All Forum Posts by: Nicholas L.

@Nate Ramos no offense... but what do you need this partner for? This is a lot of complexity to introduce into your very first transaction. If you need to save up more for a down payment... just save up more for a down payment. If you need to reduce your DTI, reduce your DTI. You want to own this first property free and clear and not be entangled with anyone else right out of the gate.

@Matthew Lee welcome!  I'm not sure I fully understand what you're asking but here goes.  Yes, you will need to provide proof of funds regardless of what type of financing you're using.  Hard money and private money are generally more expensive than conventional - i.e., the interest rate will be higher, and with hard money the borrowing period is typically very short.  Usually a hard money loan is used just for the purchase, and you would need to plan to refinance out of it very soon.  

Does that help?

@Paul C Willman as others have said, find a market within a couple hours, find a real estate agent, and go look at properties.

@Rudy Ratner for sure.  And your realtor should be responsive, but also guiding you on the viability of what you're looking at.

@Rudy Ratner no, there is no such thing.  Are you looking at houses that are listed above your budget? 

@Ethan L Smith it will only work if you can significantly boost the ARV somehow.

@Neil Blalock

-get mortgage and closing estimates from a loan officer

-get rent estimates from a realtor or property manager

@Brendan Dwyer well, it's either a gift or it's a loan.  

@Brendan Dwyer if the funds are a gift why would the giver need any equity in the deal?

@Nicolas Bajner what you're looking for is going to be hard to find anywhere.  I'd look within 2 hours of where you live to get started.  I would think that would be a pretty big market with millions of people in it.

Do you plan to occupy or will all units be rentals?