All Forum Posts by: Jeremery Jett

I'm an accountant (noncpa) but I'm willing to trade accounting work or anything business related as I'm also an MBA student 2 classes away from graduation for a mentor or someone doing well in real estate investing with creative financial deals. I have about 20k to play around with from my wife's 401k and looking at buy and hold for quadplex, triplex and or duplex investing. I'm willing to even sweep floors or answer calls I'm hungry and ready to learn all I can. I've ready the free book ultimate investors guide to real estate here from BiggerPockets, just purchased no or low money down (Brandon Turner), managing rental properties (Brandon Turner) and rental property investing (yep again mr Brandon Turner)..so got a lot of reading to do. Thanks Jeremery

on that number of $111,600 that's 90% of the $124,000 asking amount on the application.

About 3 to 4 days ago I lost my 1st real estate deal.  The property had offers from both investors and families who were going to reside in the property.  The bank choose the families over investors.  

I put in an application with RCN Capital for funding on the property. I'm curious as to how ssomeone gets close to 100% of the ARV for the rehab and all the other costs? Is that realistic? RCN referred me to another hard money lender who also gave me the scoop that the typically only fund deals at either 90% of the value or 65% of the ARV which ever is the lessor

To put numbers to this deal ARV of $150,000. I was asking for $124,000 on the app, which $111,600. The other methodology was $150,000 at 65% or $97,500. So the most I'd get financed is $97,500. Which would leave a large gap with rehab estimates of approximately $25,000 which was on the high side being the floors were all to the subflooring.

So on my next deal can I get some advice?

thanks @Kathleen Bassett.

I'm not sure but would love to know..

Aimee,

I'm beginning to see that. My question is how to creatively do that w/o any cash to get into that market? Have any experience with FSBO where they do a flat rate of interest on said sale of property?

Thanks,

Jeremery

Greetings fellow REI's. I'm a newbie REI. I work for a very large financial institution and see that real estate is the way to get wealthy. I'm looking at two options for my business that I'll be setting up. Option 1 rehab and flip to get to option 2 buy and hold to one day own a few apartment complex's.

I'm an accountant by trade so I understand the numbers side and conducting the analysis before any deal.  I'm concerned with actually finding the right deal and holding it too long during the rehab.  I'd really like to learn.  I'm a quick learner.  So much information out there...where to start..