All Forum Posts by: Account Closed

Glad to hear it went smoothly!! having a Rockstar of a lender at your fingertips is (IMO) one of the secrets to success in this business! Your project sounds like a great opportunity for you and your partners to all win. Let's connect!  always happy to lend advice! 

The BRRRR method seems to be the most popular strategy I am seeing in today's market. It's important eave your options open though, especially during a time when the market is fluid and constantly changing. Some of my borrowers choose to sell right away if they can make a good return, others aren't so concerned with making a return, and choose to keep the property for passive income once they spruce it up to rental standards. Feel free to connect if you like! Always happy to help!

I don't know of any lenders over 70-75% LTV for cash out during COVID.

wow beautiful outcome!

Sorry to hear you have been having a hard time finding a lender to work with. What type of property do you need financing for? I may be able to help or point you in the right direction. There are many private money lenders who do not require you to live in the state you are investing in. Have you considered private money over conventional? Usually there are a lot less restrictions across the board.

Most new borrowers I come in contact with start with the BRRRR (refinance) and repeat method. There are pros and cons to both flipping, and rehabbing to keep the property. It really is a matter of personal preference. Pro's of buy and hold right away: assuming it needs no work and has tenants or can get tenants, you get to start earning money from day one. It's a personal decision though. You have to ask yourself if you really want to manage tenants, or if you enjoy the purchase, rehab, sell ($$$), repeat method more. Both can be lucrative and rewarding. No right or wrong way to go about it!

Welcome to Bigger Pockets and to the wonderful world of investing! You certainly have picked (imo) the best industry to make money! Are you looking for fix and flip opportunities, or turn key properties that you can rent out? 

I know I am late to the party here- but have you considered hard money as opposed to a conventional route?  It sounds like you worded your question perfectly to them.. not sure why they are giving you the runaround like that. The process can be frustrating if you are dealing with a lender that doesn't understand or specialize investment properties. Congrats on your investment purchase by the way! 

@Isaac- There are plenty of courses out there that will gladly take your money! My advice is to learn from others who are doing the work day in and day out. Many of my clients work with a "Mentor" of some sort. This can be someone who (Paid or Unpaid) helps to teach you the ropes. Some of these mentors also help with getting that 20% since most lenders lend around 80% LTV. Also- I recommend the University of Youtube! There is a plethora of data and information on there from people who have been in your shoes at one point or another, that you can take and apply to your every day strategies. The bottom line is you DO NOT need a ton of experience, or a huge portfolio of properties to call yourself an Investor by trade! I would say YES to the LLC question, as most lenders require properties to be protected under a business entity, and I would say NO to the partner (unless your FICO score is not great, and this partner has good credit that can get you lower rates and better terms. Always happy to help! Best of luck!

Congrats on graduating!!! It seems like you have some excellent plans for your future!