All Forum Posts by: Joshua Gordon

I am searching for a lender that is actually a lender and not someone that will never respond again after an email or two.  I am trying to get started in this business.  I do currently have one rental unit but I want more.  I have a well paying job but my credit is not currently on the strong side.  If anyone is willing to reach out so we can get to know each other and see if we are a fit, please send me an email.  Definitely want to make it a win win for us both.

Do they have a credit score limit?

Hello!

We own a condo in Jacksonville, FL that we purchased with Owner Financing.  Our balloon date is the end of this year.  We need help refiancing as our credit scores are not top shape.

The Condo - 

Owe $54,000

Worth $65,000

Brand New - A/C and plumbing

HOA - $198 a month

Rent - Currently $500 a month, after a few small repairs rent will be $700-$750 a month after new tenant in Jan

My wife and I are both employed and stable, just don't have a strong credit score yet. Please let me know if you have any questions.  Thank you for your time.

the units are metered separately and all my numbers are based on the spreadsheet given me by the seller, which has the past three years financials.  As I said I fluffed them a little bit.  

The ARV number is based on the fact that I negotiated the price down. There is no required work needed to be completed at this time, but future improvements are possible.

What is a better interest rate to expect from a private lender?

Thanks again!

https://www.biggerpockets.com/calculators/shared/1...

This is a 6-plex in KCMO.  Currently fully rented.  My expense numbers are a little fluffed for added safety.  I have a partner that will put in $30k down payment and am looking to get a private lender for the rest (I assumed 5% interest in my report).  Am I missing anything?

Thank you!

@Miguel G. @Andrew Syrios, @Chris Dawson @Michael L.

Thank you for this thread!  Such great info!  Was looking to write my own post until I saw this one.

of course if short on money, having a tenant already would be very helpful.  I guess it depends on your financial situation

I am looking at a multi family property that is fully vacant while the owner tries to fix it up. Which do you prefer when buying a fixer upper: fully occupied or fully vacant? Maybe a mixture? My thought process is that this allows me to make any and all repairs required before moving in renters that I can screen instead of being stuck with potential bad tenants and have to repair in spurts. Your thoughts?

we are having major issues with our property managers and need a real estate lawyer to sort it out. Any good suggestions?  

does that mean I would be unable to buy the one house?