All Forum Posts by: Scott Wolf

@Chris Hicks, this post is very confusing. $2500 for taxes and insurance for 3 houses seems very low. 18% interest is probably usury in most parts of the country, and you can definitely find a lender that will give better rates, perhaps a DSCR loan closer to the 4-6% rate.

Lastly, $2,850 per year for 18%, if we're just talking interest, is a $15,833 loan.  Are you sure all your numbers are right or is that a monthly number, and you're looking for $190,000?

@Arron Paulino, if you bought the property all cash, I'm assuming whatever rehab is needed won't be a huge portion of LTV. A private lender can put a lien on your property, just like a bank. This will allow your private lender to feel secure in knowing their investment is protected.

@Jay Cam, the only closing cost differences you should see between private money vs. seller financing would be if the private lender is charging you points, and perhaps an appraisal, as the seller may not care about that.

@Sam Westfall, you may also want to look into a DSCR loan. If you find a cash flowing MF in an area a bit further from your location that is already occupied, you may qualify for this type of loan. You will probably need more than 15k to bring to the table, as these typically require at least 20% down.

Good luck!

@Justin Hales, that $500k loan you're talking about would be based on the value of the property you're purchasing.  Getting an unsecured line of credit for $500k will cost a lot more in interest payments, and the math may not pencil out.  Also, you may not qualify for $500k without the underlying asset securing it.

@Jose A Serrato, you can BRRRR with a FHA 203k loan. Or use a regular FHA loan and fund the renovation with your own funds. You don't need a private lender to do a BRRRR, you can fund the purchase however works best for you.

@Jacqueline Pino, shoot me an email, I'll get you one.  Where are you located in NY?

@Ben Tedla, shoot me a note with the information (number of properties, number of doors etc), I may have a connection that can help you out.

@Mark Armstrong, I'll play devil's advocate here, and say that a local agent may suit you fine.  A triplex isn't truly commercial multi-family, so it may work for someone looking to owner occupy, and someone looking for that will pay more than an investor.  

To your point, any agent should be able and willing to show you what they've sold in the last 6-12 months.  And if they don't, then run.

 Paolo, what did you end up going with?