All Forum Posts by: Lance Card

I've found a property with a value of 250K. Owner says they'll seller finance 65K and we'd  need to get a loan for the rest. I'm still researching rents in the area but my first question is: In a situation like this would a bank consider my financed 65K my down payment and they'd fund the difference or would they still require 20%? Thank you in advance. 

However, economic reports have indicated that Ogden is among the fastest growing locations in the U.S. Plus, the commute into SLC from Ogden isn't that bad, so the tenant population is growing. Tooele too. In the Utah County areas, you have go a bit further south than the mainstream Valley markets to find anything most of the time. The best buys are those close to college campuses, but they are rare gems.

I'd thought of that, @William E. But the article helps and I appreciate your input.

Thank you for the explanations. I've been really against modular, but now I may look at that differently. I hadn't even considered the basement scenario @Jeremiah Maughan. I've been concerned with the 2/1 properties because of the rentability (is that even a word), so I think that they won't play a part in our process either.

Thank you again!

@Steve Vaughan, that is certainly creative.

Greetings fellow BPers! (I posted this in the general forum, but thought I'd try here as well since it is local.)

We've been looking for that great deal to begin our buy and hold portfolio and have been coming across a number of property types that our local investor's group has cautioned against purchasing. These properties are much more prevalent which leads me to my questions. Would you invest in any of the following providing that the numbers worked?

• 2 Bed / 1 Bath older than 1930 build
• Modular home
• 3 Bed / 1 Bath older than 1930 build

I appreciate your feedback.

Greetings fellow BPers!

We've been looking for that great deal to begin our buy and hold portfolio and have been coming across a number of property types that our local investor's group has cautioned against purchasing. These properties are much more prevalent which leads me to my questions. Would you invest in any of the following providing that the numbers worked?

• 2 Bed / 1 Bath older than 1930 build
• Modular home
• 3 Bed / 1 Bath older than 1930 build

I appreciate your feedback.

Thank you for your input, gentlemen. I appreciate it. The GREAT DEAL is like a snipe, or a unicorn, at this point. So far, it's been a myth. But, we'll keep looking. @Rosston Smith , how is a private money lender cheaper than a HML? From what I've seen the terms are pretty similar.

Hello BP! I'm trying to wrap my brain around some of the creative financing options as we're looking into pursuing our first property for a buy and hold scenario. I've been bouncing the concepts around and around, but the following scenario keeps staring me in the face and screaming: DOUBT ME! So, I'm hoping that some of you people who are smarter than me can put this to bed.

Scenario: Purchase a property using hard money with the intent to refinance as soon as possible into some kind of a traditional loan.

Cons: 

• Hard money is hella expensive interest
• You have to wait 6-months to refinance from what I've read

Pros:

• You can cash buy where you don't have immediate cash reserves

What am I missing here? 

I appreciate your comments and thoughts in advance.

Yup. We are.