All Forum Posts by: Jesse Lewis

Hello everyone.,

I listened to an early episode of the BP podcast on "Hard Money Lending".

I'm preparing to purchase my first deal and I am running numbers on properties and planning my next deal.

My primary goal is to own a certain number of multifamily properties for cashflow and become a hard money lender myself.

Through this process I am putting together as much money as I can for deals.

So, during the podcast and thinking about how I can put together more capital, I started to wonder if I could earn fees like hard money lenders by loaning small amounts of money to buyers and sellers for closing costs.

My questions are...

1. Is closing cost lending already an existing business?

2. What resources can I research to get more information?

3. Does anyone here on biggerpockets have any experience in closing cost lending ?

Hi @Stacey Cook. First off CONGRATULATIONS on your first deal. I'm prior Army and noticed you said you used a VA loan for this deal. I'm working towards doing exactly what you did (VA loan for multifamily) What were the numbers like on this deal?

So I am currently reviewing a deal that "seems" to fit my criteria. However, I've never evaluated a deal on my own and it's easy to miss things. I dont know what I dont know. My questions to the bigger pockets community are.... 1. What should I consider when reviewing a proforma? 2. What are the biggest mistakes made by new or any investor when evaluating a deal with a proforma? Here are the details. 1. The seller sent me the proforma for the property. 2. This is the first time I am dealing with the seller "ever". 3. This is my very first deal. 4. I am only interested in investing for cash flow and the numbers on the proforma "seem" to fit my criteria. 5. The property is out of state. If I'm going to take this deal down I wanna do it right. Please share your insight.

@Rashad Jones Jennings thanks a lot. I just took the time to read your profile and finally realized where I recognized the name lol. But I appreciate your reaching out. I'm definitely gonna take advantage of starting out as an agent. The path you are on is the path I'm looking to travel. (Agent>investor >commercial investor)

@Michael Dang thank you for your reply. Do you have any experience in how students handle units?

@Purvee K. Thank you for reaching out. Can we connect?

@Lucia Rushton I can't tell you how much I appreciate your reply. I'd really love for us to connect. You being in Dallas is extremely valuable to me. But, I'd like to know what I can do to bring value to you. I'll send a connect request and I hope we can talk more.

@Rashad Jones Jennings it absolutely helps. One of the major reasons I am becoming a realtor is because the gentleman who owns the company is a broker and investor who I want to teach me. If I'm working for him he really doesn't have a choice but to teach me. Also, I agree if I can do more I should. My major challenge is I need to do the first or second deal to just get in the game. It's a challenge I think I need to knock out just to get over never having done anything yet. Another question for you. Why did you start as realtor?

@Matthew Baltzell first off I wanna acknowledge the Zig Ziglar quote lol. I love Mr. Ziglar. Thank you for reaching out. To answer your question I have a plan to build to commercial property in the future but your exactly right. Anything less than 5 units qualifies for residential financing. Thats why I'm starting there. I appreciate your taking the time to answer my questions. My only other question to you would be, how would I best learn a market I do not live in?

I am brand new to bigger pockets and investing. My current plan is to be a realtor to build up capital for real estate investing. I am interested in multifamily property (2-4) units. Looking for deals in Texas located close to military bases and colleges. I currently have a negligible network in Texas and not much familiarity with the market. My question is "What would be the best starting point for me if my end goal is to buy my first buy and hold-multifamily in Texas?"