All Forum Posts by: Daniel Ramirez

@Jonathan Kessler, I'm assuming this property is no longer available, but wanted to check in anyway.

Regards,

Danny

thanks John, I'll reach out and see they have wiggle room!

Hello BP Community,

I have 2 very solid rental property deals that I'm looking to close on. Both are SFR rentals that will meet my 1.75% rule. I've negotiated the first to $36k and the second to $40k. Rather than doing an all cash deal, I'd like to leverage and finance via a long term note. However, 3 lenders I've spoken with will not do deals at this low of a purchase price (below minimum loan requirement). Does anyone know of a lender or alternative approach to financing? I've considered a blanket loan, but again was told the total loan amount doesn't meet minimum loan requirements.

Thank you all!!

Jason,

Very interested. Would love to discuss and see the property. Please inbox me.

@Ryan Biankowski

You absolutely can.

Research your market, come up with a flip strategy (what type of house you will want to purchase, how you plan on finding this property, what area you want to purchase, how you will come up with financing), find the property that fits this strategy, secure the financing, and close on the deal. After this it's a matter of execution.

With respect to finding he property, there are several ways. You can build relationships with wholesalers who know your market and can provide you with leads on "Off-market" deals or you can use an agent to find something on MLS for you. From personal experience, MLS deals are much less lucrative given their higher price points (typically).

With respect to financing, you can talk to any of the hard money lenders on this site for different financing programs they offer (some are tighter with someone who has not yet executed a flip), you can take equity out on existing properties you have, you can use private loan from a friend or relative. If the deal is good enough and you are confident about the profit potential, you can always use credit cards as a short term cash source as well.

I'm also relatively new to this, but have recently jumped into the game. Feel free to PM me anytime.

Need an experienced wholesaler to assist with multiple family rental purchase here in charlotte. Looking to add a few properties to my portfolio. Thanks!

Hey @Robert Eaddy

The question you have to ask yourself is, what is the compound annual growth rate you expect to earn by continuing to invest in securities via your 401k and or pension? Compare this to what you expect the annual compound growth rate you expect to earn from your real estate investments. Whichever you feel would be higher over your investment horizon is what you need to go with. Personally, I prefer the amount of direct impact and control you can have on the tangible investments of real property; I feel the return is directly correlated with the amount of effort I put in. Investing in stocks, bonds, options, etc - I feel like the control is in another person's hand. They are a lot less vested in making you money than you are. Average annual rate of return over any 15 year period is roughly 7% in the stock market; I firmly believe I can earn more in REIs. Just my 2 cents - best of luck!!

Hey @Luis Roel send me a personal message/colleague request; would love to chat. The mortgage on my father in laws house is roughly $1,300 (nothing extreme). 

Hey BP Community,

I'm looking to add a multi-family (duplex or triplex) to my portfolio.

I have a total of 3 single family rentals that are free and clear. Property 1 has a market value of $85k. Property 2 has a market value of $95k. Property 3 has a market value of $65k. 

I'm having a very difficult time getting some of the equity out to fund the purchase of a multi-family. The reasons are as follows: 

- LTV of 65%-75% would result in a total loan amount that is below the minimum loan threshold.
- The closing costs/fees would result in a total cost to loan ratio that is too high, making the loan not compliant

- The couple lenders that will refinance some equity out will not bundle the properties, generating sizeable closing costs for each of the 3 loans.

- One commercial bank I've spoken with will bundle all three properties into one loan, however will no approve me due to debt to income ratio; I have a mortgage in my name for my father in laws house (he pays mortgage and resides there) so they see the debt but no rental income.

- Hard money will do the loan but with rates at above 8% with sizeable origination fees and significant pre-payment penalties.

I was hoping some of you seasoned folks could help me figure out some creative financing solutions for this little conundrum. :)

If that's real with no catch, sign me up!