All Forum Posts by: Vincent Pace

@Matt Friede I think you will find not only in the BiggerPockets community, but in the Real Estate investing community the community is full of people who want to help each other succeed. I suggest trying to find a local meetup of real estate investors and attend a meeting/seminar just to get to know other investors who are familiar with your area and what strategies they use! Best of luck!

I would suggest suggest going to a local real estate investors meetup, where investors will be happy to share their experiences as well help you get started! Best of luck!

Have you considered using a private lender? If you are interested in using a private lender I suggest creating an entity to best protect yourself in the event of a default. Additionally, most lenders would be happy to talk about their terms with you, so I would just give them a call and tell them you are just "shopping" for a loan and they will explain the pros of their business model and try to outweigh the cons. Best of luck!

But I would make sure to find out each lender's policies before you commit to anything!

Some hard money lenders do not distinguish a difference between lenders base on nationality and give people the same rate regardless of where they were born. I suggest calling a bunch of lenders to see what their policies are, some hard money lenders will have people who speak multiple languages and can explain their terms in your preferred language. For example, where I work we can readily accommodate 7 languages. Best of luck!

Hi @Philip Fraccalvieri 

You could always look at hard money lenders as another financing option.

If you use a private lender you should also create an entity to best protect yourself in the worst case scenario of a default!

@Benjamin Lin best of luck to you and welcome to Real Estate investing! 

Have you considered creating an entity to best protect yourself in the case of a default? If you are new to the RE investing "scene" I would suggest going to local meetings or listen to podcasts to best prepare yourself and avoid the worst case scenario. Also, even if you are not actually interested in using a private money lender now they have people who would gladly answer your questions in hopes that you consider using them in the future. Best of luck!

I would say Zillow is not the best website to estimate a value of a home--especially for multi-family investment properties. I would try to get comparable for your subject property by looking at similar nearby "Sold" homes because that is a more accurate value for what your home may sell for! However, because it is multi-family there may not be as many nearby sold homes that are similar to yours and in a reasonable distance.