All Forum Posts by: Jacob Hollen

Timothy Brillant excuse my ignorance I'm new, I'm not sure what you're talking about i didn't think banks would do that?

Timothy Brillant I have an owner finance deal I'm working on for a 12 unit apartment out of my price range for a traditional mortgage (20% down) I was going to use whatever I'd need for the down payment, it's not a risky move unless I used my own money I have plenty of reserves, is this a bad idea? Am I missing something?

I seen a 95 supra for sale for 45k and the owner said it appraised for 180k (it's one of the 1000 hp ones) if I bought it could I cash out the purported equity on that (would the bank do the deal) and then I use that money as real estate funds?

I'm 19 and about to buy my first 2-4 unit apartment but haven't yet, however if I could of went back a few years with everything I've learned now just make sure you're always learning, reading, etc, don't spend your money on stupid things like cars and clothes, if you get a job and keep saving you should have money for a 5% down payment on a property by 18 or so, if you're going to college you can buy a 2-4 unit (duplex-4 plex) or a cheap house and rent out the other rooms, that can go in general too not just with college, and don't buy a brand new car, get at least 3 years old because a car loses 40 percent of its value over those years, you can get a very low mileage older car if you hunt for it, new cars are financial suicide to young people, ideally don't spend more than 10% of your income a vehicle per year, that may be hard depending on what you do, and invest every penny you can while maintaining a safety net (at least a couple thousand dollars to cover expenses, etc) that way you don't have to pay abhorrent credit card interest rates.etc

@Darren Eady okay thank you.. If I was to use the HML for the entire transaction to acquire it (the owner will only accept cash since he wants to sell it ASAP, how expedient/ fast could it be refinanced to a traditional mortgage?

Found a deal that will cash flow very well but my funds are limited, can I use hard money to pay the difference in the down payment? Property is 260k and makes $5400 a month, so plenty of room for cash flow, I only want to put down 10-20k can/will a hard money lender fund the difference?

Vincent Guerrero im aware but given my circumstances I was intending to refinance with a bank after I acquire it, was on here looking to see if there's any major flaws to my idea

Purchase price is 260,000 and it rents for $5380 a month remodeled in 2013, not sure on an actual market value but the rent is over 2% of the value, if I can make it work it seems like a no brainer on the numbers.. Unless I'm missing something, I can easily afford it but the problem might be getting the financing so I haven't looked into it yet.

I haven't did any deals before and I found a very good one well below market value, the seller only wants cash though, if I was to use a hard money lender could i purchase it that way and then finance it with a bank? Another dilemma might be that I'm 19 and have limited credit but have enough even for a 25% down payments (it's a 4 plex)

Question to seasoned investors, I've read up on investing and learned the basics, now what is the best strategy to start with, should I get an SFR, try to find a duplex, what other options do I have?