All Forum Posts by: Cassandra Alessio

I would purchase for $140-150k and would need to borrow total $250k for purchase and renovations. I would put money down depending on the terms.

Hi All,

I received an accepted offer on a property but unfortunately was not able to find the funding in time. Conventional mortgage will not work as it is a commercial property turning into a residential with no active kitchen. Property is still on the market and I am sure if I can find the funds they would consider me again.

The property is going to be a challenge but since I don't have experience in investing I don't know if a hard money loan would work.

Any ideas in funding? 

Thank you.

@Chris Barrett Thank you! I will look into another hard money lender!

In New Jersey (north), there is not enough inventory. When houses do come on the market, they easily sell for at least $80-$100k over ask or all cash with full waivers of inspection and appraisal. The biggest issue here is property taxes which could almost double a mortgage payment. So for millennials, all these problems combined makes it extremely difficult. 

Thank you @Jacob St. Martin! I can live at another property so I don't have to keep my residence on the property I want to purchase. I found another lender but is requiring about 40% down? I thought that seemed high but I could be wrong. I have never dealt with a hard money lender before.

Hi Everyone!

I put an offer on a property. It was rejected due to it being a conventional loan and the seller is looking for cash only offers (septic system needs to be replaced). I tried to find a hard money lender hoping that I can use the hard money loan to put another offer on property and extra funds to replace septic. Then, refinance with a traditional mortgage. After that, I would do the remaining repairs. I was planning on living in it while doing the repairs. The hard money lender told me they couldn't offer me a loan if I was living in it after (even though I explained to them I would refinance with another lender after septic system is replaced). Any ideas to get this deal? Is there another way to get financing or something I can do instead to get this deal? Any help/insight? Thank you!

Thank you! Great ideas! Maybe it will go back to 6 months which would be so helpful!

Great, thank you everyone! I'll start reaching out to recommendations to see what could work.

Hi!

Besides the typical 25% down for an investment property, has anyone experienced having to put less down with a lender? What are creative ways to get around putting that much liquid cash down? I know about making the property a primary before converting to a rental. I thought it was 12 months minimum but a lender told me today they could do in 6 months. I am not sure the details but wanted to see if anyone had any experience with borrowing and putting less down. I know there are hard money lenders but I was trying to go through a conventional loan or some type of banking finance.

Thank you for any help!

I will check that one out also, thank you!