All Forum Posts by: Jonathan Chan

I used to live in the DC area and started off doing the BRRRR method in Huntsville, then Chattanooga and then Baltimore. It can be done, you just have to pick a market where you know someone or start building a team with a real estate agent who's also an investor in that market to get your foot in the door.

2 Votes

Solo 401K, pull personal loan out at 50K or half the balance of the account, whichever is less. The loan has a payback period of 5 years in equal installments.

1 Vote

Kansas City, Missouri

What's your goal in this world? What is it about real estate do you like? What are your strengths? What do you enjoy doing? The easiest way to get started is to come up with a target and work backwards from there. It at least gives you a starting point and will help you eliminate a lot of things right off the bat.

0 Votes

I've had trouble with property management in Baltimore. I'm currently working with Phaze 10. Hope that helps.

1 Vote

Baltimore, Maryland

Have you looked into becoming a private money lender to put your money to work while you wait for your next purchase? You can find opportunities that mature in 6 months.

1 Vote

Grand Rapids, Michigan

I'm not soliciting business. I'm not self promoting. I'm not trying to sell anything. I just want to connect with other people who are doing short term loans on real estate projects that are not institutions. Not looking to connect with hard money. I'm looking to connect with other individuals who are putting their money to work via short term lends. Once again I am NOT trying to promote or sell anything. Thank you.

4 Votes

Quote from @Ray Hernandez:

I have some money to invest but just recently started thinking of being the "bank" instead. I've never looked into it so I don't know much about it from the lender's pov.

All I know is I am interested in doing short term loans so I guess that would make me a hard money lender?

Some questions I have are:

Would 3-6 month loans be feasible?
Can you make good money doing this if you consistently lend compared to owning a buy and hold prop?
Is this better or worse than buying and holding or can they not be compared?

For my last question, the reason I'm wondering if you can compare the two is because I don't know if I should pick one over the other. I'd assume holding a rental property long term would be better for net worth over short term lending but maybe income is better as a lender? I don't know. I'm unsure if this decision would be based more on a "whatever fits your goals" kind of thing.

I appreciate any and all feedback :)

cheers

This is a very old post, but bumping it to the top. I do short term lends as my main focus and it's been going well so far.

0 Votes

Quote from @Kyle Deboer:

I am 18 years old with very little credit history and little capital. I am eager to start but can't get around the glaring issue of not having initial capital so I was wondering if there are any methods you guys would use to raise capital if you were in my shoes or is it just time to put my head down and put in long hours?

Don't go out and do this on your own. Find someone who's doing what it is you want to do in the market you want to do it in and bring them value to learn. As you gain some experience, your value proposition to others increases, which will then make it easier to raise money for your own deals. Another route is to find somebody who's experienced and raise money for their deals.

6 Votes

Dayton, Ohio

Quote from @Deborah Wodell:

I've noticed an increasing trend among investors looking for 100% financing or securing 90% financing and then seeking gap funding for down payments and closing costs. This approach can work for those with strong deal potential but raises questions about leverage, risk management, and lender flexibility.

What are your experiences with 100% financing or gap funding strategies? Have you found lenders willing to provide this, or are you using alternative sources to bridge the funding gap? Would like to know more insights on how this trend is shaping your deals and what’s been effective!

We've done gap lends before....it is riskier but there are ways to mitigate risk by working with the right borrower.

0 Votes

Quote from @Ben Whittington:

Title says it all - how much do you, private lender, pay for attorney's to prepare your loan documents (contracts, promissory notes, deed of interest, etc.) and where are you located?

We have our borrowers pay for it.

1 Vote

All Forum Posts by: Jonathan Chan

Jonathan Chan has started 27 posts and replied 123 times.

Post: Remote Investing from California

Post: IRA funds as down payment

Post: seeking guidance, practical first steps for starting my real estate journey

Post: Section 8 investing

Post: 3rd year Real Estate Investor / Landlord

Post: Looking to Connect with Private Money Lenders

Post: Becoming A Short Term Lender?

Post: Raising Down Payment Money

Post: Is 100% Financing a Trend Worth Pursuing?

Post: Private Lenders - How Much Do You Pay for Loan Documents