All Forum Posts by: Joseph Lavoie

Hi Everyone! I am looking to see if there are ways to get creative with downpayment on commercial loans. In my market I have found there are under performing apartment buildings between 10-20units that have potential to increase rents and cash flow. Outside of raising money from others or seller financing, I am looking to see if there are private or other lending options that could cover 10-20% of a downpayment on these loans with a shorter loan term of say 5 years. If anyone has any insights please share! Thank you. 

I recently purchased and rehabbed a two bed one bath rental unit in Birmingham, AL that will be rented to section 8 tenants. The ARV on this property is just under $100k and I am struggling to find lenders who are willing to lend on such a low dollar value. I do intend to do more BRRRR deals in this area but the financing piece has been a hurdle. Has anyone else run into this issue with lower dollar value properties? I am open to any suggestions. Thank you!

@Jason Regan Thank you, I appreciate your advice. From what I have seen the best way can be driving for dollars but purchasing a list has the potential to widen your reach. Have you purchased any lists in the past from providers you would recommend?

I am a new investor looking to target distressed properties in the Boston and Worcester, MA markets. Does anyone have any tips they are willing to share with a new investor on the best ways to find and reach out to the owners of distressed properties?

@michael 

@Michael H. I would appreciate having a chance to connect with the agent currently working on that project. I can send you a message privately, thank you!

@Tommy Dahlborg Hi Tommy, I am new to real estate investing as well and had the same "SOL" feeling being from Boston and looking to invest in the Boston area with some of the highest prices in the country. If you have not already, I would recommend the book "Invest In Real Estate With No (and low) Money Down" written by Brandon Turner from Bigger Pockets. Its a quick read and opened my eyes to some financing options I am now exploring on my first deal. I am now looking at using a 203k loan to purchase a property that needs some rehabbing. 

@Cole Britting 

I was in your shoes a few years ago and had a very similar mentality. I am new to the real estate industry but I do have experience in starting my own businesses. I would agree that living it up in college is fun, but don’t loose sight of your goals. Making small sacrifices while you are in school will be worth it in the long run. The advice I have is pretty generic, but really helped me when I was in your shoes. Attend as many meet ups and networking events as you can (when times are normal again) and be a sponge. Actually write down your goals and then work backwards to create an action plan. Also SAVE MONEY, and remember that every dollar saved is getting your closer to your goal. I am new to Bigger Pockets and real estate investing as well. Feel free to message me shoot me a message, I'd love to connect. 

Does anyone have any experience in 203k loans that they would be willing to share? I am a first time investor and I have targeted the Worcester, MA market as the area I want to make a purchase in. All of the properties I have identified will need some rehabbing. I would be living in one of the units as well for a short time. I would appreciate any feedback anyone has to provide about using a 203k loan to purchase their first rental property.