All Forum Posts by: Account Closed

I obviously don't know your financial situation, but I know there are some lenders out there who are willing to lend 100% of purchase and 100% of rehab for your first flip/purchase. Granted the terms may not be the lowest, but for your first property, it would be of value to look into one of these programs out there, rather than waiting for the right partner to come along. As long as your credit is decent, and you have money just for closing costs, you don't necessarily NEED a partner!

Cleveland= great investment opportunities!!! 

Depends on your state- I know in CT it is not the law to disclose stigmatized properties. It is only mandated  if the buyers SPECIFICALLY ask, that the sellers are the only ones at liberty to disclose those details, In CT, the request from the buyer must be in writing, and the seller's response should also be in writing. Check the laws in NH would be my advice. Best of luck with the property, and sorry for the unfortunate circumstances relating to it. 

I see MANY partners with LLC's ... seems to be the way most of my clients structure the business. I also agree with Aaron- Definitely get the partnership details in writing and looked at by your attorney before engaging! It sounds like an amazing business opportunity though!! Wish you the best of luck!!!! :)

Hi John- Congrats on the soon to be flip!!! That is exciting! You have only 45 days from the date you sell your first property to secure your "Like-kind" property, which can make you feel like you're under the gun to find your next three family- so timing is everything. You are doing the right thing by looking for replacement properties from now! Best of luck with everything!

Welcome and congratulations on taking the next step in your career change!!! It can be exciting and nerve wracking at the same time. In regards to your question about how to figure out the money/ partner side of things, I recommend (if you have not done so already) to start an LLC. That way when you do find the partner you would like to work with, you can easily add him/her to the LLC. You can then decide what % ownership you would like them to have in the business, and work backwords once you get profits to figure out what they are owed. Hopefully that helps a little!

first piece of advice- Breathe! it will all be okay! Second piece of advice- there are stories of people spending thousands with a lender, only to be told before closing they will NOT be getting the loan after all. NEVER agree to pay more than just a nominal application/underwriting fee and appraisal cost before your closing date. Other than that, there is not much else to be nervous about if you have done your research and it is a good investment!  The first one is always the scariest- but once you buy one, you can easily acquire more and build your portfolio!

Good luck- and message me anytime if you need advice or have questions along the way!

@lativa banks Absolutely glad to help or lend any advice.  I know it can be a bit scary for your first property, but once you get one under your belt, it's rinse and repeat and you can have many in your portfolio if that's what you are looking to do! It's all about having the right contacts to make your dream happen!!!! Saving a little is a great idea. The more skin you can have in the game, the better position you will be in when you are ready to make an offer on a property. Message me anytime! :)

Is this your first investment property?  Most first time investors (and many seasoned ones) use private money to acquire and fix up the property (if needed). Plan on having around 20% to put down of your own money. Lenders look for FICO and level of experience, however, you don't need perfect credit or experience to get started. I am more than happy to answer any other questions you may have! 

You both make really good points...  you'll be surprised to find that some hard money lenders let you refi after only three months of seasoning!  Either of you can contact me anytime- I am always happy to help educate and answer any questions!