All Forum Posts by: Jerrad Dumont

@Steve MacNerland From Chateaugay. Played bball at Plattsburgh state, coach Women’s bball at North Country CC. Just got my real estate license and work for Ryan Earle.. was probably on Kayla carder and Bailee Gauthier’s application to live in your building.. lol. Seems like a great building, I own a couple in town myself but it is getting expensive..

@Steve MacNerland do you still own this property.. I work at the college and own a few rentals myself.. I love the basement apartment and know kids that have lived in it..

I am in upstate NY.  Trying to find how to connect with a money lender.  Banks are just a pain.  I have about 80,000 of equity in my house and was going to use that.

I just purchased a foreclosure and it went very well.  I not have a 15 yr mortgage which is my only debt outside of my car payment.  This foreclosure is in a beautiful area, 4 bed 2 bath and i have about 60,000 in equity.  I also own a 4 bedroom house where i rent to college kids, however this is a ten year rent to own so i do not show a mortgage.  

Everything is going very well but i would like to start another "project".  I have found a 3 unit apartment building that is reasonably priced and was thinking if i should make a move or wait and gain more equity.

Thoughts?

I tried this once and never got any responses..  We only had like 12 properties on the list..  but still no responses

Excited to hear how it goes.

Can someone explain how the Private lenders work?  Is that like a personal loan?

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So if i put down 15,000 they would lend me the 85,000?  Do they do it like a mortgage or is it just like a regular loan?  How long does it work for?  Is it similar to getting a Mortgage, I think i am confused on how this works.

JD

@Account Closedundefined

@Account Closed

How much do i need?  I have around 17,000 but i wanted to use it for my house after I purchased it!!

I am looking to do a real estate transaction that is in a GREAT location.  It will be a wonderful home for my family, however it would make things easier if i could find a private lender for this property. I see all of these success stories of people that use private lenders to help fund deals... Where do i find a private lender that would lend me 100,000?  I have a great credit score and a good job.   I can get a loan from a bank to make this deal happen, however overall financially it will be easier to have a private lender.

Thanks in advance.  :) 

I love to read this. As a new investor things like this keep me motivated. I currently own one property that is a rental to college students. I sold my house to purchase a bigger house for my family. Actually in the process of buying and selling, all under contract. Bought a HUD home in one of the best areas of town. Assessed at 210,000 purchased it for 92,000 and am putting about 50,000 into it to have a a mortgage of 140,000 but should be worth somewhere between 200,000 - 230,000 when i am finished. Should gain some equity right off the bat which will hopefully help me to fund my next endeavor here in Saranac Lake, NY.

My other rental property pays for itself so i am not getting any immediate cash flow but i have about 40,000 in equity into that property already.  I feel like i am doing well but would love to have my next purchase give us at least a little bit of cash flow each month.

Thanks again for sharing.

Jerrad Dumont