All Forum Posts by: Rico Nasol

@Diane Tycangco there can be a few ways. if your business has been around at least 2 years, you may be able to get a working capital loan or a line of credit to cover the $29k property. If you have a primary residence, you may also try to tap into a HELOC. There are also hard money options, but the closing costs are often too high to make it worth it. Do these need rehab? Are you doing a typical BRRRR where you'd refi for a higher ARV and pull cash out to redeploy? There are a few ways to get creative on these if we had the right information. What are your goals with them?

@Abraham Kaplan that loan does sound too good to be true. I agree with @Kyle J. even their contact page doesn't have a complete phone number. I'd be leery of these folks.

Do you already have a property you are targeting?

@Jeremy Toney that's great news. Glad you were able to get it worked out.

Tried to use CIX, but it got to be too noisy.

@Eric Healy it all depends on your W2. We operate our rental portfolio at a net loss because of depreciation, rehabs and acquisition. BUT since we have strong W2's, we can still find financing pretty easily. It'll all depend on that W2 income.

@Brian Bertschi I am not located in your area, but I am an investor and I work with investors. My team actually has a good size rental portfolio in the KCMO area. DM if you want to chat.

@Elijah Rembert siince you only have 1 property in your name now, I'd go with a local bank or credit union. They will give you the best rates. You won't really have to think about a portfolio lender until you get past 10 properties. Until then, take advantage of the consumer rates you have access to. The only time you may have to go beyond that is once you get into 5+ unit properties. For those, you'll need commercial lending and perhaps a portfolio may make sense then. Good luck on your journey. I love real estate.

@Chris Tindal I have never tried to get a HELOC on the ARV mid rehab. I don't know many lenders that could or would do that. Have you thought about a fix and flip loan or a bridge loan as a potential option? They are more costly, but might get you what you need quicker.

@Jeremy Toney have you found funding yet? it's definitely cutting it close with closing on the 28th. i can try to get it submitted, but 8 days might be tough. DM me if you still need funding for this.

@Daniel Sylvia never used them, but they look like your typical private lender. $600 is steep for an appraisal, but that 5.12% is pretty good for private money. How much is the property worth and how much are you looking to pull out?