All Forum Posts by: Salvatore Lentini

@Joseph Hefley - do you have down money? You could buy it with hard money or private money, pay for the rehab the same way. With hard/private money on a rehab project you can get a very high LTV. Then when you're done, you rent it out (or in your case, it sounds like a flip would be more beneficial to your goal of buying a primary home). If you decide to keep it as a rental you can do a cash out refi and get 75% of the appraised value. It will also be based on the cashflow of the property but you can determine what that would be ahead of time by estimating future rent and talking with a lender prior to the initial purchase. The value based on cashflow may be lower than the 75LTV and the lender will take the lower of the 2 so keep that in mind. The numbers (at least what you've spelled out) look like they have a lot of potential. My online course walks through the numbers on projects like this. I can also put you in touch with investor friendly lenders if you have some down money.

@Gerald Watson - it depends on your expectations and understanding of what "lending on the deal" means.  You said they are asking for 20-30K down money but what type of property are you looking to buy?  Fix & Flip?  Rental?  What price range?  If it's a 200-300K purchase, 20-30K is only 10%.

@Trey Rittenhouse - to come up with down money you can either save, partner with a money partner, borrow from a private lender... or find deals that don't require much down money - seller financed deals, lease options, subject to, get a seller 2nd...

If you find a deal and have your down money issue solved, message me about financing.  I work with investor friendly lenders that don't care about W2 income or tax returns.  They lend based on the financials of the property.  I've used them to grow my portfolio.  They're not big on chit chat though.  They want to quote actual deals.  So if you have something and need a quote I can help.

@Shawn Diaz - yes, you need to treat whatever money you use from your HELOC as if it were from a lender. Include it as part of your total mortgage on the property. Sounds like that duplex is a home run for you. That HELOC will help accelerate the growth of your portfolio. Just make sure you always have plans in place to pay back whatever you borrow. Don't get caught in the trap that so many do and treat it like an ATM machine. Doesn't sound like you're that type of person though. Good luck!

@Vicky Liu - do you have family or friends in any other areas that are more affordable?  Investing out of state can often seem more profitable than it actually is.  I have 19 rentals outside of my state.  There have been ups and downs with those and if they were my only rentals or my first rentals I don't know if I would've been able to weather the downs.  They represent a small portion of my portfolio so the ups and downs don't affect me as much as they would a new investor.  Message me and we can discuss further.

@Franchell Bryant - If you read through some of my responses on this thread, not having down money is a common problem.... but fortunately it's a problem with a bunch of solutions.  Partner with a money partner, seller financing, build up money through wholesaling, lease options, subject to, a seller 2nd, seller credit....It may seem like a weakness but you can turn it into a strength because it forces you to focus on alternative methods.  I started with no money and because of it, I now acquire properties using a bunch of different methods.  If I had a bunch of capital to start with I know my portfolio growth would've been slower because I would've gone with one traditional method of acquiring properties.

@Leticia Otero - don't get sucked in to the idea that the grass is greener somewhere else.  There are cheaper parts of 99% of all cities or areas in the US.  There are a few severely overpriced areas but not many.  Even cities and areas that have high prices still have little sections that are cheap because nobody wants to live there....YET.  I would work a little harder to figure out where you can invest within 45 minutes of you in any direction.  Investing out of state generally sounds easier and more profitable than it is.

@Eliot Coulter - no problem.  Do you have a specific question?

Hi @Tanikia Washington - you want the partner for knowledge or capital?  Message me if you have specific questions.

@Tanner Sisson - not sure in which order my replies are posting but if you look at my prior post, if you have down money and a credit score above 640 you can get a loan.  I work with a bunch of investor friendly lenders that I used to grow my portfolio over the past 7 years.  Message me and I'll let you know if they would be a good fit for you.