All Forum Posts by: Harrison Kliegl

@Raymond J. Rodrigues

Raymond, appreciate the feedback. I will keep these questions in mind when talking with other lenders.

Thanks again

@Ujwal Velagapudi

Thank you Ujwal for the response. That is a good point, I should have some backup options regardless of whether I like the terms of my loan from the beginning.

Thanks

Hi All,

Under contract for a newly renovated SFH in KC, MO. Is it too late to shop around lenders? I'm pre-approved with a lender that was referred to me by my agent. Good lender and good experience so far but I want to shop around for a lower interest rate.

2 questions:

1). Is it too late to shop around lenders if I'm already under contract (have 45 days til close)

2). Any advice on local lenders I can reach out to?

I'll be making calls to local lenders and credit unions, but figured I would ask this forum for suggestions as well.

Thank you!

Hello,

I'm honing in on my first investment property, but am still having trouble with the financing options. My strategy is turnkey duplex rental property. I've been researching and listening to the podcasts, talking with lenders, networking etc. So, before everyone jumps in suggesting to find a partner, know that that is of course still a viable option ;)

But in the meantime, while I'm analyzing deals without a partner, I'm usually assuming the financing approach of a conventional loan with 20% down. This option keeps interest rates low, and does not conflict with the current mortgage I have on my primary residence (have been living in for less than a year). My question is: 

Is it realistic, or rather, is it a smart strategy to take out a personal/private loan or line of credit to use as the down payment for a conventional mortgage loan?

My thought is that its better to have the majority of the mortgage at low fixed rate, and have the 20% at higher interest rate (but not nearly as high as a hard money lender), and still have the positive cash flow from the property to pay off the down payment loan within a couple years.

So for example if I'm looking at a property asking $100,000, and I have $10,000 cash on hand... is it more advantageous to find a lender that would finance 90% of the property (without being owner-occupied) or to find a lender that will loan me $20,000 which I can use as a down payment for a conventional mortgage loan?

Any thoughts/insights are much appreciated!

@Jon L. Jon, thanks for reaching out, I would love to connect!

@James Gleeson thanks for the advice James. I’m certainly still in the heavy “sponge” phase of my learning. Trying to absorb as much info as possible!

Hello BP,

I'm new to real estate investment, but am looking to start my first BRRRR on a single family home in the Denver area. I'm loving absorbing all the info this community has to offer, but am wondering what tips people have on who to assemble in their team first.

Real estate Agent first?

Local Builder/Contractor/Handyman first or second?

Then lender? Or should lender be the first piece of the puzzle?

Want to move relatively quickly on this property and am open to creative financing but am thinking portfolio loan. Knowing this, any feedback on how I should go about assembling a team?

Thank you!

Hi there, I'm wondering if anyone has some input on how you manage deadlines/construction delays when working with a GC or even direct with subs to rehab a property. I'm living in the Denver area and as we enter the winter season (my first full winter season here), I'm curious if there are typically more construction delays during this time of year?

To stem off that question, is there certain language that you use in your contract that manages timeline, un-worked days, etc. I'm in the AEC industry so I'm fully aware there are unforeseen delays, and a GC will almost have a percentage of their total bid set aside for contingencies.

Any feedback is much appreciated! Thanks!