All Forum Posts by: Mike Davis

@Chris Ortler what @Nathan Gesner suggests is correct, as you are suggesting that will put you into "analysis paralysis", and will cause you to lose great deals at the same time. Find a great lender to work with that you trust and start closing deals.

There is nothing wrong with having a plan, but when you find deals, they don't stay long. Good Luck!

@Brady Ascheman This will be hard to accomplish if you are talking with banks. Hard Money Lender is probably the way to go to get this done. Sounds like you're doing everything else right!

@Anthony Martin the previous posts are correct, you need to do this through a broker instead of a bank. Once you find that broker that you work with well, establish a relationship and you will see that you deals will go smoother and faster. Good Luck!

@Emilio Pereira you can go ahead and start lining up your next lender now to close when you're ready. There is no need to wait during the seasoning period, that only costs you money. Good Luck!

@Jakerria S. most HMLs will work with new investors. Based on credit scores, you are probably looking at 80-85% LTV. HMLs will look at how many projects you have completed in a 36 month window. Since this will be your first project, you will not have ideal terms. As you gain experience and build your relationships, the terms will get better and the deals will close faster. Good luck!

@Nicky Jones Do you have an idea how much in repairs it needs? Is it free and clear? Can you get a loan on the property, fix it up to meet the minimum standards of what the other rentals are? After it is repaired, can you rent or sell and make money? Good Luck!

@Ryan Pallante if you use a hard money lender for flipping, depending on your score, you may be required to put 20% down and the terms will not be favorable since this will be your first project. As you get more experience, your terms on your hard money loans will get better. Good Luck!

As a former police officer in my former life...you can call the local department and request to have the property placed on a daily/nightly property check. In my department we were required to get out of vehicle, walk around property to make sure everything was secure, dispatch will log in the time of the property check. With departments being short handed now, they may not be able to do this. Good Luck!

If investing in Baltimore City, make sure the properties you look at are accessible and you can get in to complete a REHAB budget with a contractor. I have clients that have had issues with this.

@Andrew Wills There are hard money lenders that will do $50k purchase price. Good Luck!