All Forum Posts by: Patrick Wheeler

@Edward Dones It sounds like you will definitely be able to hit the 1% rule out there. If you go house hacking though, be comfortable with breaking even. Living for free is pretty awesome in itself and is a great starting point.

@Marshall Reid Welcome to BP. Once you figure out your desired strategy, it's all about reaching sellers directly, so start learning the best ways to do that. Good luck.

@Edward Dones Welcome to BP. Look into the different ways to reach sellers directly. Just buy right and you should be alright.

@Mateus Silva I think you just explained plenty of value that you could bring to a partnership, so that would be what I would focus on right now. Then depending on what your goals on you can choose a specific strategy.

@Abhayjit Singh Welcome to BP. As a beginner I wouldn't suggest pursuing the BRRRR strategy to start out. It combines multiple strategies into one, therefore making it more complex. I would also just keep plugging away in our market. Yes it is competitive, but there are still deals. Widen your search a bit and get to the sellers directly.

Anyone have any referrals they are willing to share? I am in a pretty similar situation. My partners and I are looking for a lender that will lend to an LLC as well as a percentage of the purchase price + rehab costs. We are trying to see what's out there in terms of a cheaper alternative to your typical hard money lender costs.

@Vincent Roberts Welcome to BP. Sounds like what I would do if I could do it all over again. Look into getting a job in real estate, specifically one focused on investing. That's something I did and I now find myself in a very fortunate position.

@Eric Drewniak Welcome to BP. Definitely stay engaged in the forums and as others have mentioned, look into attending some local REI groups.

@Zoltan Fagyal I think I may have called Webster Bank, but will have to double check. I'll be reaching out to Key Bank shortly and will keep you posted. Thanks for the referrals.

Hey Everyone,

Is anyone using, or has used a lender that lends to an LLC and lends a percentage of the purchase price + rehab cost? After calling a ton of banks, I have a better understanding of the ones that will lend to LLC's, but only DCU claimed they also lend on the rehab cost. Definitely looking for more options.

Any referrals to lenders people have experience with would be greatly appreciated.