All Forum Posts by: Chris Svendsen

@Lance Hernandez

@Lance Hernandez Actually there is. I just closed on refinancing the land out of hard money yesterday, which gives me time to search for a lender, investors, and move some things around that could allow me to need less loaned money which may make. it easier to get approved. I have a lender but since m builder never built an investment of his own, the lender doesnt like that. For real though, he has been building for 40 years, cmon! Anyway the lender put me in contact with another developer and I spoke with him today on terms for partnering, if he's i  (hes already approved by this lender),so,if i can get him on board I am going to take 1-2 months to see what I can do about getting the budget lower by a min of 100k and we will start to build. If now progress happens within 5 months , it will be time to admit failure but not in a bad light. I will still profit and have learned so much. Time will tell. Will keep everyone posted

 The 40k is the total coming out of my pocket.
I estimate the total remodel to cost $35000 The down payment with closing costs would probably be closer to 10k now that you mention it depending if I can negotiate who pays closing costs.

The total capital would be more like 45k

And the only way for it to be cash flowing profitable would be to buy it for no more than 165k, if they don’t budge from 180k I’ll pass on the deal

I would be Leary if he is only offering one side. I’m new but don’t think you can buy just one side 

Hello Everyone!

We are looking to purchase are first rental property to generate extra income. We eventually want to keep purchasing more and hold multiple properties. I am willing to study and learn all I can about the industry. Can anyone point us in the direction of learning materials for beginners? We live in Virginia and multi families are not abundant here, and when we do come across one they are either too expensive and the rent would just be paying the mortgage. We are looking to be OOS investors. What states are good that are not super expensive were the property will appreciate but will also be able to bring in a monthly income? We are looking to take money out of our current home to help fund this first purchase.

Thank you all in advance!

Just use common sense. Was it a marijuana crime? Then who cares. Was he in prison for trying to kill their last landlord? Then pass. 

 Let him in, and hire a PM co, 

@Chris Svendsen   Depends on the crime, someone on work release where the employer is going to retain them post release they have to be following the rules.   In MA/RI an unregistered gun will land you in jail that long simply for having one and that is a deal with the DA. If you fight the charge mandatory is 2.5 years.   And the DA won't drop charges it messes with their stats.  So depending on the charges and history I would take a chance.   Now if you have alot of other history that is different. Or if it was something financial like passing bad checks not thats not something I would be keen on.   You don't want it to be something that hurts you or your other tenants.

I would keep looking for another tenant. If you’re dead set on renting to him, make him have a co-signer.