All Forum Posts by: Dee Xixi

The down payment 20-25% is awesome but the duration doesnt seem too attractive. I will say keep the duration under 7 years. I dont know the asking price and ARV of the acquisition but you could of even offer 10% down with an interest of 8% for 3 yrs then use the other 10-15% for another rental property. Then once you close, you gotta to start to work on your credit to improve your fico score. so when the term is due in 36 months you can refinance.

Just feedback on how the meeting. The meeting went way better than I expected.
From the get go, he was very friendly and open.
Few things, he pointed out to me is:
To be different than other investors, and create an image in my community that I invest to. so many ppl doing the same thing that I am doing so be original and stand out.
- Get up go meet with you local banks decision makers.
- Networking is the key : talk to everyone about yourself from grocery stores, chuch, bar etc.... keep your story short and simple. First educate yourself because you dont know you might talk.
-Good deal will always get financing.
-Business plan that is well defined and have a personal resume. specially when you are looking for funding.
-Learn how to use your friend to create exposure for yourself.

Right now he is only involve in commercial properties, he cant tell me much about the housing but to say the least he would encourage me on buying rentals cheap now and sell later. Create proforlios some that I increase my financing chances.

May be I am not seeing the big picture, but if you buy at very low price in a tough area most likely you will be dealing with headache tenants plus you are an out of state owner. Seems to me too risky. so what will be your exit strategy with this property, plan A is to collect rent, plan B to resell, if it is in tough area how quick can you move that property, I dont know ........ I dont know know much but i would prefer to buy 4plex instead or larger properties at least you can afford a 50% vacancy and sec 8 could be an option.

Thanks quys, all great answers that I can tweak around and make the meet intersting.

Michael, I am interested on getting a loc also intead than use hml, so just wondering what kind docs they ask you in order to be even qualify in this no lending zone right now.

Thanks

My best friend was able to arrange a meeting betwen myself and her boss friend which is one of the most successful REI in town, he has been an investor way back in the 60's, know his stuff and up there. Seems like a perfect fit for me I just started and not much to show for. He said bring my questions, he will answer them. But I am more interested on how to relate to him and he can tell that I am serious so either he can help me finance couple acquisition or point me toward some connection of his. too much to do in one meeting but I want to set the tone.
So any ideas on how to abord him or to plan for the meeting and to impress him so that he will be willing to seat with me again and eventually take a chance to help me grow my business. Please advise.
Thanks

Thanks Charles,I am going to send you a colleague request.

I totally agreed with Jon. i tried to buy at auction few times with no luck but the least I can tell you it is not for a first time home buyer, unless you know the property inside out and you do your homework. I do know what type of financing you are getting but fro an fha it is about 45 days to close and the auction give you 30 days. Also you can have any contingencies, you have to make sure that you are getting a GREAT deal, if not you are on your own and so does your Earnest Money.

Jason, for a mortgage about 50k you might be better off go to a local bank. you might find a bit harder to get financing thru a big. If your buying power is 50K, looks for property around 80-100K and walk your way to 50K. I dont know your area but a property at 50k might require some intensive work.

Hi Charlie, do you have a copy of the wordy of previous contract that you would like to share with me(us).

Thanks