All Forum Posts by: Alex Mercer

@Bob Woelfel

I’m in KC too by the way.

I’ve read that the seasoning period is mainly for cash out refinance. Is this not correct?

This particular property has an arv of 79k by the way

I’m very new and I just have a quick question and thought I’d come here.

Ok so I have a hard money lender that charges $3500 or 3.5% (which ever is greater) origination fee.

Say I find an off market rental for $40,000 that needs little to no work. Could I get the loan from the hard money lender then refi with a conventional lender?

Didn’t know if this is a good way to get around having to put 20% down with a conventional lender.

I have a question about refinancing a hard money loan with a conventional lender. Say I’m all in (purchase and rehab) on a property for $70,000 but it has a value of $100,000 and now it’s time to get a conventional mortgage. Would the bank still require 20% down on the $70,000?

I’m new and just curious about this topic. Thank you!

Do you guys have any ideas where to look for a private/hard money lender that would take on someone just starting out? I don't see local banks being the place to look.

Is it possible to get a private lender or hard money loan just starting out? I've heard that I need to be in business for 2 years to get loans like that.

I'm just starting out so I don't have a ton of cash. Is it possible to get a seller to 100% owner finance or contract for deed? How do I approach this situation?

I don't have much experience being a landlord but I used to have my own business where I contracted with banks and took care of their properties. I averaged about 150 properties that I took care of. I'm 26 and motivated and would like to make some things happen!

Any help would be appreciated!

Thanks,
Alex

I have an opportunity with an awesome seller who seems eager to help out someone get started. Its a package of 27 units a range of fourplexes, triplexes, duplexes and single family homes.

He said he would be all for just letting me take over the payments but the problem is he currently has them on contract for deed. The current holders want somebody to come in and buy them all out. If I can convince the current holders to carry me for at least one year what are some creative ways to refinance them so I can get out of the contract for deed and get a conventional 30 year mortgage on them without %20 down?