All Forum Posts by: Eduardo Reyes

Hello Derrick, most banks won't lend on properties that need major upgrades. To first get a property you'll a private lender or hard money lender. After the property has been rehabbed and rented out, you'll go and get a mortgage from a bank. At that point, you'll pay back the private lender. Hope this helps. 

Hello Nicole, why are you paying for utilities? Renters should pay for that. Capex should be higher.

Hello Andrew, In my opinion, the midwest is a great spot to look at for your investing. Kansas City and NW Indiana and Chicago are all great places to invest in. Best of luck

@Dalyn Hazell thank you for your advice. I'm going to look into this 

Thank you Frank! 

What questions should we ask a hard money lender? 

Well done! Hopefully, everything goes well for you. keep us updated 

You could have a silent partner with your 3rd partner. Where he'll put the money and you pay him the original amount with a small interest rate. 

Hello Greg, just wondering what repairs would you be doing on this property? 

Kathiuska, for me as it stands it does seem like a very good deal. However, I would definitely make an estimate with a 6-month time frame for the repairs. Especially if you're going to use hard money. Plus look how long it would take to refinance. Best of luck to you!