All Forum Posts by: Jeffrey Odu

 Do you know what else they will look into before approving me for a loan, mind you, this is the first deal I'm trying to obtain, So no prior deals prior..

im thinking i won't be able to get the loan because this would be my first real estate deal and i heard the banks like to know you have experience so they can trust you with the loan. thats why honestly 

Ok so i wanted to know if anyone thinks this would be good idea. I have about 200k to use as a down payment on a property, i wanted to know since i don't think i would be given a commercial loan, would it be smart for me to find someone else to assume the loan and then i go ahead a put my money down?....are there any pros or cons in this strategy?

@Bram Spiero

what i had in mine would be to stay in the deal for a year and a half, by that time help increase the properties  value then attempt a 1031, if thats not possible then move forward with a refinance to get a little larger deal. Bad idea??

My exit strategy would be to do a 1031 exchange.... I’m trying to built enough leverage because I don’t want to stay in the low end, I’m trying to join the multi family club 

I’m interested in applying for an fha loan, i wanted to know if it’s possible to do an INTEREST ONLY when you apply for the loan? thinking of ways to maximize cashflow......

I’m interested in applying for an fha loan, i wanted to know if it’s possible to do an INTEREST ONLY when you apply for the loan? thinking of ways to maximize cashflow......

if I read these post correct, you guys are saying that after however i use a hard money lender, i would be able to take my property to a bank and ask for a loan on my property and, i would be able to use that money to payback the hard money lender? which will leave me with lower interest and fixed payments with a bank?.... & then i would sell the property for the profit & payback the bank?.....

lets say i buy a house for 70k and nearby comps are 130k, it needs 10k of rehab..... i use a hard money lender to get the 70k, i rehab with my 10k... once its all completed, i refinance the completed home, and get a new lower payments, since the after repair value is what the bank will give me a loan on, which is i believe 90% of the value of the property, i would use that to pay back the hard money lender, & then i would sell the home to gain the profits? (sorry if not explained well)