All Forum Posts by: Garrett Diegel

We are in the process of closing on a short sale 3-plex. Hopefully we will have an approval by the end of September. My question now is how to correctly define the loan terms for our private money loan. I know there are an infinite number of ways to define terms but I'm just looking for a "what would you do" in this case in regards to loan terms / structure.

Here is the what and why. I left out all the number because I didn't think we need them all to define loan terms (However the length and interest rate would effect this. We can assume here that the numbers work and the property provides cash flow)

Purchase Price: $127,000

We are proceeding with private money due to a foreclosure that will be at the 7 year mark in less than 2 years. 

My goal would be to purchase this property with private funding and then refi when we are outside of our 7 year foreclosure mark. 

Possible loan terms at this time would be 100% financing / 0 down / 30 year note / 6%-7% 

Short Term Goal 2-5 Years : To be able to refi this property with another lender, remove equity, and purchase a second property as soon as possible. 

Thank you in advance.

Where can we find private or portfolio lenders in our area or nationally?

Is there an easier way to connect with these lenders or is it more of a chance meeting that happens in REI circles?

Any help would be appreciated.

Thought some of you would enjoy this video from Money Magazine. 

http://time.com/money/3479461/i-own-nine-homes-by-...

Build a card that people will notice and not want to throw away. You don't have to wood burn your info on a 2x4 just to be different but standing out is key. Have a little fun and make sure the design meets your marketing objectives as well as fits your personality. In my opinion most business owners don't put enough weight in the way their companies are represented through design. It truly makes a difference. Just don't forget. The best business card is the one you hand to an actual person, shake their hand, and form that relationship. (just make sure it doesn't say vistaprint on the back) Good luck!

Check out this link for some good ideas or just hit up google.

http://digitalsynopsis.com/design/32-creative-unique-business-card-inspiration/

-Garrett

Thanks so much for the support. I'll definitely be active on BP, post my deals, and connect with people along the way. BP is such a great tool. I look forward to learning all that I can and meeting some great like minded people.

I would have to agree with you @MinhLe and honestly that is how I learn best. What other avenues have you found that have helped you pursue your goals? What was your original goal with REI, have you achieved it, how did you do it?

My wife and I have decided to take the plunge and pursue real estate as an investment and income source. We are in the early stages of purchasing our first Tri-plex and if all goes smoothly will be owners of our first REI property by the end of September. We would love to connect with other like minded people in Northern Nevada in order to learn more about REI as well as our local markets. Thank you in advance. We're looking forward to what is sure to be an exciting journey.

I have always been a fan of books, pod-casts, learning by doing, and talking with people much smarter than me.

What do you do to get and stay educated on REI? Do you follow a specific plan, read books, attend professional courses and meet ups?

If you could do one thing to increase your education level what would it be? What are your favorite books, etc? 

I have been on both sides of this desk. I have received the benefit of a fathers hard work as well as worked my way up from cleaning kennels at the local dog pound. It is stories like this that remind me that it is all worth it. Thank you so much for sharing. 

Great attitude!! Keep learning and connecting with new people. That's the key.