All Forum Posts by: Joe T.

@Eric Veronica I don't know anyone else who has used this lender before. 

Perhaps the 1% origination is what makes it worth it for the lender? Most loans don't require an upfront fee.

@Kathie Riedel Turns out that there is a 1% origination fee. Would that make it more reasonable?

So for $100,000 you would pay a $1000 fee. 

@Tahra Wright

@Tahra Wright  (1) Yes, the property would be habitable for a conventional loan

(2) This is a buy and hold. The plan is the make the purchase, then after a year, refinance to get more capital.  

Hey guys - I'm planning to to purchase my first investment property this year and am planning to invest out of state.

I've heard advice about working with a lender from the state where the property is because they would know the local processes. 

However, I've been contacted with the opportunity to get 100% financing at 5% interest rates from what I assume is a hard money lender. 

Knowing that this is my first rodeo, which direction would the BP community recommend I go with? Does going with a conventional lender provide me with direction and insights I wouldn't have with just a plain hard money lender? However as far as cash on cash returns it's hard to turn down 100% financing... what am I missing here?

Please advise.

@Brian Ploszay That's true. I see that you are an investor in Chicago. Have you looked into the Indiana market, or are you do you exclusively invest in property in Chicago?

@Mihir Bhimaraju Yes, there are a few meetups that I'm planning to attend in the next few weeks. However, I have not looked into the NW Indiana. 

I would appreciate some contacts. When you say local markets, do you mean that specific area (NW indiana)?

thank you!

Hi all!

Long time lurker, and newly committed to being a RE investor for 2019. My wife and I are based on Chicago, IL and are looking to invest in the state of Indiana. 

Our goal is to invest for cash flow in the Midwest. After some research we decided to focus in Indiana, potentially in Indianapolis and surrounding areas. For 2019, we'd like to purchase our first investment property with an eye towards refinancing in 2020. Right now we just want to learn and make connections - and if we feel comfortable with the team (feel free to reach out!) then multi-family properties would be the next step. 

My wife and I both have full time jobs and along with two young children, makes this endeavor a matter of #hustle! But after a lot of podcasts and videos I figured there is no time like now.

Thanks all and I'm excited to officially be a part of the BP community!

Joe T

I don't live in Indiana, and would prefer an in-state lender who knows the local processes. 

Also - I don't plan to live in the property so an FHA loan won't apply.

Hi guys,

I'm a first-time investor looking to start out in Indiana. The plan is to start with a residential property (SFH up to Quad) in Q2/Q3 and once I have my sea legs, so to speak, aim for multi-units in 2020 and beyond. My target area is Indianapolis and the surrounding area, but am open to investment in other cities within Indiana.

Can anyone point me to a local lender who I will be able to work with through this process? I am open to getting contacts on PM, RE agents as well, but would like to focus on the lender first.

Thanks so much in advance!

Joe

thank you guys, your responses have been very helpful!!

@Michael Beeman - That's amazing progress in such a short amount of time. Congratulations man! I'm glad your hard work paid off. It gives hope to the rest of us!