All Forum Posts by: James Harris

Hello everyone.  I just spoke to a lender and long story short, he said I would need to bring about 20k of my money to the deal (on a minimum loan of 60k).  He hinted that this was common with most hard money loans.  Is there a such thing as 100% financing or is this type of down payment typical with hard money?

Thank you!

Hello everyone, as a new investor (looking for first investment property), I have come to the point in which I want to secure, or at least begin the conversations to secure funding.  My plan is to bring a deal, ideally with a funding source, to an experienced rehabber and split the profit.  If anyone has any suggestions for newbie friendly lenders it would be a great help.  Thanks

@Andy Cross:

That's an excellent point. 

Good info, I'll definitely put it into practice.  

I have been writing my letters by hand to cut down cost, but sacrificing volume at the same time because working full time and balancing family life doesn't leave as much time as I wish.  I have been using a very generic message so I will take a look at postcards to see if it is feasible.  Thanks for the help, advice, and encouragement.  Now that I know that I'm on the right path I just have to be patient and keep moving forward.  Thank you everyone!

Hello everyone.  I have started my first marketing campaign and I've targeted absentee owners.  My response rate (about 15%) hasn't been too bad, but the quality of the leads have been a little discouraging.  Most calls are not even a possibility, a few were worth looking into but nothing came from it.  Is absentee owners a good way to go or should I target another criteria?  Or is it just a matter of patience and I just have to deal with several "no's" before I find that one "yes"?  Any insight would be greatly appreciated.  Thank you.

@Benjamin I've gotten about 100 mailed so far out of a list of about 250 addresses.  Thats a good question that you posed, I have a feeling Im going to have a fair bit of trial and error in my business...which is good as long as I learn from it, so its hard for me to say which is better.  Interested in hearing from other investors on this question.

@Benjamin Blackburn  I have a campaign targeted at absentee owners and I'm getting calls but no solid leads yet. 

Hello Gerrit,

From one new investor to another...WELCOME