All Forum Posts by: Chris Tarpey

That is awesome!

So PM can come from another investor, family or friends. The term PM can also refer to HM which you see more as a professional lending service, similar to a banking institution. If you are looking to acquire lending from someone in your social circle, it is best to not directly ask for funding, at least not without knowing the deal inside and out. Putting together a deal package, being specific on you intent and plans for this property and how you plan to structure your loan repayment is vital to their interest in lending you money.

Similarly if you want to approach a hard money lender, they will ask all of this information from you, but also take in to account your experience, credit score, income as well as a deal analysis and desktop appraisal to see if it is worth their time/money. I recommend reaching out to multiple lenders and comparing terms to find the best source of funding for this particular deal.

Best of Luck!

I think you can come up with pros and cons to both. For me personally, I see a better quality tenant in the year lease. While it is not true all the time, MTM leases carry a stigma (at least in my area) and may be more of a headache then it is worth. Yearly leases allow me to relax a bit more on my vacancy.

BUT it goes without saying if you lock in a year lease tenant, and they are a trouble maker...that creates a headache.

Awesome Congrats!

WOW that is a nice spread! Congrats

Moving forward doesn't always mean buying properties. Slow is smooth, smooth is fast! Continue to learn and gain knowledge by reading books, listening to podcasts and networking within local and online REIA groups.

While you do that, continue to save money and learn the market you are in. Many investors start out with an owner-occupied loan because it is less money out of pocket. Once you have the funding, and find a good deal, jump in! This will get the ball rolling.

The first one is the hardest...gets a bit easier every deal after that!

Welcome aboard!

Awesome deal, the house looks amazing, congrats!

1) You don't need "a lot" of money to get started, you can leverage what cash you have by using a PM/HM lender which can most of the project/rehab. This will all still cost money, so I recommend using the calculators to plug your numbers once you mind a property and make sure they work.

2) You will still close these deals on/off market with a real estate closing attorney. This is also true for getting into wholesale deals.

3) It is your LLC and it still falls under real estate investing/transactions. It may be up to you personally if you want to separate you avenues of real estate. However I would funnel it under one LLC, at least for now!

Best of luck!!

Welcome aboard,

You will find plenty of information on this forum to include posts, articles, podcasts, books and contacts both local and national to help you learned more about wholesaling and REI in general. I would start by simply searching your questions on forum posts. Chances are if you have the question, someone else has already asked and and others have answered.

Second knowledge is power, so READ and LISTEN to books/podcasts. This will help your understanding of how REI works, the best strategies, do's and don't and much more.

Another resource available to you in your local REI group. you may be able to find a FB group as well, but finding your local REI group will directly connect you with local investors, agents and wholesalers...novice and veteran who can act as your sounding board or mentors and help you on your way.

Awesome! congrats on your first house hack!

Congrats! Make sure you continue to update on your progress!