All Forum Posts by: Trent Currie

There plenty of banks out there who will loan funds if the deal is right, you have collateral, and can support the payments. If you have a good relationship with someone at your local bank that might be a good start. That history may get your some leniency you may not get somewhere else for your first deal.

Do some due diligence on the local rent rates. Find out what other units with similar amenities and features are renting for. If you are lower than them then your property may be able to support a higher rent rate.

Start with due diligence on the deal and put together a full package for any potential investors. Find out your rehab costs, contractors, and other items required to come to your profit. Then bring it to your investors. It's hard to say what is unreasonable without more information.

I don't know any lenders who would loan 70% and not require a first position. Subordination will almost always take a junior position.

I wish there was something out there like that.

We first start with general web searches. Then move on to local government sites. After we have done that if we have a target area such as a district or a neighborhood we will start doing due diligence with local agencies such as local police, organizations etc., but that all depends on the situation.

For most counties yes.

Was the certificate purchased by an investor or were you able to determine who owns it now?

Why did they say you couldn't get one?

We struggled with this in Indiana for a long time with buyers for our assets sub 50k. We eventually found a few credit unions who were able to do some financing. Start with credit unions.

Another option might be a personal loan or line of credit with the homes as collateral. However this may have variable interest rates, shorter terms, and interest only. 

It's pretty hard to look at it as a nationwide thing. The local markets you are investing in could have completely different dynamics than the nationwide trend.

If your local market is experiencing the growth you are describing and you're expecting that to continue, maybe take a look at the available inventory first, upcoming inventory(new unit permits), and what is missing in each real estate sector. Find the niche in it what is missing and is not being accounted for by other investors and you might be able to find a good project to jump on.

@Jeff B.So right. Just wait until the first burst pipe, leaky roof, foundation problem, or any of the other million things that you will encounter during your ownership.