All Forum Posts by: Terry Lewis

Typically you can get hard money loans based on your equity in the property. Equity based loans. The LTV is usually 65% to 70% of after repaired value ARV.

Terry Lewis

it doesn't exist, private information.

Be sure and do your homework on the state you open up the LLC in. Not all states are equal. That is why you want to consult an atty, CPA, or go to the REIA meetings and learn.

Terry

My daughter has $85,000 in student loans. She consolidated her loans from a service that the College she attended has. Now she bought 2 units in the north east with $1000 per month cash flow after all expenses. She borrowed the down payment from us and seller financing yes paying us interest. This $1000 per month will easily pay the debt service on her student loans.

Go to demographia.com and check out all the areas in the Northeast that are ripe for investment.

Terry

Jim Eckley,

He's the best in the business in all states.

"Robert J. Eckley" <[email protected]>

The seller who carries a loan as the bank can always sell the loan or borrow against the cash-flow. A professional Broker-MLO is recommended. It is not illegal to take over an existing loan however that process can be complicated and should the lender accelerate the loan either the buyer or the seller will need to agree who is going to do that in advance.

Terry

Borrow from a hard money lender. Just make sure your payment does not exceed your cash flow.

Hi Rob with all due respect I can't imagine anything more complicated and risky than buying a fixer and borrowing money from a hard money lender or even worst spending time trying to get a 203k loan. You were very successful on your first deal because you did not need to fix it up and the value was created from your good purchase price.

Terry

Hi Rob,

We were Just at the Distressed Note and Seller financing convention last weekend. The new theme there was:

Buy Distressed homes and resell at a premium with seller financing. A properly created note can then be sold or kept as mail box money. Let the new buyer do the rehab and thereby create LTV thru the buyers sweat equity and investment of fixing up the property.

Hi Tim,

Most lenders even portfolio follow Fannie Freddie guidelines. Part of the underwriting now is that the buyer of investment property needs to have experience in property management. Go figure how else are you supposed to get the experience. You could look for seller financing or a wrap around mortgage.

Terry Lewis