All Forum Posts by: Jordan Kenyon

@Braden C. Thank you for the feed back! Since he is charging 3 points would that be considered the money down on the loan. For example that same $100k loan i would have to have the $3k at closing plus legal fees

Hi everyone, A quick background on my question. I own a small landscaping company and have always had a passion for buy and hold real estate. I am very good friends with a successful GC in my area and we have had some conversations about partnering on deals and even when he doesn't partner doing the rehab through his company. He then connected me with a pretty successful realtor for our area who then connected me with a hard money lender, his terms are 12% and 3 points plus covering his legal fee. My question is since i have never used hard money before do you put a down payment with these guys or do they fund the deal then you pay agreeds upon terms. Any feed back would be greatly appreciated. As getting access to this kind of money would greatly help my investing career.

@Alex Smith you too

@Alex Smith yeah I'm thinking that will be mine to at least for the first year.

@Alex Smith yeah I've got a buddy who does mortgages and he got me pre-approved with a FHA for this deal but I've seen multiple deals on the market right now just don't know how I'd get financing for another deal while in the first year of a fha

@Alex Smith closing cost would've been $7,500 for this one. There are a pretty good amount of deals around here with such a huge/growing job market around me. My only problem is without alot of experience or deals under my belt finding the financing is hard and I'm only left with bank loans

@Alex Smith this one was in waterford but unfortunately I didn't get it. I was out bid.

Thank you @Dennis M. The place was recently updated so those cost will be minimal but I see what you mean about the other expenses. What would you consider a healthy/ideal profit after paying mortgage etc.

Thank you Dennis m.  The place was recently updated so the improvements will be minimal but I see what you mean on the rest of them. For multi-families what do you consider a healthy profit after paying mortgage etc.

So I found my first multi-family deal and want to see if you guys think this is a good investment. 

Purchase price: $197,500

FHA 3.5% down: $7,000

Mortgage, taxes, Insurance: $1,535

2 Bedroom rent: $1,100

1 Bedroom which I'll live in for a year but could rent for $850

Barber shop in building: $650

The only thing I pay for is heating which was $2,000 total for last year the rest of utilities or paid by tenants.

My question here is with me owner occupying I will clear $215 but once I move out I will clear $1,065. Would you guys consider this a good deal?