All Forum Posts by: Goredy Tess

@David Malik  and @Will Barnard,

If I go with the banks, yes I will have to provide 20% down payment. However, if I go through the private/hard money lenders, they will charge high interest rate + 10% down payment + need a collateral. 

Which one do you both recommend to be the best approach for a newbie? 

Thank you

@Will Barnard,

Thanks for the response, so the property price is $160k, can u advice me the best approach using <15% of my money to skin this cat, so that I would have a reasonable monthly cash flow.

Thank you

@David Malik,

Thx for the response, based on your experience what would be your advice to purchase my first investment besides using my own money?

Thank you

Hello All,

After joining bigger pockets a month back and doing a ton of analysis to find a property with a decent amount of cash flow, I have finally acknowledged there are a couple of properties that fits that criteria. 

So, now I am at the next step of asking myself, where do I get the money, so far I have heard people say "don't use your own money", "No money down" type of statements, I personally don't see a way out without using my money, because all the lenders have their pros and cons, they all want a down payment between 5-20% and a collateral, those lenders could be (Bank, private lenders, hard money lenders).

So my question to the forum, where do I find private lenders and hard money lenders that don't require a collateral?

 Thank you

@Wayne Brooks,

Thank you for replying, passing the exam and getting the license doesn't equate to having the hands on experience, but does it help to reduce the some of the expense that comes with hiring a contractor?

Let's assume that if I get the license, how can I leverage that license? Or it's just a waist of time?

Thank you

Hi Guys,

I have a question for the fix and flippers, I kinda read the fact that it's so easy to get a home improvement license, so based on your experience does it help to have a home improvement contractors license? Or just leave it to other people to do it for you?

Thank you!!!

@Axel Meierhoefer and @Khaled El Dorry, thank you both!

@Joe Villeneuve, Thank you, will do!

@Joe Villeneuve,

This is the analysis that I have done https://www.biggerpockets.com/...

In order not to base my analysis on guess numbers, where do I go to get the accurate data, the only online source that I am currently using is Zillow and BP.

Trust me I don't want to jump into this blindly without having the whole information.

Any recommendation is greatly appreciated regarding on how to get accurate data on expected expense!!

Thank you

@Russell Brazil, 

Thank you so much for the clarification.

So, based on your experience, so you think that the SE and NE area in D.C will have that kind of property appreciation?

Thank you