All Forum Posts by: Andrew Postell

@Fred Haas yes, several.  Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. 

@Jayson Schuetz congratulations on taking that first step!  To grow your network I would recommend to try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. But post locally for this. That’s the best bet.

@Mark Enis this is ENTIRELY dependent on the loan product you are using.  So, if you are using a Private Loan as your first lien...then you would need to ask that lender.  If you are using Fannie Mae as your first lien...then you need to ask that lender.  There is no state law that prohibits 2nd liens...if that's what you are asking.  You just need to clear it with the underlying lender.

@Rajib Bahar I have never heard of an insurance policy that covers "wear and tear" type of things on a home.  That would be extremely unusual.  I would certainly comb through your past email/communications with the agent and report the issue to both the insurance company and insurance commission. 

@Angelica Walker sounds like you have a good contact above already but would certainly recommend connecting to some real estate groups close to you.  Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too. 

I've also been a real estate investor for 20+ years and the BRRRRR Strategy is my preferred method of acquiring. Reach out any time.

@Jennifer Fernéz purchasing a commercial property such as the one you are describing usually requires 20%-35% down depending on the current rent rolls. 

@Aaron Sweat you can certainly use these forums to search.  You can also just click on the "Lenders" at the top of this page and a lender will reach out to you.  You can also ask your realtor who is helping you look for properties who their preferred lender is.  And you can try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. Some of those facebook groups have thousands of members. Eventbrite too.

Hope some of those help.

@Joe S. absolutely have used this on rental properties of a certain caliber.  However, this isn't something you want on a rental that comps at a higher level.  Make sure you pay attention to the comps to see how you need to rehab your properties.  And when you market your home for rent...if the other properties are at the same price but look better than yours...that means they will rent first.  Comparable homes is usually the answer to deciding on finishes.

Hope all of that makes sense.

@Joehn B. thanks for posting.  Always great to hear from a fellow Texan.

Now, if you are buying the lot from your friend...there would almost no reason to put this under a seller financed structure.  Your construction loan would wipe out any liens that you have on the property when you get that product.  Usually, we just buy land WITH the construction loan and wrap everything together.

Now, getting a construction loan will require construction experience - not rehab experience.  But new construction experience.  New build lenders want to see your 3-5 year experience with this type of a project.  If you don't have any, then you would need to partner with someone who does.

Hope all of that makes sense but feel free to ask anything additional.  Thanks!

@Alex Jacobson that's it man.  Don't trip up over pennies on the way to be a millionaire.  You'll get there.  Keep digging for the best terms...do put good relationships ahead of strangers...and the further you go, the better you'll do.