All Forum Posts by: Jerrold Meer

Welcome to the best real estate website in the world! @Jordyn Pfeiffer BP has a ton of stuff you can learn all about real estate. Also, check out the search bar. It's very useful especially when you need to find something out! Glad you can join us here on BP and welcome!

@Sharad M.

Thanks Minh, I think I'm going to pass on this deal...I don't have the time, money, or the patience to wait until the break even point. Thanks for all of the advice guys!

Great info Jon! This is why I love the BP community and thanks again for helping out a noob! (rookie)

I'm guessing conventional loan from the bank is 3% down. My agent was the one who told me that. rent is typically around $1500-$2100 around the area and the condo is $30k below retail... I'm thinking about just passing this on to anyone around the area who wants this. Seems a bit complicated for me at this stage of my real estate investor career. The last thing I need is to be in debt with a loan from a private or hard money lender.

So I got a call from one of my agents who's actually a close friend of mine about a condo that's not yet on the MLS and he tells me it's a great opportunity for cashflow. It's selling for $275k 2 bd 1 ba condo with cashflow of about $300-$400 after taxes.

I guess my question is this, I don't have the money to get this deal and he's only asking about a 3% down, should I try to get a hard money loan or maybe ask a private lender around the area??? I won't get approved for a traditional mortgage so I'm stuck with these options and these options only.

Wow! Great advice @Karen Margrave I think my plan will be to wholesale the property "as is" to anyone who sees value in this real estate. It's a huge chunk of land, close to 30,000 sq. ft. so I'm sure someone will be interested. I'm in the process of getting all the details so I can come up with an offer....

@J. Martin thank you and I'm looking forward to the next meet up so I can meet all of you!

@Brandon Turner thanks! and thank you for building this wonderful community of real estate professionals and investors!

@Robert Musallam Thanks and I'll see you around the forum as well!

@Johnson H. wow what a fail on my part! I'm definitely looking forward to the next meeting to meet you guys!

@J. Martin is there any room for 2 more?