All Forum Posts by: Sam Sand
Sam Sand has started 6 posts and replied 8 times.
Post: How to become a Private Lender
- Posts 8
- Votes 0
Afternoon BP,
How does one go about being coming a private lender?
I would love to connect and just get an idea of how/what/when/why to become a private lender.
I know there are so many avenues and paths within real estate i just want to explore this one a bit more
Thanks
thanks @Jon Crosby, this would be my primary residence, but i think you have confirmed my fear that this isnt the best deal for me... thanks again
Morning BP,
I am looking at a shortsale, the bank will not take anything under 270k, i think the house needs at least 30k of work to bring it up to its full potential.
Right now the ARV is around 320k, but i believe my market area is on the tip and i am scared the second i pull the trigger the market will flop and ill be in the red.
I know there is a lot of "market crashing" talk, i usually think it is nonsense, but this house does seem over valued.
I know i am the only one that knows best for me, but what do you all think?
thanks,
Post: Primary Residence - Rehab loan - 203k
- Posts 8
- Votes 0
Originally posted by @Dan Weber:
I used a 203k loan on my first buy-and-hold/fox-and-flip and here was my experience:
It is a great tool if it is one of your only options to get into a value-add property. There is a lot of paperwork required to get a 203k loan so make sure your contractor understands that and is on board. The biggest con that I experienced was that after receiving the initial check at closing to fund the construction, I had to put up the money to continue construction after that. The bank will then do inspections of construction and issue draws of the construction once it is complete. However, after your contractors complete work, they want to get paid. Make sure you have some funds to pay your contractors until the bank reimburses you. As long as you are aware of some of the complexities of this loan type and prepared to deal with them accordingly, you will be good.
did you refi?
Post: Primary Residence - Rehab loan - 203k
- Posts 8
- Votes 0
Morning BP,
I need to find a primary residence. I want to find a fixer upper. I originally thought I would find a, owner occupied conventional loan for purchase then hard money for the construction then refinance once it is all fixed up. Is this my best option? I have recently been looking into rehab loans but I need to understand them more. Does any one use them? Pro's Con's? What does the community suggest?
Investment Info:
Single-family residence buy & hold investment in Baltimore.
Purchase price: $119,000
Cash invested: $10,000
bought this as owner occupied, i just moved out and made it rental ready
Anyone buying in Wilmington, DE? it seems the city is really trying to revamp itself.
I have doing work in the area, i see a lot of opportunity to buy up a block or two and redo it.
Anyone here investing in DE? how are the laws and lenders?
Afternoon BP,
I am just getting into investing.
I have one rental property, but i want to try a BRRR
Funds are low.
What should i look for in a hard money lender?
What should i expect?