All Forum Posts by: John Garza

Can I use a hard loan for a buy and hold rental property? Would I be able to refinance it with a conventional loan pay the lender back then rent it out? How would I go about doing that?

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thanks Jerry!

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Originally posted by @Jerry Poon:

Originally posted by @John Garza:

Is the down payment of a portfolio loan typically 20% like a conventional loan? Or lower?

I'm having an issue coming up with 20% Downpayment for a conventional, I can't do a FHA because I already have a primary residence and I would not be able to occupy the residence,want to stay away from hard money loans for now because of the interest rate and time frame of the loan. For example, I can afford 10-12% down on a 72,000 mortgage loan, any suggestions? Would I be able to get a portfolio loan at 10-12% ?

In my experience (I haven't been investing for long, so take it for what it's worth), portfolio lenders are 25% and up, usually 30%.

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thank you Lisa!

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Originally posted by @Lisa Kohl:

As @Zach Mitchell mentioned above you certainly could get an actual appraisal performed on the property however unless you have it under contract just review the comparables that resemble subject project and have sold in the last 6 months.

Under the learn tab here on BP- there's a how to guide on analyzing deals.

Good Luck!

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thank you Zach!

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Originally posted by @Zach Mitchell:

You hire an appraiser for $350.... That, or call a local Realtor. They typically don't like working for non-clients though so you might have to call a few before someone would help you out.

If you don't want to do that you can do your own analysis. Check sold properties in the neighborhood on Redfin.com or a similar site. If you're going to get into real estate investing you will need to know how to value a property correctly.

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if I see a home for sale for example on craigslist for $42,000 how do I acquire the true appraisal value of the home so I can compare it to the asking price?

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Is the down payment of a portfolio loan typically 20% like a conventional loan? Or lower?

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Thanks everybody for your feedback, good to know there's people that are taking there time to reply.

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All Forum Posts by: John Garza

John Garza has started 4 posts and replied 11 times.

Post: Hard money refinance

Post: Portfolio and conventional loans

Post: Portfolio and conventional loans

Post: Appraisal value

Post: Appraisal value

Post: Appraisal value

Post: Appraisal value

Post: Appraisal value

Post: Portfolio and conventional loans

Post: Hard Money Lenders