All Forum Posts by: Eliott Elias

The type of financing you use heavily depends on what kind of deal you are pursuing. If the property needs a lot of work, you most likely can’t fund the entire project cash, and will have to go hard or private money. If you are purchasing a turnkey rental, expect to put down at least 20% on the purchase price.

To steer away from points, you are going to have to go directly to one of these big box lenders. Avoid mortgage brokers or loan originators.

Have you talked to a realtor? Or investor who leases their properties in your state?

You can get creative with the down payment. You can do what is called an owner carry and pay the equity along with the mortgage every month. What I would do is turn my negotiation light on and bring the purchase price down. 

The best way to approach this is to build rapport before your first call. Knock on the neighbors doors and politely ask if you can get introduced to the owner of the lot you are seeking.

Keep it simple. You can use QuickBooks or Excel

Contractors are only as reliable as the contracts you put in place and the amount of money you hold back from them.

You will not be able to qualify for conventional financing, considering you are new. You will most likely be using DSCR financing. To qualify for this, the property must cash flow.

It sounds like you are dealing with a loose cannon. If you do not like this aggressive style, hire a different realtor. Your realtor can not submit serious offers without your signature.

Here is where your statement is flawed. Supply and demand is at an all time low. The only thing likely to increase with this coming recession is supply. Only then will we see the rapid decline in the housing market.