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Updated over 2 years ago,
7 Tips for New Real Estate Investors
Some simple things to think about:
- Lenders want you to have skin in the game. 10% plus closing costs. There isn't 100% funding unless you have a lot of experience or a relationship with someone.
- Lenders will generally want you to be under 65-70% of ARV.
- Most lenders want to see a scope of work, know that your contractor is licensed and insured and then will pay in draws. You will have to pay for labor and materials on the first one and be reimbursed.
- They will want you to carry insurance.
- 4 E's - Experience, Exit Strategy, Executive Summary and Equity
- You should subscribe to Privy if you are in the single family space.
- If you are doing Multi Family I suggest paying attention to Rod Khleif or someone like him. Michael Blank has the best deal analyzer out there. I also recommend Steven Pesavento as a contact you should have. Jillian Sidotti and Merrill Kaliser are great attorneys.