All Forum Posts by: Jaclyn P.

@Luke Anderson It probably won't be the same day, but tends to be the last week of each month.

@Peter Vekselman Are you a hard money lender? I'd be interested in knowing what kinds of loans you do, and max LTV ratio, etc.

@Luke Anderson The meetings are held monthly at the Groton Public Library, room #4.  The next meeting will be February 22 from 6 to 8pm.  Hope to see you there!

@Aaron Mazzrillo when you say borrow 60% from a private lender, do you mean 60% of the ARV?

@Nicole A. I am thinking about borrowing the down payment from someone as well. How did you structure it exactly? Did you have a bank account under your LLC name, and then the individual deposited the money there, and also their $100/month was deposited into the same account to give back to them?

If you are willing to live in the multifamily, you could use an FHA loan and do 3.5% down payment. You can ask the seller to pay the closing costs, and if there are renters in the other units, the income from their rent can be counted towards your down payment, meaning you need to bring a lot less money to the table. We did that with our first multifamily, which was 3 units and $89,000, and not only did we get to live there for free, we only had to pay about $1500 at the time of closing.

@Chad Proctor I have heard great things about this book, so it would probably be a good place to start - The Book on Investing in Real Estate with No (and Low) Money Down

@Mat O'Grady

@Joe Simmons

@David Wolber

@Scott Pierce

@Steven Lin

Join us for our November networking meetup at the Groton Public Library.  Pizza will be provided.

Hello!  I am planning to open a bank account to be used for the sole purpose of pooling money from other investors.  Has anyone done this that can point me in the right direction?  I do not want to open a joint bank account, since it will probably be for several people to deposit money into.  Any advice on how to do this, as well as what banks or types of accounts to use, legal ramifications, etc. would be greatly appreciated!