All Forum Posts by: Account Closed

I had some questions in regards to companies such as the above two that lend on the properties cash flow. Will these companies work with first time property owners (with analyst experience underwriting real estate investments and a licensed Realtor). Also most importantly do they actually check for a reserve (in case roof needs to be replaced, etc.) if so does anyone know the rough guidelines? I assume a 100k+ line of credit cards could not work in lieu of cash reserves.  

Very high credit score near 800 but self employed from various sources and will not qualify for any conventional lending. Relatively low income around 40k. Interested in doing buy and hold 4 flats. 

Can these type of loans be refinanced after stabilization? It is unclear on their sites. I see on velocity it states something vague like assumption depends on lender.  

The rates with these are 6-8% so I assume the qualification guidelines must be lower. Are there commercial loans in the 5% I could also get now? Maybe if I brought on an outside investor for that. 

Thank you bigger pockets community for all responses! 

Thanks for the reply.

If I intended to use a hard money lender that does not care about income (RE business loan) how many deals do they typically need to see before loaning me money? The proposals would be professionally laid out and the correct numbers for it to work. I will try to approach my friend who flips houses asking to get a small % of a deal for experience in return for work. 

I plan to create my own small construction/development company down the line buying up tear downs and empty lots to put in condos. I need to build relationships with lenders. The first move with any new business is always the hardest to get together. I have lots of marketing experience and after building a base could likely also get funding through facebook advertisements offering 8-10% returns to investors. 

My business I have now is pretty much dead. I put together a concert yesterday and made only $2000 when two years ago it would make 5x+ that consistently. I need to figure something out fast! I would love to learn the ropes and if anyone in Chicago needs a low paid "intern" message me. 

I also had the idea of scraping together enough to buy a 40k property all cash to rent out and then using that as leverage for more rentals? I did a no name undergrad and have no work experience so getting opportunities to interview for jobs that pay over cost of living is unlikely (1 out of 50 applications). Having a nice job would be the easy way to qualify for decent sized loans. 

I have perfect credit but no income. I have 20k or so. 

I know of some people who could maybe take me on a flip but wondering how that would work with financing. Could they use both our credit as co-signers and just their income? Any ideas for how to approach them? Also had idea to do this for a buy and hold?

A bit off topic but what would you suggest I do if I want to get into real estate investment/development. I would like to own several properties and have them rented out long term. Ideally I would have good income from a job to do this myself right now. I went to a no name school for undergrad doing a liberal arts major and could not even get interviews. All my money is from my two businesses I started (neither were scalable and one is barely profitable anymore). I am considering getting my real estate license. Can I get on a real estate team who provides leads or a CRE firm that gives a small base first year salary? I just don't want to be one of the 80% that fails I have 0 family or connections who would give me my first deals. I did a CRE internship at a brokerage. I could also keep looking for jobs.

I am now doing a MS program at a reputable school very part time (mainly for networking and they gave me a scholarship first 3 quarters). I have access to all the MS Real Estate students, venture capitalists, attorneys to look over business plans, etc.  But they don't invest in an idea you need to have done this a few times successfully. I can scale a development business huge if I get it figured out and started.