All Forum Posts by: Craig Bowen

Congratulations!!  On pace for a 90k year!  I'd venture to bet about 95% of the folks in these forums would give anything for that kind of success!  Keep it up!!!

Hey Geronimo....20% is pretty standard for banks.  Sometimes local banks or credit unions (portfolio loans) will be interested in increasing their investor presence and be willing to make deals, but I've done quite a bit of looking/applying lately for a deal I'm doing, and haven't seen less than 20% down.   

As far as the HELOC question, the basic rule when borrowing from an institution is that no part of the down payment can be borrowed money. When you apply they will ask for your bank statements and you will have to explain any large, non-wage, deposits. If they involve borrowed money you won't be able to use it as any part of the downpayment. Basically, conventional institutions want you to personally have skin in the game. This is why private money is such an attractive option in investing!

Don't know about multiple doors but the above will be true anytime you are borrowing from a regulated institution.  Fannie and Freddie are great options if you have the luxury of time....and some patience to go with it!!

Good luck!!

Hey Ruben!! I would first check him out and make sure he is the real deal. Ask if he has others doing this and try to ask them if he is good to his word. Or at least ask him about deals he has done and check them out through the MLS or the county tax records!

Barring that, know the deals you are brining him and see if he handles them the way you would, and Mathew above makes a good point....have an attorney review it.  

Having said all that, this sounds like an opportunity to learn from someone AND make a few bucks doing it.  Try a deal or two and learn what you can.  Make sure there are no local non-compete clauses in the contract and go for it!  What the heck, you can always go do your own deals once you get your feet wet, and you might just make a life-long resource that will be a valuable part of your investing life!  

Best to you!

Hey Chris Did you ever find a decent Contractor here in Columbia?

Keep posting on here looking for one....you'll find them!!

Best of luck!

Just Great Stuff there!!  Success to you and I can't wait to write a similar post in the future!  Congratulations Jake!

Hey Ariel,

Just my two cents....you can use that money in a more affordable (read less risky) area of the state or even out of state.  When I bought my last couple of deals in 2006/7, thinking that whatever problems were about to happen wouldn't be quite as dramatic as they turned out to be, little did I know I could have spent that money where I live now in South Carolina and weathered a much calmer version of the storm.

Bottom line, $250k goes a lot further in just about ANYWHERE other than San Fransisco!!  But I love the city!

Best of luck whatever you decide.

Welcome to BP!!  Great choice.  The learning never stops here.  I'm in Columbia! (Go Cocks!)  Let me know if you find yourself down this way.  In the meantime jump into the podcasts and the forums and you'll learn more than you ever thought there was to know about this stuff!

Best!

Hmm, where do i start!? There are many deals that are not foreclosures....AND there are good deals on the MLS! It really depends on your goals, how you search for them and who you are working with and around. It sounds to me like you are trying to get in the game for the least amount of risk/money. If I had a nickel......

In your area there will be two things I would suggest you pursue first. #1 is your local REIA. There you will meet like minded people and most likely get on their mailing list. This will in turn introduce you to other investors and in particular wholesalers. They will send you many possible projects, most NOT in the MLS or foreclosures. The option is to learn how to do it yourself....see all over this website!

#2 is to bury yourself in the education available here.  Watch all of the webinars, listen to all of the podcasts and you will begin to form an idea of the direction you WANT to go and the direction you CAN go.  It will show you what you need to bring to the table in any strategy so you are prepared when the right deal DOES come along.  

Anyone can jump in, I hope you do!! 

David. You will quickly learn in this bizz that "easy" flips i.e. Paint and carpet, never get far enough for you and I to see them. Once in a great while you'll chip in but just take that out of your business plan for now and be happy with par. Add in "out of state" and you might as well just give me your money! There are a million opportunities right where you live! However, if you find yourself in a plane headed for South Carolina I'd be thrilled to show you the difference. I am an old California boy and I don't know if I could invest there now. Either way, welcome to the fun and best of luck!!