All Forum Posts by: Jonathan Ockletree

Thanks Edward those calculations make sense. I'll apply those to my situation and see what happens. I figured no bank would lend on anything that low. Thanks a million. I'll see if there are some work arounds. It would definitely be a buy and hold

Hello everyone. Im from Indianapolis, IN and i'm looking into my first investment property but the issue is this. It needs some construction work, probably around 12-15k range. I don't have the credit to get a construction loan but I do know some people with a nice amount of cash. How do I calculate out a loan from them that actually works and what's typical? What have you guys seen done when calculating out private money loans that typically work for both parties? Even if there is another post somewhere that someone can point me out to any help will be greatly appreciated! 

If you need the info. 

getting the house from family member for $4500 its ARV is 44k . Area rents for around $700.00/mo

Buy and Hold

This is my first post ever on here. I started when I was 22. Had a "Mentor" that acted like he knew what he was doing when we purchased our first property. I fell flat on my face, but I learned a ton. Mind you i was still pretty immature back in that time so I wasn't soaking up the info like I am now. The main thing I want to tell you is dont let fear hold you back! I let fear hold me back for 6 years after that failure and you know what results it's gotten me in real estate. 0! Nothing. Zilch. My parents and friends of the family tried stopping me as well but I had a dream. I tasted the freedom that this business can give you. So from the sounds of it your in a better position than I was when I was your age so I would say take that leap man! Be smart, think outside the box and understand your deals and you should be just fine! Good Luck!