All Forum Posts by: Vinny Meller
Vinny Meller has started 2 posts and replied 3 times.
Post: Is it possible to finance this?
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Originally posted by @Aaron K.:
Yeah 10% down for an investment property is going to be very tough even if you wanted to use a HML, not to mention the repairs these things might need, I know you're eager but this might just not be the one for you. It's tough enough trying to split this with 4 people and only $50k I'd focus on perhaps one or two properties before trying to take down portfolios. Trust me I know from experience you learn more as you go so buying one property with problems as your first is better than buying 6 with problems.
Thanks! You were right (as I'm sure you know). They didn't want to back out of figuring out a way to make it work, but they eventually realized (after wasting their day calling banks) that your reply was correct and we're now trying to make an offer from the property we liked best out of the bundle.
Post: How does getting an agent work?
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My friend and I found a place we liked on realtor.com and we clicked the "Email Agent" button with our info and got a couple different calls from a couple different people. Both of them seem like they really suck. Is there another way? Can I just find a reputable agent from here and tell them what property I'm interested in? Does it work like that?
Thanks
Post: Is it possible to finance this?
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So here's the deal.. me and 3 friends have been wanting to invest together for a while. One is 3 years out of college, the rest of us are 1 year out of college.
We currently have 50-60k cash
We found a deal where a landlord wants to get rid of all of their properties in a fairly low COL city, and its a pretty big discount to buy them all together. Individually valued at 560kish (6 properties, 5 sfh 1 duplex) but 450k to take them all.
Is there any remote possibility for us 4 to get financing for this? We realized as we found this that we don't know anything other than how a normal conventional loan works. I'd imagine if there is a way to make this work it isn't through a conventional loan.
None of us really know anything about financing at all and now we feel dumb and under a lot of pressure because the numbers look super good. Does anybody have ideas for what we can or should look into?
We can also bring other people into the mix for more money but we want to avoid that as much as possible. It has been us that wanted to do this together for quite a while and we trust each other the most.
FYI this would be our first deal. We are quite clueless when it comes to many aspects of closing a deal. Acting like I know nothing here probably isn't the worst assumption :\
Thank you
EDIT: figured I'd add. 3 of us have credit scores around 720 and one around 690. combined income is close to 300k before tax, but since we're so new out of college only one of us would have "proof" of this on our tax returns, just paystubs