All Forum Posts by: Donald Lanzer

I just closed on my first investment property. My story changed direction 1/4 of the way in. I saw this REO property on Zillow in December. It listed for $60k. It needs a lot of work. I negotiated a $47k purchase price. I figure it might need 80-100k in renovations. So, I'm a jeweler by profession. I soon realized that the property's location was a decent location where the town is starting to revitalize. I decided I will open my own jewelry store there. It has a casita in the back that I'm going to Air B and B. If I don't like that, I will just rent it. I still plan to purchase other investment property's in the future. I will use this property to take a home equity loan out on for further purchases. One last thing, I paid cash and the property taxes are $450 per year.

Thank you Seth and Upen. That was very helpful information. My next step is to contact hard money lenders since I have no experience with them. I guess I'm starting to build my tool box. Thanks!

I posted a couple days ago about hard money lenders. Since then I have been considering a construction loan as an alternative. I'm possibly going to make my first rental purchase. It is a fixer upper and banks don't want to do the financing so I'm trying all possible ways to make this deal go through. Any thoughts? Thanks!

More helpful information. Thanks Dennis!

Thanks Leland. I appreciate the info! Happy New Year!

Thanks Jeff. It's good to know that there are many variables in play. Time for more info digging!

I'm trying to pull money together to purchase a fixer upper. This will be my first home purchase. I'm going to be a little short on this foreclosure so I was considering a hard money lender. I don't know what lenders require to see before they lend. Do lenders have minimums on the amount borrowed ? What are the average percentage rates lenders charge? Any other information that you might think a new comer might find helpful! Thanks!

Are there any investors that can suggest a good title company in the Santa Fe, New Mexico area?since I'm asking, any good RE lawyers to help draw up a rental contract too. Thanks!

I'm looking at a foreclosure listing on Zillow for $180,000. It also mentions that the outstanding balance on the original mortgage is $145,000. Is it unreasonable to lowball this lower price or will the bank most likely laugh at the offer? Thanks!

I figured. I guess I'll call a RE agent and ask what property's are renting for in the area. Thanks!