All Forum Posts by: Account Closed

I've been thinking of possibly finding a hard money lender to do a fix and flip, but I don't want to get ripped off. What are normal terms of a hard money loan?

Hello all, I've previously been focused on buy and hold and that is very simple. People are going to rent your unit regardless of the location. Now fixing and flipping is a completely different game because you have to make sure you buy in an area that is a buyer's market. How do you determine if a certain area is good for flipping homes? Are there certain guidelines or a general rule of thumb you follow?

Hello all, I already have one duplex that is fully rented, bringing in $1300 gross and I'm ready to move on to my second rental property. I'm only looking to borrow about $30-$35k and I have enough money already saved up for at least a 25% down payment if necessary. I would honestly prefer a portfolio lender, but a private lender would work great too! If you need more info from me or if you have any leads, please let me know.

Thanks

Oh ok that's good to know. Maybe the guidelines are different for VA loans. When I bought my first house, the loan officer said that I had to wait until I hit my year mark at least at my previous job.

 Yes you are right on the job thing. I have been searching! The only issue with that is I'm sure most lenders would probably want me to stay with that new job for at least a year straight, maybe even two! That's a long time to wait to get another loan!

Hello all, I am located in Cleveland and I already have one rental property bringing in $1300 a month in rent. I am ready to tackle my second rental. I am only looking to buy something for about $30-$35k and I have plenty of money for a nice sized downpayment (at least 25-30%), the only issue is that I don't have a documented job. I get a nice paycheck each month from the VA for disability, I have my rental income, and I also have an ecommerce store that makes a decent amount each month. Ideally, I only need to borrow about $20-25k, so that's not too much. What are my options for financing without an official job?

P.S. I have only been collecting rent since about June and my ecommere store was only started back in July. I've only been unemployed for the past month also.

 Thank you! PM has been sent!

Hey all, I'm hoping somebody here can recommend me a good, investor friendly lender/bank/credit union to work with in the Cleveland area?

Thanks!

Thank you all for the great advice!

My goal in life is to own as many rental properties as possible. I recently purchased my first duplex. I would like to make managing the properties my full time job. As everyone knows, purchasing and fixing real estate requires a good amount of money. I currently do not make very much money at my full time job ($30k pre tax). I need to save up enough cash for a down payment plus enough for any repairs that need done on my next property. I was thinking about learning to trade stocks to hopefully earn enough to get my next rental? I am trying to get this rental business going, but $30k a year is not nearly enough for me to achieve this quickly enough. I just can't accept the fact of slowly saving a little each month until I have enough, which would probably take YEARS. I am open to any ideas that could help me earn money more quickly. I am striving for greatness, but feel like I'm stuck treading water in mediocrity. I need help getting to the next level and beyond.