All Forum Posts by: Glidden Rivera

@Mark Fries

What about going with a high deductible plan

Not quitting cold turkey until you are adequately funded

@Mark Fries

What about liability.

Someone gets hurt on your property,

You could be sued for millions of dollars.

@Dan Oconnell

Have him hold the note amortized on 30 yr

Give him a down payment if you can pay 5%

He keeps cash flow you get properties.

Or have him hold the mortgage for me. Lol

I’ll give him 5.5% lol

@Selena Harrison

You need an LLC or other structure

Complete with EIN and articles of incorporation

A decent credit score( not to qualify but to get better rate. Though you can still borrow with sub par credit)

Bank statement ( 1 month or two)

Must have house under contract in the name of the entity

The loan is based upon the asset. Generally,

Hard money lender will loan in the after repaired value ( ARV) some lenders will go up 75 % of the ARV 90% on the acquisition and100% on the rehab.

Ex: purchase price is 80k

Rehab is 35k

ARV is 190k (190x.75= 142500.00 max loan amount possible)

2-4 points

You need 8k for purchase

Plus $2-4K lender fee

Plus any other fees $1-2

You will need roughly 14k to close the

107k loan ( loan in acquisition: 72k loan on rehab 35k)

Interest only payment of ( 801.00/ month) or can opt for no payments for 6 months

@Daniel Pitner

What is your exit strategy?

@Joo Park

Most between 70-80%

I have a lender who goes 80%

@Fidelis Obu

Who cares what his occupation, screen him like anyone else. If he fits, give him the place, if he doesn’t then move on

@Jonathan Newlin

There is good advice here.

I contribute up to where employer matches.

My focus is acquiring assets. To buy your first property doesn’t have to take years if you find the right lenders.

Or finance creatively and build equity. I think you should push to get better at finding acquisition strategies. The need to save every dollar needed before I invest is a myth. I have acquired many properties in the past that were creatively financed with great terms, sold those assets and cashed in on equity. “The smartest people will never out pace those that are creative in business. Creatives will hire the smart ones to count the beans!”

@Carlos Cuervo

Good advice here. I started with bad credit and very little money. I recommend three things to begin. Most of my deals and current income have come by creative means in real estate. Passive opportunities generally come when you are a player in the game, can’t be on the sidelines!

1 Educate yourself: use BP, YouTube, books, meetups, etc

2 open your ears and eyes. Listen for ques when speaking to people. You may find someone dying to get out from under their home ( opportunity)

3 take massive action.

@Arnold B. Guerrero

Get new management!