All Forum Posts by: Andrew Davis

@Tim Davids 

Hey Tim, I think your local REIA is a great place to look for private money lenders... that is where I've found mine.

I have not run into a situation where one tries to go around me.  You can get pre-qualified with a few, get a deal under contract and then go to them for the funding.

There's also a good list here on the site:

http://www.biggerpockets.com/hardmoneylenders

Good Luck!

David Johansen tile! Especially for a rental. I have seen many rentals, in A - C neighborhoods, where the entire house has been done in tile. It's extremely durable and will last much longer than linoleum flooring. Another option that is extremely practical for rentals, which is now becoming very chic, is stained concrete. You would hard pressed to find a tenant who could destroy that!

@Karen Pratt 

I second @Jimmy Moncrief 's sentiment!  I know plenty of banks that will lend for a foreclosure, and some will even lend you money to fix it up!  Find another bank.  Developing a good relationship with local banks will be very helpful for you as an investor.

I would also recommend @Brandon Turner 's book on Investing with no and low money down, if you haven't already heard him shamelessly plug it enough on the podcasts :) !

It has fantastic ideas for funding your projects, and also great information on wholesaling.

http://get.biggerpockets.com/nomoneydown/

Good luck!

@Cheyenne Davis 

Great to see another Central Florida investor on BP!

Sounds like this particular buyer will have a really hard time getting financing.  Have you considered a lease option?  I obviously don't know the particulars of the property and your situation, but you could get a good down payment from them, say 10%, and allow them a few years to repair their credit in order to get financing.  Could be a win-win!

1. Seller Financing

2. Family Member/Friend lending out of their retirement account or directly

3. FHA loan and use a local down payment assistance program to cover the 3.5%

4. Private/Hard Money

5. HELOC (Home Equity Line of Credit)

Each one has advantages/disadvantages.  The best solution generally depends on the deal, your goals and what options are available based on your situation and the transaction.

Hope that helps!

@James Roux 

I ran into the same issue when looking for multi-family properties in Orlando.  There just aren't a lot to choose from, and you're either in a war zone or in a high end market where your cash flow will be severely limited.

I have recently expanded my search to Altamonte Springs, Pine Hills... the outliers.  Don't be afraid of single family homes either, you can still find plenty that come close to the 2% rule and those tend to have a better upside when it comes to appreciation.

My advice would be to FHA your way into one of those that needs some love and use the 203k program to fix it up. Rent out the rooms to pay your mortgage and refinance in 6 mo's to a year, move out and rent it out. Repeat and then leverage your way into a larger multi-family down the road.

Feel free to reach out!

I looked at a property last week where the electrical had been stripped.  As @Account Closed said, it's certainly not unheard of, just something you have to add to your budget.

If you're concerned about the safety or desirability of the area from a crime standpoint, your city/county should have a website with crime statistics for the area.  Another great way to get an idea about the area is to chat with neighbors.  Bring them some Christmas cookies and they'll tell you everything you want to know and more!

@Chantal Moss 

Congratulations on the deal!

There are lot's of ways to determine comps other than the MLS. I'm in the Orlando area as well and would be happy to help you with this deal.

Feel free to reach out via private message.

Sharrie G. Both wonderful places to live! I moved to Central Florida last year and there are some fantastic opportunities here as David Bateman said. Florida has some really strong growth projections and there are still a lot of areas where you can get great deals. Feel free to reach out if I can help in any way!

Jeff Libby Congratulations on getting started! Many have given great suggestions including seeking out less popular areas, interning and getting your RE license, all worthwhile pursuits. If you haven't already defined your goals and your criteria (based on your goals) that is crucial and will really inform your investment process. In a hot market it is especially important to differentiate yourself and your strategy. What is everyone else doing? Don't do that! Where is everyone else investing? Don't invest there! While there are "hot" markets, there are still many places in the country and I'm sure in your state where prices are good and you can get good and even great returns. Best of luck and keep us updated on your progress!