All Forum Posts by: Justin Putt

Good point about getting a partner, at least for the first one.
Anyone know if you can use borrowed money for the downpayment on a HML?

The numbers look good on the deal itself. I am assuming you have an exit strategy correct? And a back up one as well.

I am not sure if you are able to use "non seasoned" funds for a downpayment, maybe with a HML you can. I have never had to put money down for a HML. I like to go into my rehabs with no money out of pocket, or the very least possible. Some HMLs will even cover up to 6 months of interest payments.

Do you not have the down payment or any money for holding costs? If not, you defintely need to do something or find a HML that will cover everything.

Welcome to the forums! I am wondering where you plan on buying a rental property at? In SF or out of state. If you are planning on buying in SF what price range would you be into. I assume it is very expensive to invest out in that market.

Sounds good, my email address is in my signature below. Look forward to hearing from you.

Another Cincinnatian, excellent. Welcome to the forums. If ever want to chat sometime feel free to email me, who knows we might have spoken before, as I do not know your name.

Welcome, glad to see someone else from Cincinnati here. If you ever want to chat, feel free to email me sometime!

Do you currently have properties in Indianapolis or are you looking at buying some and want to know how the market is?

To be honest that rate is not bad at all. With all the lending problems I have been working on closing a 4 unit property for over a month now. We locked our rate at around 8% and then the lender pulled it out from underneath is just this last week!! So after it finally was "cleared to close" they said we had to switch programs with higher closing costs and almost a 1% higher rate. If I did not have to file two extensions with the seller and had to close asap I would have told them to screw themselves, but with the lending market right now I have to take it and get it closed.

The other part I wanted to tell you is that I would not put so much money down unless you have to. With my business, I look at putting as little down as possible so I can keep my capital for future deals. So if they tell you that you need to only put down 10%, then put 10% down and keep the rest for other deals. Basically you do not want to cut your throat down the road.

Just my $.02

Can anyone recommend a good place to go for liability insurance for my business. I have rental properties and flip properties as well. If you have anything, please let me know. Thanks!

Are you looking for property management in Indy? If so I can recommend someone that I use personally for my rentals in Indy.
Email me or PM me.