All Forum Posts by: Jason Watts

I'm on my journey to buying my first investment property before the end of the year and I've spoken with a couple lenders, and one gave me the name and number for a private money lender that would fund 100% of the right deal purchase and rehab on a 6 to 12 month term at probably 10-11% interest only.

our family has a close family friend who is an aggressive agent that I pretty much have to use. I spoke with her today and she warned me up one side and down the other not to try to get into real estate investing right now, especially with a 100% loan at 10-11%. Her concern being that I would use all of the loan for the purchase and have nothing left over for the rehab.

She also said that anything I find thats been on the market for more than 90 days cant be a good option because in this market because theres not going to be anything that a more experienced investor hasn't looked at and decided was a bad investment. 

all that to say, after my call with her, I'm feeling a little discouraged, but I still want to have my first property before the end of the year. Maybe I should not do a duplex for my first unit (which would be my preference), but rather a single family... I don't know. 

Thanks everyone, I appreciate the feed back, and I'll take your advice and leave this alone. I do have some construction experience, but mainly DIY and not professional.

For my own curiosity and for education's sake, this listing said that there was a 15 year deed restriction on the property. What does that mean?

Ok, first if all, total newbie here that recently set myself a goal of buying my first property before the end of the year.

ok, so I i found a property that is listed as condemned in Lancaster, PA. So far I have no info on why it is condemned, but the listing says it needs lots of work. The listing price is only 30k, and there was a unit sold a few months ago across the street that seems like a very similar comp for 170k. I haven't run any numbers, but based on that info, it seems like it would be hard for it to be a bad deal.

so I guess my questions are how would I go about financing this property, being that its a condemned property? Also, how would I find out why its condemned? Also, what other questions should I i be asking and seeking answers for?