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All Forum Posts by: Odie Ayaga

Odie Ayaga has started 6 posts and replied 2269 times.

Post: PM / Hard Money Questions

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

I would make sure to speak to a lender who is up front and explains to you all the things you don't know. The draw schemes are different from lender and every time an inspector comes out you have to pay them. In terms of points almost every hard lender has them and they vary from borrower to borrower and project to project. %ARV is typically 65-70 depending on state, but it is good to ask depending on what state you're looking to buy in. More importantly you'll want to know what LTV they're offering you. "What are your requirements?" is a little too broad to be useful.

Post: Mike From Bergen County, NJ

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

Welcome @Michael Fitzgerald! I love what you've already done so far it's a great start and it sounds like a great plan. I think everything after the house hack is potentially TBD as, hopefully, you'll keep learning about real estate and broaden your mind and horizons so you can determine what area of real estate excites and draws you. If you take the time between now and then to learn all you can in real estate it sounds like you'll do just fine. Best of luck!

Post: Newbie in General Investing

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

As a new investor hard money is a possibility. How much do you know about it though and what would you be looking for in a hard money lender?

Post: Philadelphia Lending Recommendation

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

If you're planning to move into it hard money won't work. Those loans are for non-owner occupied

Post: How do I approach a hard money lender?

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

Yes there are plenty that will lend to new investors. It's not a confidence thing, they aren't random uninformed people. You don't talk them into lending to you they tell you what the terms would be and how the process works and you decide if it works for you. If you need help finding one let me know

Post: Need some guidence and help

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

In addition to above, institutional lenders are highly unlikely to take or allow a 2nd lien on a property they are lending on

Post: 100% financing hard money lender

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

I do know of 100% financing hard money lenders, but that doesn't include closing cost as well as the first draw so you could be looking at 20-30K even with nothing down.

Post: When do i talk to hard money lender?

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

Talk to them as soon as possible BEFORE locking up a property. You want to know how much you'll be expected to pay at closing, monthly costs, terms up front in case you need to shop around or need more funds than expected

Post: First Flip Financing in Chattanooga

Odie AyagaPosted
  • Specialist
  • Delran, NJ
  • Posts 2,383
  • Votes 951

The only potential problem I see is your loan size might be too small for most lenders

Better yet, pay attention, figure out what he needs and either do it or often to do it.