All Forum Posts by: Michael Ohara

It depends. The private money I have access to lends on a short-term fix/flips, cash-out refi, and long-term rentals -- 30 year amortized. The low-minimum loan amount is great for cheaper markets.  All the best.

@Kyle Daniels

Getting a private loan from friends and family can be a great strategy. 7% might be a little light, but you could ask them what they want. For some investors 7% doesn't even move the needle. Everyone is different. Since this is your first BRRRR remotely, your investor may feel they're assuming more risk and want a higher yield. You could do interest-only payments so they get a small taste every month. The best thing about private loans is you can be as creative as you want. All the best.

I can help with short term fix/flip, cash out refi, or long-term (30 year am.) with loan minimum of $30K. Must be NOO. The loan is based on the asset. Let me know how I can help. All the best.

Very cool!

Great job!

@Jim Bray Partnering with someone who has experience is a great way to get your foot in the door for financing.  Lack of experience can affect the cost of the loan.  I have access to private capital and the lenders like experience, but it's not a deal breaker.  All the best.

Understand what investors are looking for in a deal. What numbers do they need for a deal to make sense, i.e. how much below ARV are they buying. Connect at local REI events and ask around. I like the idea of pulling a list and see who the cash buyers are in your area. An investor-friendly agent is valuable. All the best.

Hi Ikona,

A good step is join your local real estate networking group (search meetup.com, FB, etc.).  Hang around, listen to the speaker, meet people, listen to how they talk, ask questions, etc.  All the best.

I think Brandon Turner has a webinar on how to make $5k/mo from rental income.  Yours is a worthy goal, but how to do it will vary from person to person and market to market.  I had the same goal as you and wanted it fast. I jumped in deep and bit off more than I could chew. In hindsight, I would focus on one deal and build slowly.  All the best.

@William Hellendale interesting idea.