All Forum Posts by: Doug Laroche

How can I tap into the equity of my land for a down payment on a house? I have land worth around $80k and would like to utilize the equity in the most efficient way. will banks let you borrow against your land equity?

Find other people doing CRE in that area, check public records or propstream for recent buyers and give them a call

 get the seller to pay the closing costs! but I like to have a large amount in reserves just incase so i keep ~15k

Id say plan to hold for the long term and refi when it makes sense. 

Im in the same boat as you, i started marketing and have gotten a couple of calls back but they wouldn't go for a seller financing option. im just about at the end of my first year of a house hack and plan on doing another scaling slow is better than not scaling at all! 

Thanks Matt I appreciate it!

Should I be looking for a hard money lender? should I call to make sure I can refinance? what if I cant get the down payment? Who writes the purchase and sale agreement? how do i get it under contract if he likes my offer?

This would be my second deal but my first off market deal in an A class area with A class tenants.   

I NEED ADVICE! 

It turns out that if a property has a house and a mobile home on the same lot, banks will not finance it (at least the ones I've talked to)

So here is the plan, I get a hard money loan for the property, then after purchase I get the zoning changed so the mobile home is on its own lot. This should make it so I can refinance into a conventional loan. the problem is I don't know much about zoning, and I don't know how refinancing two separate properties would work! Also would 70% of the home values get me out of the hard money loan all the way? 

What do y'all think?

Thank you for all of the input everyone I will take all of that advice and see what happens with the mailers, Thanks!

What are some example direct mail letters that you have found the most success in ? I would like to contact a few properties via mail and don't want to blow it right away by saying the wrong things. the properties are in distress and i found them from driving around my town. any advice would help.

I am in Chatham MA if that matters.