All Forum Posts by: Benjamin Z. Pickens

@Remington Lyman thank you. Im certainky not trying to leave any money in the deal. I plan on counter offering. The original lease is up in may and I was planning on increasing rent. Is it feasible to offer them a price that, with the higher rent, can be reached by the time they purchase the home at the end of the  3yr contract. 

I currently own a home and im rentimg it out. Tenants are on board with Rent to Own and have already  received an appraisal. I would like to be done with the home and im looking for an exit strategy that benefits me. I currently owe 82k and the appraisal came back at 83k. Tenants offered 60k as is. (Home needs some repairs). 

What is a good exit stargey here? Thanks for your responses.

Its a grind for sure. I just know once I can get a little skin in the game and some experience gained it will start to work more in my favor. Thanks eveyone for your wisdom. Currently in talks with a wholesaler/flipper that is looking promising as a partner. However, like you said, Its hard to get someone on board when you have no experience. 

I think I have found a good lender but thought I would get some opinions. They will loan 80% LTV. It will be amortized for 20 years. 5 year ARM. 20% down. They use Debt coverage formula and not DTI. Any thoughts on terms for a first time investor?

The issue im haveing is minimal funds. 10-13k that's it. That will get me a down payment, yeah. However, if work is needed on the property im up the creek without a paddle. Most hard money lenders I've researched are not first timer friendly. I think I have actually found a conventional loan that works for me but like I said all the money I have access to will be tied up in the down payment. Cannot get friends or family to invest due to being skeptical on buying rental properties. I'm trying to keep moving forward and staying optimistic but man is it difficult. 

Hey, everyone! I'm currently trying to get started in out of state investing in the sumter/Columbia area. Currently looking for patners. Lets connect. 

Perhaps I'm missing some information but, does this particular lender provide funds for new investors without real estate assests? 

I'm actually looking to buy in South Carolina. In the Columbia/ Sumter area. I will start making some calls. thank you for all the help it is greatly appreciated. 

Ok so it seems like if i go the conventional loan route I will have to have more upfront money in addition to the down payment? If that's the case I don't know what my options are. I will have access to funds for a down payment and closing. Perhaps someone can refer me to a HML that is first time-friendly.

I understand what your saying about lenders being weary of lending the 100% of the value. And I'm all for 80% Loan to Value. However, im curious why I was told I could only be lended 80% Loan to Purchase. So essentially if the purchase price is $100,000 and the ARV is $150,000 and needs 0 rehab I would still only be able to borrow $80,000. Just makes zero sense to me. Thank you for your wisdom.