All Forum Posts by: Account Closed

I have to imagine this has been discussed before so I apologize for bringing it up again, but I can't seem to find a similar post anywhere in the forums here.

Where do you all advertise your rentals that need to be filled? I have my first rental up on craigslist and zillow and I'm not getting much interest. Maybe I just have the asking rent too high, but if there are any other good sites to post my house for rent to generate more interest, I'd love to hear what everyone uses. Thanks!

@Ned Carey

Thanks for the reply Ned. I'll go in expecting somewhat higher rates then, considering I'm young and have no experience yet aside from one rental I bought with a conventional mortgage.

By the way, will hard money loans show up on my credit report?

Originally posted by @Tom S.:

@Account Closed Sounds like you have things in order in order to get approved for HML. For me personally, they wanted to see 20% down payment, additional cash reserves, and pulled credit to confirm there were no liens, judgments against me, no settling loans for less than the amount owed.

Experience also helps, as well as the deal itself.   Income helps, but they wanted to see cash in the bank to be sure if the project went over budget, I had to ability to finish the rehab. They stated that was critical.   

Good luck!

- Tom

 Cool, thanks Tom. That's really good to know. This strategy almost seems too good to be true, lol. I'm waiting to find a big flaw in it but can't think of any.

Hi all,

I'm thinking about trying to go the route of using hard money loans to finance discounted, off-market deals (probably mostly from wholesalers?) to take advantage of being able to pay cash for properties with instant equity, then rehab if needed, and cash-out refi to repay whatever hard money lender I'd use. At least in theory to me in the last few days of thinking about this, it seems like a solid strategy (please feel free to shoot holes in my theory, I'm here to learn!)

My question is - having never used hard/private money before - what criteria do lenders usually look for before supplying a loan? I have excellent credit and a good income with the ability to save solid chunks of cash every month that I could easily use for down payments with conventional financing if I wanted to.

I'm sure all will be at least a little different regarding borrower requirements, but how can I best prepare to seek hard/private money loans for what I'd like to do? Do they usually need to see X amount of money (maybe a certain percentage of the desired loan amount) in my bank account, or will having high credit/income alone be enough to be deemed a good borrower for these guys?

Congratulations, that must feel awesome. What was/is the interest rate on your HELOC if I may ask?

-Study civil engineering -get an engineering job that pays good money -save said money to buy real estate -make real estate investing way easier for yourself -????? -profit

Doesn't even sound like that great of a deal. If I were to buy out some given business, I'd generally expect 20-25% ROI when paying 100% of its value. 30 cents on the dollar should mean you should be expecting an ROI of at least 70% or so. At least that's how I see it. 40-45% wouldn't be worth it to me given the circumstances you described.

Earn more money, unfortunately it's pretty simple. I'm in the same boat as you, started with more debt than you in fact but since I started 18 months ago I have it down to less than half now. Hoping to have it paid off now in 6-9 more months. Feel free to pm me if you'd like.

Originally posted by @John Rutledge:

One more data point...

https://atlanta.curbed.com/2018/6/18/17474886/tind...

 Lol that's funny

Originally posted by @Nick Fitzpatrick:

@Account Closed @Jason Huff All of the tower development in Midtown is for apartments. The only condo being built now is Oculus and that has a starting point of $700k- a bit pricey. I do have a Google Doc with every 50+ unit condo building in Midtown I can share if you want names to look up. The eventual goal is to make it a dynamic document that updates avg $/sqft but it's not quite there yet. 

Focus on the older, smaller buildings in Midtown and VaHi that can be rented. They go pretty quickly and attract a good tenant pool. I know of one for $200k that is about to hit and has available lease permits. 

 Nick, yes if you would share that with me I'd love to see it. PM me when you get a chance please.