Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

4
Posts
1
Votes
Sandy Cassidy
  • South Carolina
1
Votes |
4
Posts

Just received an acceptance on my first property help!!

Sandy Cassidy
  • South Carolina
Posted

Just obtained my first SF (3/1.5) property contract!!  I have a pre approval from Wells Fargo plus a hard money lender. I think I want to finance thru hard money during the Reno and then refinance.
My agent has submitted the offer in my name and stated financing is Wells. I think it can still be changed. 
If I use HM then I can use my LLC. HM loans up to 70% LTV, interest only which sounds good to me (2/3 points). 🤷‍♀️
But since this is all new to me, I’m wonder if I should just goes conventional with 15% down. (25k plus closing costs) I’ll have to use my own $ (probably credit) for repairs and updates. Depending on the level of updates will cost 5-15k. 
I’m excited and nervous but don’t want to screw this up financially. I plan on using this as a rental. 
many advice or words of encouragement would be appreciated. 

Loading replies...