All Forum Posts by: Account Closed

@Ben Leybovich The loans were rejected because of my lack of credit history not the specific property.

@Jay J. I sent a message. Let me know if you have anything.

My hope was to put 20%

I was set to close on a fourplex in Cincinnati (4430 Ridgeview) on June 15th in one week.

Unfortunately I have been unable to get any funding through traditional or hard money lenders.

The numbers look decent to me. 

$86200 purchase price

$2195 monthly rent, currently 100% occupied

Appraised for $90000, inspection went well.

Cap rate around 19/20%.

The traditional lender rejected my application because I do not start work for another month, and they need 30 days paystubs to close. The hard money lender said that I did not have enough tradelines open currently.

I have already paid around $1000 for the inspection and appraisal and have another $1000 in earnest money. 

Is there anything that I can do in this situation to cut my losses?

Thanks

I was looking for some more specific information about searching for investor brokers or specific investor-friendly Huntsville brokers/

Hello,

I have finished my Real Estate Salesperson license course and passed the licensing exam earlier today.

I have 90 days to find a broker in Huntsville, Alabama to hang a license with.

I'm looking to find an investor-friendly broker with minimal fees and decent commision splits. 

I was wondering if anyone knows of some specific brokers in the area or has any advice for finding a broker that would be a good fit for an investor licensee. 

Thanks 

~Dave

Hello everyone.

I'm looking at my first potential deal.

There's a four unit in the Huntsville, Alabama area that I am looking to buy and hold.

I am pre-qualified through a bank for the cost of the building based on the offer letter for my future job and my credit score. I can put 20% down if necessary.

Unfortunately I don't start my full time job until the end of July, and the bank needs two weeks pay stubs before closing.

So I have a few thoughts. 

Would it be possible to get a hard money lender to lend me the money from closing (hopefully mid-May) until August and then refinance with the bank?

Otherwise, it doesn't seem like there is any chance to make a 120 day contract and I doubt the building is on the market for that long. 

Thanks

Dave

Hello BiggerPockets.

First time poster here. Brand new to Real Estate.

Currently about 40% of the way through an Alabama real estate license course.

I'm initially from western Chicago suburbs and am graduating from the University of Alabama in May. I have a job lined up in Research Park in Huntsville. I'm interested in fixing and flipping to rent in my time off. 

I would eventually like to fix up and own a few apartment complexes. 

Hope to meet some people in the areas around Huntsville who would potentially be able to help me in getting started.