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All Forum Posts by: Alexandra Belle

Alexandra Belle has started 3 posts and replied 15 times.

Quote from @Eliott Elias:

What does your timeline look like? Go with hard money 


 So I want to obtain the property and have it rehabbed and ready within 3/4 months. I considered hard money but some people said it's a bad idea because interest is usually so much higher than other avenues. 

If I do go hard money, what would be an ideal situation? Refinance? Is that the only option or are there more? 

Quote from @Rick Albert:

You are asking a lot of great questions. As mentioned, the FHA 203(k) loan is a great start for renovations (that's what I did).

I would start with speaking with a few lenders and decide on an investor friendly real estate agent in your area. That way they can help you in setting expectations (such as what you actually qualify for and what's available) and go from there. 

It would be difficult for anyone here to give you a clear plan because we don't have enough information. However on the surface you seem to be on the right track with going with multifamily options.

Hey Rick thanks for this reassurance! In your experience with the 203k loan, how long did it take from the time you put the offer in to actually closing? If you could go back and redo it, is there anything you would have done differently? 

Post: Whose looking to invest in SE Michigan

Alexandra BellePosted
  • Posts 15
  • Votes 6

Awesome! How do we sign up?

Thanks for this! I did consider a 203k loan however I keep hearing it takes FOREVER to actually go through the process and get your property to even start working on it. I guess I’ll never know for sure unless I actually try myself huh 

Hi BP I'm a first time homebuyer & investor starting my real estate journey. I want to house-hack as my first deal. Duplex or triplex. What advice can you give me? I heard to steer away from big banks and get a 30 year conv from a local bank. A lot of the multi-family's in my area are in need of renovations. What type of loan would allow me to buy the property and renovate it? Is a conv loan the best route to take? Should I seek out a private money lender from my Facebook investor group? If private money, what's a fair jv agreement to present? I want to keep this property long term.

What are some things to red flag from a lender? What are some things that would make a lender favorable? What's a fair rate and what's a red-flag rate from a conventional lender?

I know to shop around but I don't really know what's up or down in this industry yet so I'm all ears to any advice or stories you have for me!