All Forum Posts by: Dustin George
Dustin George has started 3 posts and replied 11 times.
Post: First property. 100% financing...
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
Quote from @Jason Watts:
I'm on my journey to buying my first investment property before the end of the year and I've spoken with a couple lenders, and one gave me the name and number for a private money lender that would fund 100% of the right deal purchase and rehab on a 6 to 12 month term at probably 10-11% interest only.
our family has a close family friend who is an aggressive agent that I pretty much have to use. I spoke with her today and she warned me up one side and down the other not to try to get into real estate investing right now, especially with a 100% loan at 10-11%. Her concern being that I would use all of the loan for the purchase and have nothing left over for the rehab.
She also said that anything I find thats been on the market for more than 90 days cant be a good option because in this market because theres not going to be anything that a more experienced investor hasn't looked at and decided was a bad investment.
all that to say, after my call with her, I'm feeling a little discouraged, but I still want to have my first property before the end of the year. Maybe I should not do a duplex for my first unit (which would be my preference), but rather a single family... I don't know.
Just a couple thoughts on the matter, coming from a Realtor and investor. Like some have mentioned already, it is very important you find an agent who understands Real Estate Investing. So many agents think investing works just like the regular home-buying market and that is simply not the case. Just because a property has sat on the market for a period of time does not mean it doesn't work. It all comes down to your investing strategy. Ideally the agent you choose would have at least some working knowledge of the type of investing you are interested in, and if they're worth their salt they'll even have off market relationships with various wholesalers to help find you the perfect deal.
As for the 100% financing, as a new investor it can definitely help you get in the game a little easier. However, you would be taking on much higher risk and will want to offset that by building in strong buffers and being over conservative on your estimates. It's not impossible to find a deal that could fit your needs but you will greatly increase your chances if you can look both on and off market.
What area(s) are you looking in, in case I know someone that can help?
Post: Need Private Money Partner
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
Quote from @Chris Seveney:
Quote from @Dustin George:
I have a property under contract that currently has 2 singlewide mobile homes on it. One is from 1969 and the other is from 1971. They have both received major updates and are in pretty good condition. I only have the cash for 20% of the purchase and need a private money partner to do the deal with. I am willing to do a deed of trust (mortgage) with this person and could do either 20yr fixed or 5yr interest only. I'm thinking somewhere around 10-11% interest. Rents will more than cover the loan and upkeep with plenty of room for additional cashflow for myself. I've already tried various hard money lenders but no one wants to consider the mobile homes. Where can I go to find someone who is not afraid of mobile home rentals, willing to fund the remaining 80% of the purchase?
The challenge will be that they are mobile homes and have almost no value because of their age. Do you have any other assets you could use as collateral?
I have personal assets, but this property will be held in my solo401k trust. There is nothing in that I'd be able to collateralize.
Post: Equity Line of Credit on Lot with Manufactured Home
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
Quote from @Mark Fein:
Hi Dustin, I have a contact for cash out on manufactured homes, single and double wide for investment properties. It would not be a HELOC though. sent you a DM
Mark, would this contact also loan for the purchase of a property with a single-wide?
Post: Equity Line of Credit on Lot with Manufactured Home
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
Quote from @Tyler Case:
Hi @Dustin Seager! I could potentially be of assistance here. I'll send you my number in direct message.
Tyler, do you also operate in NC?
Post: Need Private Money Partner
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
I have a property under contract that currently has 2 singlewide mobile homes on it. One is from 1969 and the other is from 1971. They have both received major updates and are in pretty good condition. I only have the cash for 20% of the purchase and need a private money partner to do the deal with. I am willing to do a deed of trust (mortgage) with this person and could do either 20yr fixed or 5yr interest only. I'm thinking somewhere around 10-11% interest. Rents will more than cover the loan and upkeep with plenty of room for additional cashflow for myself. I've already tried various hard money lenders but no one wants to consider the mobile homes. Where can I go to find someone who is not afraid of mobile home rentals, willing to fund the remaining 80% of the purchase?
Post: Lake Norman Meetup With BiggerPockets Podcast Guest AJ Osbourne!
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
When is your next meetup?
Post: REI Trenches- Scott Patterson- Michael Bowman - Covid Real Estate
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
When is the next one?
Post: Rock Hill REI Meetup at Dust Off Brewing
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
I missed this one. Will there be another one soon?
Post: Marketing Strategies: Texting and RVM
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
Hey all! I'm doing some research before incorporating texting and RVM into my marketing strategy. What are some of the best platforms out there that offer these tools?
Also, what are some best practices to utilize texting and RVM while remaining compliant with FCC regulations on telemarketing?
Post: Marketing Strategies: Texting and RVM
- Real Estate Agent
- Charlotte, NC
- Posts 11
- Votes 0
Hey all! I'm doing some research before incorporating texting and RVM into my marketing strategy. What are some of the best platforms out there that offer these tools?
Also, what are some best practices to utilize texting and RVM while remaining compliant with FCC regulations on telemarketing?