All Forum Posts by: Kyle Johnston

Hi Bart,

I could help with this type of deal as well. We have several programs for investment properties with 30 year fixed rate terms. Feel free to reach out if you'd like more information!

[email protected]

Just PM'd you as well

Just PM'd you

In my opinion I think ARV is a little easier than repair costs. You can get pretty close by looking at previous sales in the area with similar features i.e. beds, baths, square footage, level of upgrades, etc. It's true that it's only worth what someone's willing to pay for it. Repair costs on the other hand can be much trickier without experience, but Jay Scott's book on estimating rehab costs has really good information in it. I actually used it to estimate the costs of a rehab my girlfriend's mom was doing to their house, and I got within $1000 of what it actually cost them.

Hi Bennett,

It obviously depends on your individual situation but we have programs that are similar to conventional financing, but allow investment properties and can use rental income and bank statements to qualify. Let me know if you'd like more information!

Kyle Johnston

[email protected]

Hey Jamal, like Benjamin said, the best strategies do depend on your goals. If money isn't unlimited (which I have to assume is the case for 99% of investors starting out) I'd suggest learning as much as you can while you save what you can, then partner with someone who has more money, knowledge or both as a way to get into the business. As far as wholesaling, if certain rules are followed, it's not illegal, it's simply assigning a contract that you make with a seller to another person which is completely legitimate based on contract law. However, I've heard many professional wholesalers say on the podcast that to be a GOOD wholesaler, it's not something you go into as a newbie. They say this because in order to provide good quality deals to your end buyers, you need to be very good at assessing repair costs and ARV as well as negotiating the initial contract so that there's still room for the buyer to make a profit after your fee.

That being said, I plan on buying distressed single family and small multi family properties to either hold as rentals or flip depending on the deal. There and several private money lenders who will finance all of the cost upfront even with new investors if it's the right deal. Again, your goals may be different which will change what strategy fits best for you, but that's just my two cents.

Hope this helps and welcome to BP!

Hi Asher,

I'm relatively new to BP as well. I'm a loan officer and I'm licensed in CT and PA, NJ will be approved soon. I work for a more traditional lender (although we do have self-serviced programs for investment property with less strict guidelines) so it would depend on the individual deal and your financial situation whether or not I could get you qualified with us, but I'd always be willing to answer any questions you have about financing in general. I'll send you a PM as well.

Hi Joseph, 

Is this a buy and hold property or are you looking to flip it? I'm wondering why you're not looking for a traditional refinance?

Hi Daniel,

I am a loan officer licensed in Texas with Carrington Mortgage Services. We are a nation-wide lender and mortgage servicer and we have a "Near Prime" program specifically for investment properties, but it seems like you would also qualify for more traditional financing so I think you have a lot of different options. Send me an email and I can get you pre-qualified as soon as tonight if you're interested.

If you'd like more information feel free to pm me or email me at [email protected]

Thanks,

Kyle Johnston

Carrington Mortgage Services, LLC.

Loan Officer

NMLS ID: 1725652 Ohio License Number: MLO.057653.000

PMd you as well