All Forum Posts by: Jason Shackleton

Hey @Albert Ellis that is a tough one as most lenders have a 75k property value minimum requirement. I do know of a lender that has no loan min requirement. 15% down is also really tough but perhaps possible with a fix 'n' flip loan product where you finance a portion of the renovations.

Hi @Account Closed If you have tax returns that are showing losses you will likely end up using a no doc lender. Some of them have decent rates and terms. Other lenders will look more at the strenght of the deal opposed to your personal financial situation. With the numbers you mentioned in your question you should have no problem finding a loan. Most lenders want to see at least a 650 credit score. A few will go as low as 600 but come with higher rates. 

Good Luck

Hey @Tony Zhang Most no income verification lenders have a miuimum property vaule requirement of at least $75,000. I have recently connected to a lender that has no property minimum requirement.

@Keegan Lawyer Opportunities don't last forever. I would take advantage of the opportunity today as it may not exist in the future. Things change quick. He may decide to divest into crypto tomorrow if his business partner says he has to for example....who knows. Or your situation may change where it just doesn't fit for you anymore. Perhaps you have a few kids and or your spouse says I don't want to be a landlord...etc etc. It fits today.

That being said you likley don't need to do it all at once if it is outside your comfort zone. Do two 20 unit complexes or 4, 10 units. 

He is impressed with what you have done today and how you are taking action today.  

You said you have been reading real estate books for 3 years...Many investors have read 0 and made millions. This is not rocket science. 

Good Luck

Yes you need a website. However I would spend 10x more effort, time and money on driving traffic to said website than the site itself. 

Hey @Nick Brown Your investing plan sounds a lot like what I did. This process does not need to be that complex. Slow and steady really does with the race. The only thing I would add for you is to make sure to buy in good areas. When you are looking for max cash flow you are likley to buy properties in B/C areas. This is fine for short term holds less than 5 years or so. These properties often have many issues that you do not find in nicer areas that have less cash flow. That being said you will likely sell them way before the 15 year mark. They become an issue and not fun to manage. 

Buy in a good area with rising rents and a good tenant profile. Over time you will  pay down the mortgage. This will do exactly what you want it to do in the future. Also these properties will also appreciate more than the cheaper ones that cash flow more currently.

Good Luck! 

@Matthew Purvis congrats on your sale. Yes the market is hot everywhere atm really. Let me know when you decide to reinvest state side. I know a few lenders in the U.S. 

Hey @Matthew Purvis I am a canadian investor. What market is the investment property in?

Hey @Maricruz Medina I know of a few lenders that can help in this process.

Hey @Slade S. You should be good to go at Lima One as they have a $75,000 property price minimum. You will need to buy it in a business entity, have a 650 credit score and put 25% down. My broker advisor let me know yesterday that they also just cut rates by .25% on the rental loan product and lowered seasoning requirements to 3 months instead of six so great timing. Good Luck!