All Forum Posts by: Nuhan Demirkan

Hello Scott,

I assume you lost the money initially because you did not know too much about real estate investing. So my first suggestion would be to learn how to be an effective landlord if that is the chosen plan. My second suggestion would be to market to existing landlords to see if they would be willing to sell you their rentals with the tenants in them. I would suggest you structure seller financing with Deed of Trust on the property as the collateral. I would only use my money to make improvements to the property so I can raise the rent. I purchased a number of properties from tired landlords with good tenants in them. The old landlords like receiving monthly income with reasonable interest without the hassles of tenants and it costs me little out of pocket money.

Hello Jared, congrats on your decision. Keep your R/E license. I have mine.

Southern Maryland Real Estate Investment Group (SMDREIG)

Hi Nick, good to have you at BP (a great resource). Hit me up if you have any specific questions. Find a group to attend, you'll be on your way soon enough.

Maximum number of 30 yr fixed loans one can have is 10. After that no matter what your credit score is or how much cash you have you can get one. You would have to get commercial loans or private money.

12 months of servicing hard money could get expensive. Can you do a light rehab and wholetail it? Buy for $127K plus paint, carpet and cleaning ($10K maybe). Sell it for $180K - $200K? You can use the hard money for that.

Try the existing lender. Some lenders have a fast track re-fi program with little or no costs and no appraisals.

Hello Jeevon, I go to the one close to my market in Southern Maryland. My suggestion would be for you to visit a number of them and pick the ones you want to attend on a regular basis. And my preference for buy and hold loan is a fixed rate 30 yr. mortgage, of which I can't get anymore.

Good luck,

Michael you can't buy real estate without money or credit (let's say it is very difficult). But you can get in to real estate without money or credit - doing wholesales or being a bird dog. Build up some cash, experience and partner with a person with money and credit.

Hello Scott, good question. It has been said that "if you're not embarrassed by your purchase price than you're probably paying too much". Having said that, I don't negotiate the price of the home. Instead I negotiate the walk away money. Price of the home is somewhat irrelevant when you consider the added costs of commission, repairs, days on the market, etc. As investors we pay for closing, buy quick and without hassles. It is very convenient for the seller and for that we take a discount. The true motivated sellers will see the benefit and sign your contract. 

Good luck