All Forum Posts by: Carter Crowley

@Nathan congrats on getting into real estate! Pretty much identical to my story 5 years ago when i got into it at 19. Let me know if I can do anything to help

@Savannah would love to chat on the phone with you if you have any time. Can share some of the stuff we are doing and see if it is resourceful

@David Taylor your question would depend on the specific hard money lender.

Some of the lenders that we work with are at 90% LTC making us bring the remaining 10% into the deal.

They may go up to a maximum LTV of 70%

Example:

PP: $50,000

Rehab: $15,000

Downpayment: $6500

They would fund the entire project but require 10% equity to be brought

@Tom Hardwick I run an investment business here in the valley and love connecting with newer investors! 

If you ever want to chat about things let me know. More than willing to share what is and what is not working for us.

Best of luck! 

@Daniel Monk kimberly is an amazing community but very tough to come across a deal. I own a side by side duplex there right now that we bought off market. Units rent super quick and for 1 bed 1 bath were getting $700 average

Certain parts of appleton I would avoid but overall community is great.

Let me know if you ever want to talk real estate! We could jump on a call

@Kynell Martin

There is very little to no risk. As long as you go through a title company or attorney (depends on state) for closing they will verify that he is the 1st lien holder on the property and he has a mortgage.

We normally pay 2-3 points at closing & 10% down for our hard money loans but if he is willing to do it without upfront money that is good

@Issac Bacilio

Use your state purchase contract & ask other local investors if they can share their assignment contract with you

@Bobby English

I would recommend speaking with another bank. It does not matter what you purchase a property for as the value is determined by comps in the area.

Most banks (local) can go to 75-80% of appraised value allowing you to cash out any existing capital in the deal.

I believe i called 13 different community banks in my area before we found one that knew what i was referring too

@Kynell Martin

I would probably be a bit more careful with that. Possibly ask for some referrals from past clients and get them on the phone to talk.

I have used multiple hard money lenders after finding them online, but they were also local to my area.

@Charles M.

Always try your local community banks first. Depending on how you are holding title, it would be best to do a cash out refi in your personal name, then switch it to an LLC.

If you already bought in an LLC they may want you to do a commercial loan on it. Which means higher rates and shorter term