All Forum Posts by: LaTara G.

Both can be a good investment. 2 things I would watch out with condos would be the rental cap restrictions and HOA fees and restrictions. You don't want to go through a purchase of a condo only later to find out you cant rent it out do to rental caps or HOA fees are eating your profit

Hi @Christopher Brainard You can try looking to people that you know for funding, If your credit is decent you can try a personal loan or a general business loan, a Home Equity line of credit, or cashing out a 401k or Roth IRA. You can also visit your local real estate investment clubs as funders typically attend and you can partner up with some of the movers and shakers, look into Crowd funding websites, or Maybe look into creative owner financing as well in which no bank would be involved if the owner is financing.

Hi @George Villarreal  it would depend on the area and what homes in that specific area are  selling for &  renting for compared to the deal that your actually getting. I would take a look at some local comps for both and that way you can tell if it is really a deal or not. For Example a 33k deal in California vs Georgia would be completely different as both locations are in completely different in markets.

Hi @Sherry Aplin  Welcome to the bigger pockets community. This is a great place to get information, ask questions, & network. I have learned a lot from other members and greatly appreciate the value of this website.

Yes wholesaling is legitimate. Essentially what you are doing is assigning your contract rights over to a 3rd party. I would highly suggest you ask for referrals from your local Real estate investors club for investor friendly title companies, lawyers, agents etc. That way you can build a team and wont be scrambling at the last minute to find a business that will accommodate your needs as an investor

@Michael Spencer  You can look to people that you know for funding, hard money, bank loans if your credit is decent, Home Equity line of credit, or cashing out a 401k. You can also visit your local real estate investment clubs as funders typically attend, Partner with more experienced investors, wholesale, or save enough to eventually invest

I have not heard of them before. You can look to people that you know for funding, hard money, loans if your credit is decent, Home Equity line of credit, or cashing out a 401k. You can also visit your local real estate investment clubs as funders typically attend

Hi @Jon Quigley  one of the ways to minimize your risk would be to insert a financing contingency in the contract. A contingency is basically a statement (a “stipulation” it’s sometimes called) that is added to your contract that will allow you the right to back out of the deal without penalty under specific circumstances. For example :

Buyer shall have 15 days from the date of binding agreement (“Financing Contingency Period”) to determine if buyer has the ability to obtain a loan with the following terms:

* Loan Amount: 70% of the total purchase price of the property
* Term: 30 years
* Interest Rate: No Higher Than 5.25%
* Loan Type: FHA

This agreement shall terminate without penalty to Buyer if Buyer is unable to obtain the loan described above and notifies seller in writing of this event within the Financing Contingency Period.

Tara

[PERSONAL CONTACT INFORMATION REMOVED]

@Anthony Kondor  I have found that Elance is a good way to outsource. You basically post your job and people will respond to your post with a business proposal and you can select who you would like to choose. You also get to set you budget. I have outsourced some really great & reliable clients from this site.

 Best of Luck

Tara

Elite Investments -- Investment Club

Hi, My business partner and I were "driving for dollars" and found a good deal on a quadruplex. We are looking for a partner to help finance the deal but don't know where to start any suggestions on how to find a partner to help finance the deal would be appreciated. We are open to multiple options and just are not really sure where to start. My idea would be to have to investor buy the home cash and we pay them back through profit. If anyone else has a suggestion of how we could structure a deal for a private lender and where to find a private lender that would be great. Also, if not a private lender a HML that doesn't require much down or lots of experience. We have been running into that issue with HML.