All Forum Posts by: Account Closed

@Lonnie H. Also, we've been looking at a few Single-Family Residences. $700,000-$1,250,000

@Lonnie H. For the 1st project, we are looking to renovate a condo in the Hollywood or surrounding areas. Purchase price ($350k-$500k) so $35,000-$50,000 downpayment + cash reserves for working capital until property is sold. No property is under contract.

I, along with my dad and brother are new to renovating properties. We are in the planning stages to align everything to begin renovating our first condo or single-family residence.

We have found a company to partner with that will finance 100% of the purchase price of the property, and all rehab costs, but for the first project, we must input 10% down into the transaction and have a minimum amount of cash reserves for working capital until the property is sold. 

What is the best avenue to find an individual who will front the capital for a percentage of the profit for our 1st project? 

@Hattie Dizmond I searched on google to see if there were any programs like that with hard money lenders, but couldn't find any. Would you be able to recommend any who will front the capital for a percentage of the profit? This would be wonderful for our first project, and once we get established, we can start to put up our own capital. Thanks so much for the information, and your help regarding the matter.

@George Krajacic Thanks so much for the information. You definitely explained it well, and I understand how it works now. I respect your advice, and will look for a property around $300k when the time comes. Starting out, it will be much easier to handle. Also, I just signed up for my first real estate investment information session on Meet Up via your website. Thanks again for taking the time to send your thoughts.

I, along with my dad and brother are new to renovating properties. We are in the planning stages to align everything to begin renovating our first single-family residence. Our first goal is to find a hard money lender that will work with us.

My dad, and brother are residents of Georgia and would be applying for the loan because their income should be sufficient enough, and is also more steady than mine. The project's location would be in Los Angeles because I currently reside here, and I'm a real estate agent who can assist in purchasing and selling.

What are some ways where we can eliminate the down payment on a purchase transaction? We are very interested in a equity based hard money loan that I've been hearing about. If needed, is it possible to find an investor to contribute the down payment amount in order to receive the loan?

'Scenario' - A property that we are interested in recently expired on The MLS, and was listed at $1,099,000. An offer can be presented for less than the list price (Estimated: $900,000) because home is currently in demo state. The offer would include a request for the seller to pay for the buyer's closing costs.

Also, we have been researching a few contractors to help in the remodeling process.

I, along with my dad and brother are new to renovating properties. We are in the planning stages to align everything to begin renovating our first single-family residence.

My dad, and brother are residents of Georgia and would be applying for the loan because their income should be sufficient enough, and is also more steady than mine. The project's location would be in Los Angeles because I currently reside here, and I'm a real estate agent who would be able to assist in purchasing and selling.

What are some ways where we can eliminate the down payment on a purchase transaction? Is it possible to find an investor to contribute the down payment amount in order to receive the loan?

'Scenario' - A property that we are interested in recently expired on The MLS, and was listed at $1,099,000. An offer can be presented for less than the list price (Estimated: $900,000) because home is currently in demo state. The offer would include a request for the seller to pay for the buyer's closing costs.

Also, we have been researching a few contractors to help in the remodeling process.

Please provide any other information that can be helpful in our journey to completion.

@Account Closed Welcome to BP! I'm a newbie as well. I joined about a week ago. There is a lot of great information in the forums, and people who are willing to give great advice from experience. 

I'm also a new real estate agent with Coldwell Banker, about 3 months in so let me know if you need any help in that aspect because I'm ready to start experiencing more.

Hello @Brett Synicky! Thanks for the advice, and taking the time to write me. I will do more research and see which way works for me.