy my first investment property and I've been talking to a lot of lenders but all of them want 10% down even the hard money lenders. What are some ways to raise money so I can afford the 10% down that they require? Or are there any ways to invest with no money down? 

What are some ways to finance your first rental property without putting money down?

Christopher Phillips The interest rate is 4.170% Taxes are $3,192 annual Insurance is listed at $62 a month 4-5% for vacancy 5% for repairs 5% for capex I will manage the property myself About 7500 in rehab It has a small yard that I can cut so nothing for landscape. As far as money down or payment options I do not know. I was thinking along the lines of going to find a hard money lender because I lack the financial support to put 20% down.

@Tom Cafarella

I want to start with saying thank you for your advice. I will be getting into contact with some commercial lenders in Georgia this week. As far as finding private investor you mentioned a center of influence. I've never heard of one of those before, do these events take place at convention centers or is this a building every city should have? I apologize for getting back with you so late. I'm just now seeing this.

@Juan Reyes@Linda S. 

Since I will not be house hacking this unit should I pursue money from a hard money lending company or something like a traditional mortgage loan from a bank?

@Todd Magin@Christopher Wedde

The unit is fully rented at $3,125/month. 

The listing price is $225,000. Maintenance is deferred

8 bed/4 bath

tenants pay cable, electric, and telephone

I've been looking for good deals for my first property and I think I found that deal. So I ran it through the rental property calculator and it was a good deal. If I ran the number the correct it turned out to be a monthly profit of about $1500 on a multifamily unit. What do I do next so that I can to start the process of buying my first rental investment.

How do I go about getting a mortgage or a loan for a rental property that I would not be living in. I would be renting the full unit out.

I'm a 20 year old college student and I would like to get started in real estate investing in the beginning of the new year. The only problem is that I know nothing about real estate other than a few online videos I saw online. I am currently located in Savannah, Georgia and thinking about buying and holding single and multifamily homes in the area. Could you guys please give me some advice on getting started.