All Forum Posts by: Dan Kim

@Mike Klarman

The repairs have been done with the current owner. So not much going into that. Rent would be 2,800 a 3,000/mo

@Charles Carillo

I see. Then typically lending money for a down payment isn’t hard money territory. The only options I know now are seller financing and private lending in this scenario.

Hello BP community,

Before I place an offer on a single family for use as a rental, I'd have to place a contingency on my offer based on finance approval. For 385K and the home needing some repair, are there creative options to come up with the down payment (20%, non FHA-VA)?

If I’m not mistaken, hard money lenders are more interested in distressed homes, which this is not. Would appreciate any advice. Thank you!

Hello! I realize I’m casting the farthest net possible here, but wondering if there are any lenders in the community from Guam. Thanks!

Hello BP community! For a few years, I’ve been mulling over moving on from my 9-5 and getting into real estate full time. When it comes to loans, as lenders look for steady income to make their decision to lend, how do full time investors (beginners) go about financing? Are there different loan options for them?

So far in my research, I’ve looked at seller financing and partnering as options, but wondering if getting a loan (traditional or otherwise), is possible without that 9-5 income. Thank you!

This is awesome! I just read about the DSCR loan for the first time yesterday. How is that process, and if you don't mind me asking, where can you go for such loans?

I really appreciate all the replies. Over the past couple years, I've looked into seller financing (not so much the sub2 deals) and have considered the idea of having a credit partner. I did read about wholesaling as well. These creative ways to finance a deal that you all mention gives me the motivation and reinforcing needed to have me get back on those ideas again. I can see how BP is great for accountability.

In my little experience, it seems elusive to find the owner carry deals. Is there a way to best approach this? Is it much like wholesaling, where I send letters/knock on doors?

Hello BP community! I've wanted to get into REI, specifically in long term rentals, and someday, vacation rentals in an area my family likes to go to, but my greatest obstacle is that I am 2.5 years removed since my bankruptcy was discharged. With very little capital to work with and conventional lenders keeping clients like me away, I was wondering if anyone has had similar circumstances and found ways to start their careers even with the "scarlet letter" written across their credit score.

I've learned about the BRRRR method, but get stuck where I refinance with a lender, as mentioned. I don't want to be stuck with a hard money loan. I've also thought about partnering to work around that. Would love to hear any stories, advice, comments. Much appreciated!

Hello! I've been offered my first project to flip property in Guam. I have a family member who lives there and flips homes for a living. I have no capital so will need to look at hard money/private lenders. The seller wants to leave asap and listed the property for 190K. We're looking to offer 170K with estimated renovations at 80K. Quick analysis says we can sell for 350K. The biggest hurdle is to get that capital. Any suggestions would be appreciated.