All Forum Posts by: Evan O'Brien

When seeking to obtain financing from a private money lender and putting together a pitch to present to a potential private lender, what documents should you provide and what points should you bring up to the potential private lender that’ll make them feel confident in providing financing for your deal?

@Zeona McIntyre Hey Zeona,

Thank you so much for the feedback! I’ve been thinking about purchasing a rental property out of state or in upstate New York since I live on Long Island and the barrier for entry to purchase a rental property on Long Island is quite expensive. If you have any suggestions for markets or price points to purchase a property out of state that would be greatly appreciated!

@Andrew Street thank you for the feedback! And I agree, I think it’s great to have the mindset “how can I make this work?” I’ll definitely reach out and send you a message if I have any other questions!

Hello, with short term rental arbitrage is that when you sublease a property and rent it as a short term rental? Depending on the location of the property would it be best to use STR arbitrage for individuals going on vacation or to use it as corporate housing for the short term? I'm very interested in finding out more what about what the uses of STR arbitrage are!

Hello BiggerPockets community. Was looking to get feedback on how long did members of BiggerPockets waited to purchase their first rental after making the decision to start investing in Real Estate.

About a year ago I made the decision that I wanted to start investing in Real Estate to change mine and my family’s financial future and have been doing a lot of research by reading various books and listening to podcasts on the subject. But I am nervous on starting and purchasing my first property. I’m currently saving $1500/mo and planning on using a loan from my 401k to secure a down payment for my first property. Does anyone have any suggestions on how to get started?

@Joe Villeneuve Thank you for the information!

@Joe Villeneuve I understand. The question I was asking was more of a general question if it is possible to refinance a seller financed property into a conventional mortgage with more desirable terms since I’m relatively new to Biggerpockets and Real Estate Investing.

What are terms that you’ve seen for interest rates and the length of notes through seller financed financed properties?

I’ve still yet to purchase my first rental property since I’m currently saving up for a down payment for my first property but if you are interesting in analyzing a deal that I’m interested in purchasing to determine if it’s a good deal and that the numbers work that would be greatly appreciated. Thank you for your time and the information

@Joe Villeneuve Sure, let's say the property is a SFH and the seller agrees to sell the property for $120k with a 10% down payment of $12k with an interest rate of 7% on the mortgage with a 20 year note (monthly payment for the mortgage is $837/mo). Can you refinance the mortgage with the seller into a 30 year conventional mortgage through Fannie Mae or Freddie Mac while the remaining mortgage balance is $105k after 1 year of purchasing the property and the property appreciates 5% resulting in the value of the property being worth $126k) to an interest rate lower than 7% that was proposed with the seller? Such as 5% interest rate on the conventional loan?

@Joe Villeneuve hypothetically let’s say that I got a low down payment for a property through seller financing at 10% but the interest rate on the mortgage was 7% on a 20 year loan. I wasn’t sure if it would be possible to refinance the property into a conventional mortgage with a 30 year loan with a lower interest rate

Hello BiggerPockets Community. If you purchase a rental property through seller financing, is it possible to refinance the property into a conventional loan? If this is a possibility, what steps would need to be taken to refinance a seller financed property into a conventional mortgage?