All Forum Posts by: Jason Deangelis

@Ralph DiBugnara Thanks for the info. How do credit card limits & Lines of credit come into play when est. the DTI?

Thank you all for the information.  it has been very helpful in better understanding the process.  

@Eric Johnson thank you for the info Eric. Awesome you are at that stage. We are preparing for that and want to move right into it once we finish our initial stages of our first property.

Hey BP community! My partner and I have our first rental property underway and were able to finance the deal with our own capital. We are now in the beginning stages of exploring creative financing for further projects. We know what hard money is but would love some information on the process. Questions of how interest is paid (monthly or lump sum), is there a pay down schedule and is the interest only on the remaining balance. Anything informative about the process from start to finish or what to bring to the lender to secure the loan would be a huge help to us. We are in Chicago so if you are in the midwest and offer lending we would like to connect!

We are doing a rental property Dan.  Thanks for the feedback.  I will keep the latter in mind if we go the other direction.

Thanks Alex.  We realized this is the way to go today after speaking with local lenders.  Thanks for the confirmation.

Hi BP community. My partner & I have created an LLC as we have been searching for properties the last 6 months. We have found a 3 unit building in Illinois in which we want to make our offer. We are still trying to understand the best and legit approach to financing. Will we have no other choice to do a commercial loan, or, another option we have heard from a lender would be to obtain a conventional loan now and quit deed the claim to the LLC 6 months from now. Our concern is that we will encounter a "Due on Sale Clause" no matter what in this circumstance. If there is a direction we can be guided or any referrals to lenders to make this work we would greatly appreciate the assistance. Thanks in advance.

@Mark H. Porter Thanks for the details. Im trying to understand all the moving pieces of the deal and this was resourceful.

@Aaron K. Thanks for the info. Sounds pretty straight forward.

Hi BP community. I came across a FSBO deal and am interested in making an offer. I am trying to gather info on what are typical costs for me (the buyer) and the seller. I have searched online to no avail as information is scattered and more dos and dont's rather than hard numbers. I'm a huge advocate of checklists so if there is anyone out there that has a system in place for covering these types of deals it would be an amazing amount of help for me. Thank you all!