All Forum Posts by: Ember Meadows

Hey guys, I am sure this is a naive question-but is getting a loan for an apartment building just as difficult if not more than a home?

I recently talked to someone who told me that on apartment complex loans banks look more at the rental income numbers. I doubt its that simple.

Basically is it the same exact stuff as a home loan: good credit, bigger downpayment and you have to have w-2's? Of course along with numbers to back up the apartment complex is a good investment.

I was recently made aware of a apartment complex going into foreclosure-I have good credit, money to put down, however recently became self employed and I am sure the 2 year rule applies....any input would be appreciated...

Since so many people just focus on wholesaling-I am just curious what is the average amount or percentage you can make when you do a rehab? I have heard people laughing about the TV shows like Flip That House because the profit wasn't realistic, so I'm just wondering what is?

Obviously you have to do your comps before you decide on a house to rehab. Whats the single factor that carries the most weight...Days on market in the area, the price, etc?

Your right maybe I should wait until I have a few deals under my belt. It is so tempting though when after hours of looking I find some great Bank Owned Properties that I know I cant get with any of this no money down wholesaling.

Also once I do start using my funds, I feel it will be easier to reach my other goal of getting private investor funds. I dont want to ask other people to invest in me if I havent done any deals and if I havent used private money before-especially my own. I feel that will help me understand how the process works-plus I can say "Hey I'm not asking you to invest in something, that I'm not already investing my own 401k into!" Plus since I'm a former banker-I know so many bankers that are getting horrible returns on their retirement funds and I feel like they will be shocked when I show them how much moe they can get. This is something I didn't even know was possible as a banker!

Well I have gotten to use the MLS a little bit to do some comps for some properties that I'm looking at-I thought it was amazing. I am hooked!

I know a real estate invstor who has acess to the MLS through a realtors logins. I do not know the arrangment. However was wondering if anyone else has done any creative things with a realtor (besides becoming one) to get axcess to the MLS?

Hey Ms. Newsom thanks for the advice. I actually know someone who has a property there that they have or were trying to flip. Are you originally from Columbus-or do you invest out of state?

If anyone can answer some of my questions I would be grateful! Cheers!

I dont know how qualified you have to be to join! I am a newer investor-but taking massive action and have 3 deals I am working on right now. I am from the Columbus, OH area. I am very goal oriented and love a challenge. I am also very good at organizing things-plus I have lots of time to devote since I recently quit my job at Chase! Cheers!

You can only use the money for long term-I was thinking of using it for a home that needs some rehabbing and then flipping it...

Hey guys I am a new real estate investor. I have really enjoyed this site. A few questions for you, I have come into this thing and taken some massive action-including sending letters to people who recently inherited property, bandit signs, massive craiglist emails and am getting ready to do the yellow letters. My focus has been "wholesaling" and trying the no money down approach. One reason is because I have heard over and over that is where new investors should start.

However I do have some money in a 401k that I am considering rolling over to a Self Directed IRA and buying some bank owned property. I do not want to give up on wholesaling-as I do have some potential deals I am working now, and I definitely want to do a few regardless of how long it takes-just to have that experience under my belt. I have heard some investors say never use your own money. I have heard other investors say wholesaling is great because you can do it with no money but it is the hardest-and make it seem like its for those with no other options?

So my questions are this: would you recommend I use a self directed IRA with my own money to get some property?

Do investors who have been around awhile-what is the most common way they finance? Do many actually continue to do wholesaling with no money even after they are more experienced?

Love the idea!