All Forum Posts by: Sole Angel
Sole Angel has started 8 posts and replied 14 times.
Good morning! I just want to know how you know who a real lender is. What kind of questions should I ask them? The reason I’m asking is because I’ve been talking to this lender, and I see they have a verified check mark on their profile with the work premium next to the check mark.
Post: What's the best way to start investing?
- Posts 14
- Votes 6
Quote from @Nicholas L.:
the best way to get started is with a house hack. period. full stop.
Post: An example of buying and flipping of renting
- Posts 14
- Votes 6
Can someone give me an example of a house that needs to be renovated for $100,000 with numbers for fix and flip and for fix and rent? What kind of loans are available for someone who doesn’t have a 2-year work history?
Post: What’s a minimum amount of money to start?
- Posts 14
- Votes 6
Quote from @Jay Thomas:
Normally, for investment homes, you'd need to pay at least 20% upfront, which would be $20,000. Some lenders might let you go with a 15% down payment, making it $15,000. But remember, there are more costs like closing fees (2-5% of the property price), money for renovations (depends on the property's condition), and holding costs (covering a couple of months' expenses during renovations and finding tenants). While the minimum amount gets you started, having some extra money is helpful for a bigger down payment, dealing with unexpected fixes, and handling costs when there's no tenant.
Post: What’s a minimum amount of money to start?
- Posts 14
- Votes 6
Quote from @Nicholas L.:
what's purchase price, what are rehab costs, what are holding and financing costs? do you have separate savings and emergency funds? is this your first ever project? do you already own, or do you rent? have you talked to a lender? do you have a property in mind? where did the $100K come from?
if the property is $100K and the rehab is $60K you'll need 10-15% down plus closing costs plus holding costs - conservatively 16-24K + 5-10K + 6-12K = 30-45K at least
and you don't want that to be all your savings... so you'd need separate savings and emergency funds - i'd want 25-50K depending on situation, lifestyle, etc.
so 50-100K i guess
but that's just a horseshoes and hand grenade estimate
these types of questions are hard because we don't know much about you or your financial situation
Post: What’s a minimum amount of money to start?
- Posts 14
- Votes 6
Good morning! What’s the minimum amount of money that would be a good start to buying a $100,000 fix-and-rent property? With no debt and a 778 credit score.
Post: What are some loans that don’t require 2 years of work history?
- Posts 14
- Votes 6
Quote from @Sole Angel:
Quote from @Bobbie K.:
@Sole Angel what type of deals are you trying to do?
Post: What are some loans that don’t require 2 years of work history?
- Posts 14
- Votes 6
Quote from @Bobbie K.:
@Sole Angel what type of deals are you trying to do?
Post: What are some loans that don’t require 2 years of work history?
- Posts 14
- Votes 6
Good morning! What are some loans that don’t require 2 years of work history? I have a high credit score and zero debt; I just don’t have the work history.
Post: Should I pay for the downpayment?
- Posts 14
- Votes 6
Good morning! Would it be a good idea to pay for the downpayment on a house that’s less than $100,000 and let my lender cover all the other expenses since I paid for the downpayment and I don’t have to pay them back, but I still have to pay the cost of the house and rehab, etc.?