All Forum Posts by: Gerardo Dominguez

@Shawn Jones Every deal is different, so it depends. Based on that amount I would assume that property is in very bad condition. As such, no conventional lenders will help you purchase. Which means you would have to pay cash. However, depending on your strategy, it might make sense to use a HML to help you pay. In which case you'll likely have to put some money down; but not all. Of course, if you're doing a seller financing deal than all I said is a mute point. Because you can negotiate your down payment, or lack thereof, directly with the seller.

@Louis Simmonsjr  Welcome to BP!  Make sure to take advantage of all the free content here to learn more about your favorite type of investing.  This is also a great place to meet and network with other local investors.  Good luck with your investing!

@Michael Hancock  Welcome to BP!  Try the "find members" tool on this site.  You should be able to find local GC's or Property Mgrs in your area.  Or at least local investors that you can reach out to for referrals.  Good luck!

@Nina Haman Welcome to BP! The cheapest loan will usually be with some sort of conventional loan. Not sure what the qualifications are but I would suggest you look into FHA Loan requirements. They only require 3.5% down payment. Not sure if you're credit would prevent you from applying or not but it's worth a look.

Then of course there's creative finance.  You should read the book on no/low money down investing by @Brandon Turner on this site. Also, the corresponding podcast below. Do you have a 401K? You can convert that into a self directed IRA and invest with that. Do you know other people with money that can partner w/ you? There's also seller financing. I'm sure there's other options as well. Just look around the site to learn about "Creative Financing". Where there's a will, there's a way.

Good luck in your investing!

https://www.biggerpockets.com/renewsblog/2014/10/1...

@Carlitta Dozier I used a company called incfile. They're based online so I'm assuming they would be able to work in AK as well. There's also legalzoom but they're a little more expensive. I would recommend talking to a CPA first. You should pick an entity based on the type of investing you're going to do. Of course, if you're sure you want to open a single member LLC, @Brandon Moffitt just offered you free help.  You won't beat that deal :)

@Mashkur Taalib  Welcome to BP!  Make sure to take advantage of all the free content here on BP. Good luck!

If one writes a reply on a post that has been removed...does one truly write a post?

Welcome to BP @Angela Houchens!  This is definitely a great place to learn.  Make sure to take advantage of all the free articles/ podcasts/ etc on the type of investing you're interested in.  Good luck with your investing!

@Muks M. I agree with what others have said above.  This is essentially a higher risk tenant (at least potentially) so you should charge more upfront to mitigate that risk.  I honestly never thought of this scenario.  Thanks for bringing it up.  Good luck and let us know how this turns out.

@Ren Agostini  Cash is king!  If you can keep more cash on hand I would recommend going that route.  Just make sure your property is cash flowing at a 20% down.  Good luck and keep us posted!