All Forum Posts by: Joel Thompson

@Reinhard Kurzen Andrew Greene at Perkins Coie is excellent, but on the higher end of the spectrum as pricing goes.

PM me if you'd like. Happy to share other referrals if I can understand what you're looking to get from them.

@Charles Rogers your answer will come from your lender. I'd recommend chatting with the folks that will do your refi.

In some circumstances they will consider the income once it has been filed with your taxes, others will want to see stable rents for 12 months. Those are just two circumstances that I've experienced.

Hard money is definitely feasible for this application. Developing a relationship with a lender in your area is absolutely something you want to do. It will give you the option to borrow when you need it!

 Andrew Greene at Perkins Coie is one of the best in the area

@Daniel Mendez using OPM (whether hard, private, etc.) is feasible for a first time purchase, you simply need to make sure that you factor holding costs in to your calculations.

I work with new investors on projects in Washington & Oregon regularly, and a good hard money lender will want the investor to be successful. We see success on the regular.

If you have people in your network that are willing to fund your purchase, that would be my recommendation. Usually terms are more favorable and its less expensive. That said, you can definitely be successful using hard money.

@Tyler Worth great to have you! Check out the meet up in North Seattle next week. Would be great to meet you.

https://www.biggerpockets.com/forums/521/topics/707748-north-seattle-real-estate-investors-happy-hour

@Dan Miklosz instead of using hard money to fund the first deal, you might consider finding another experienced investor to work the project with. There may be someone in your network that would consider it if you found a deal and put it in front of them.

If that's not your preference, hard money is definitely a viable option, you just want to make sure that you build holding costs in to your estimate and over estimate. It's likely that the first project will take longer than you expect.

During your vetting process, you'll probably want to find a locally based lender that knows your market and can provide a second set of eyes on the deal. That's really valuable because they look at deals all day long and can provide a valuable perspective. Also, find out if they require origination paid upfront, ask more questions. There are some horror stories I've heard from investors that pay upfront and then the lender goes dark. You'll want to know how their draw process works if you're planning to have the lender fund your rehab, and the max percentage to ARV they will lend.

Also, ask others in your market how the lender is perceived and if they've worked with them before. Often that is the best insight you'll get.

@Brian Ward it won't hurt to give these a run and see what their potential is.

Like @Greg Scott said, you may find that you're over your head, but you can always wholesale the properties in that case.

@Dan Cox way to jump in!

As @Tim Herman said, going to your local REIA, BP, etc. event will be a great way to find a local lender to work with. BP also has a director for you. Go to the menu bar click Network>Hard Money Lenders then sort by your state and click Browse Companies.

@Jan Scilipoti just sent you a PM