All Forum Posts by: Joe M.
Joe M. has started 46 posts and replied 407 times.
Post: Can you please help me understand private money?

- Erie, PA
- Posts 413
- Votes 348
Originally posted by @Blake Garcia:
Private money works generally the same way as a bank loan. They can be more creative about credit, loan amount, and terms, but can also have higher or lower rates depending on if it's seller finance or true private money. Most will probably be in the 70-80% range so they are covered in a default situation. The upside is that most private money will not reflect on your credit score.
Appreciate the response. Would you say its common to do a long amount like 30 years? I guess I am thinking around borrowing 100-150k amount
Post: Can you please help me understand private money?

- Erie, PA
- Posts 413
- Votes 348
Hi BP
So can you please help me understand private money for long term buy and hold rentals? I know this is pretty general question but are there a few traditional ways this commonly work?
Does the lender usually lend the full purchase amount? Just the down payment? Do they ever just buy the property then create a seller finance situation?
Moving forward, I can see this being a tool in the toolbox that helps, but want to have a better understanding of it to help create win wins for all that is involved.
Thanks in advance.
Post: Using home equity to finance rental property

- Erie, PA
- Posts 413
- Votes 348
Its one way to do it
Post: Tenants won't pay rent, evicting

- Erie, PA
- Posts 413
- Votes 348
Disagree with the guy above and "the right thing to do"
Good luck with the process
Hey Dave
What type of properties are you looking to get into
Post: Am I dreaming too big

- Erie, PA
- Posts 413
- Votes 348
Hey Star
I think your dream is well within reach. If it seems "too big" try breaking down "how to get there" with smaller steps and smaller goals to get some wins along the way. I highly suggest figuring out what money you have coming in every month, but also going out. See where you can cut, see if you can get a part time job, sell stuff on ebay, etc and put it all in your saving. See how you can help your credit score. Pay off some debt. Turn your car into a library by listening to personal finance and real estate podcasts. Keep learning, keep working at your dream. Good Luck.
Giving this a bump for Erie
Good luck. Sorry I cant help with your questions
Post: Property that the city is wanting to buy from me....

- Erie, PA
- Posts 413
- Votes 348
Does the city want your building?
Post: Tenant surprise! baby in a student house.

- Erie, PA
- Posts 413
- Votes 348
I am 100% not a lawyer, but Im going to strongly urge not to do anything to a pregnant women both from a legal standpoint...but also a moral one
Post: Tenant surprise! baby in a student house.

- Erie, PA
- Posts 413
- Votes 348
Well...I dont know the laws but I cant imagine you can kick someone out for having a baby lol