All Forum Posts by: Jeremy Bourgeois

Hey @Delvon A Byrd,

What is low to you? Wholesaling is a great way to get started with little money, but in order to do that, you will need to make up for money with time. Do you have the time and are you willing to take that time to devote it towards a successful real estate business? Last year I wouldn't have been able to invest in real estate at all, but I saved money all year and lived frugally, and set myself up for a great position to get started. Maybe the best thing to do would be to crack down on your expenses and income and making sure you are financially stable enough to get started.

Hope this helps

Hey @Sam Leon

Not a situation I'd like to be in... Unfortunately, some things are just completely out of your control. So, how do you get this situation under control?

Here are a few suggestions. They may be a bit extreme, but who knows, maybe they will help! Or at least help you think of other solutions to the problem.

• Submit an offer for his condo! If you are financially able to make this deal work, why not take control of both sides?
• Find his contact info, reach out, and try to come to some sort of agreement! Maybe giving him a call and just letting him know in a very tactful way how this is affecting you.
• Get in contact with the HOA! Let them know what exactly is going on and try to work on a solution that is best for everyone. However, I would try to work out a solution with the other landlord before doing this, as it could create some unnecessary tension if you didn't.

These are just a few ideas off the top of my head. Hopefully it helps you think critically and come to an intelligent solution in your mind!

Best of luck

@Michael Shepherd it seems like a good idea on face level. If that is something they would both be open to then you could do that. From an outside perspective, it seems like you just need to sit down with both of them and work out a plan that works well for everyone. With the current terms right now, it might not work, but if you were to take the time and think of a good creative solution that is beneficial for all, you could quite possibly come to some very agreeable terms.

You are not working with a bank or institution in this transaction. This opens up many possibilities. I don't know enough about the situation to give tangible advice on what exactly you should do, but it does seems like a deal that could be mutually beneficial for everyone.

Hey @Michael Shepherd,

I have tried finding a good loan program at 10% down, non-owner occupied. The best I got was 15%, and that was pretty good.

A few thoughts:

• Have you talked to your dad and uncle to see if they would be flexible on pricing? Maybe sit down with everyone and work out a payment plan where you could put less down, but pay the difference over time?
• Alternatively, (if your cash reserves are for the property) you could get an inspection of the house, and with that really be able to see how much you need in reserves for the short term. And then save up your cash flow to get back to that 10k in reserves. All depends on your risk tolerance!

Hope this helps!

Hey @Roshunda Jones,

Welcome to BP! I got out of the military at the end of 2019. While I was transitioning out, I was in the process of purchasing my first buy and hold rental property. I was living in California, and the subject property was in Connecticut. Since I've purchased it, I have been cash flowing $800 per month, after putting down 17k. So, this can be done.

One thing to keep in mind is that I did this with a partner that I fully trusted, who acted as my boots on the ground. I wasn't physically able to see the property, but I could video chat and get a good look at my the place. This, I believe is the most crucial part.

To invest long distance, you need a team that you would trust with anything. I was fortunate enough to have this at the time, but if I had any advice, I would focus on building a great team before you pull the trigger. That way, your investment will be in the best hands possible.

Also, we did this with an FHA loan. You will need to find a great lender who knows how to work a VA loan and has the wherewithal to work with someone over long distance, which again brings me back to my main point:

Make sure you're working with a great team.

Hope this helps!

Hey @John Rankin,

What kind of financing are you looking into? The most flexible for those types of loans are typically private money and hard money. Lenders will always look at experience, the more you have- the better.

Hope this helps

Hey Kasha,

Try local Facebook groups, local REIAs, and a quick web search of "sell my house fast". But, you have to make sure to reach out and qualify them as actual cash buyers.

All the best

Hey Nicholas,

Just a few things to think about, and I hope this helps:

• Maybe try reaching out to some portfolio lenders. I believe HMLs generally lend on value add property, with the goal in mind being to either sell or refi. This is why their terms are short term, high interest. They are (usually) more or less bridge loans used during a rehab. A good portfolio lender or private lender might give you some better terms (if you can find them). I have talked to some great lenders on BP, it just took a lot of reaching out and asking questions, but they are out there!
• Also, every HML I have talked to is looking for an LLC on the loan. There might be a few out there who don't require it, but private money is typically more flexible on that end. If the deal makes sense to them, they will worry less about having the loan under an LLC.

Good luck!

Hey Bryana,

Welcome! I would just put yourself out there into your local market. Reach out to some high performing agents, lenders, and other investors. Learn from the people around you, and that way you will minimize beginner mistakes, as well as building a great network. What resources are you lacking exactly?

Hey Fernando,

Just a few questions about the financing. If this is a fixer-upper, what are you using for your financing? Fixer-uppers won't qualify for any Fannie Mae or Freddie Mac loans, so that will leave you with private money and hard money. Looking at your underwriting, you have about 10% down with no origination fees, and 8% interest.

If you can find a way to get this through private money on your first deal, that's great! And you definitely should. However, if not, I would consider getting preapproved before jumping in, that way you have a clear idea on how much cash you need.

Most hard money lenders will charge 12% interest on your first investment, with around 20% down (30k in this case) and at least 3 points (3% of the purchase price)

Hope this helps