All Forum Posts by: Henry Offiah

@Account Closed thanks for the recommendation.

my followup question, if i apply for a personal loc but dont have a balance on it, would that still ffect me getting a business line of credit few months down the road?

Hi BP, im in need of some advice/coaching.

I spoke to a private lender today about getting a LOC, during our conversation he recommended that i look into the following product he has

a 0% business loc for the first  9-12 months then 9% interest after that 12 months. the line of credit would be for 200k but there's a 10% fee on the back end. 

this would also mean i would need to create a business to be able to acquire this loan. he did mention that the loc's can be from multiple credit cards, and thus would incur fees (1-3%) to take cash out.  he also mentioned that i should definitely apply for a business loc before going for a personal loc because if i do it the other way, i could hurt my chances in the future.

i did some reasearch before speaking to him and from my research, i should really be looking for a revolving personal line of credit with simple interest.

i have excellent credit and not worried about getting high rates. 

my question is am i trying to bite off more than i can chew by going for a business loc?

also, my goals are to purchase 1 or 2 mfr with the loc as a dp, so needing about 30 to 50k really.  my plan is to purchase them in my name first and then transfer over to an Llc (which i need to setup).

please, any advice would be very much appreciated.

Hello BP,

i am trying to build a team of contractors, which ive heard and see as the most difficult thing to do. 

i am in Indianapolis Indiana, and looking for recommendations of an electrician hvac person and plumber to do some work on y current house.

im hoping to use these small jobs to help build a relationship for working on rental properties.

any recommendations would be appreciated.

thanks for all the advice. I think that's the best, continue to focus on the indy market.

@Jaron Walling, my house is in Augusta greens, but not looking to sell yet, since I just bought it 3 months ago.

Russell, thanks for that info that makes a difference.

Ray, 

I'm an IT consultant for a tax admin company. My wife is a nurse and I've heard about the everyday heroes program. My daughter just turned 10 months, so would be looking for daycares for now.

I dont have any cash saved now because I'm clearing all credit card debt, and plus I just bought my first property in October. But will be moving by may, so we would probably be able to save about 6 to 10k by may. 

My current strategy is purchasing multi families, but upon checking the area, looks like that will have to change. Still need to do more research on what returns look like based on property types.

Hi BP,

My family and I will be making a move to Maryland as my job has a new project based in annapolis.

I'm still new to investing, I purchased my first property in October last year which I currently live in and will rent it out after the move. So I can't afford to do an FHA in the MD market due to the high prices.

In my research i have seen the Annapolis area market is tremendously more expensive than my affordable Indianapolis market. I would like to continue my investing journey in maryland, and my thoughts are looking for someone who is willing to seller finance a home in or around Annapolis MD. 

What are some other things I can look for other than owner financing, any suggestions would be welcomed. Thanks in advanced.

Helo,

I'm new to this and getting a little confused on what the best way is to do things. i want to purchase my first investment property (MF DP, TRI, or Quad). The thing is, im currently renting now, and it doesnt make sense to rent and own a property, but my issue of moving into the property is two folds. 1. im expecting a baby in 1 month and mother-in-law is moving in as well, so will go from 2 to 4. 

most MF properties ive seen are 2/1 which would be too small for us. im thinking is it wise to use a commercial loan to purchase 2 properties (numbers must work) 1 MF as a total investment, and 1 duplex to live in until i can generate enough cash flow to move into my own SFH.

Or just try to find a MF which has 2/1.5 but may not be in the best area. Also with this route, i wouldnt make anything in cash flow. wouldnt that defeat the purpose?

what have you guys done in this situation?  or what would you advice? 

my goal is to get out of renting before the end of the year.

So I talked to a lender today, and was able to identify my purchasing ability. I wanted to get an fha loan because i needed to start with a low down payment due to finances and thought my credit was too low to get good rates. The lender informed me he could do a conventional loan with my down payment at 3% compared to 3.5% with an FHA, and my credit was pretty good apparently. From what I read, closing costs are much higher with an fha so that would save me cash there.

What do you guys think? 

Is my thinking correct on moving to the conventional loan?

I'm now pushing my search efforts even further after watching a few webinars on finding deals. 

Chris, thanks for this. I didn't know about the Dave Ramsey method, but I have been using the snowball method starting with the lowest balance credit card.

I will focus on 3-4 units for now until I am comfortable before jumping to anything commercial.

 Thanks Brian. Yes downtown is the hotspot. I'll also visit the forums to see recommendation of brokers and agents.