All Forum Posts by: Jon Kelly

If it was easy, everyone would do it. I give a lot of people credit for giving it a try. The only thing worse than failing is the regret of never trying. 

@Juan Martinez most private lenders won't allow it either (I work for one and we wouldn't allow it). Funds need to be seasoned for 2-3 months. 

You can start the loan now and your step-dad can transfer funds to your account. Then, wait 2-3 months to purchase a property. Your step-dad could be on the loan. Make him >20% member on the operating agreement. Then, the private lender will accept his liquidity. 

You could go with true hard money (e.g. "check writers"). It's going to be much more expensive (~15%). 

@Account Closed tell us what your goals/metrics are. analyze the deal yourself and share the results. You should be asking for advice on certain assumptions, NOT if it's a good deal or not. 

There are plenty of free calculators or use the BP calculator to help analyze deals. 

@Mel Smith how do you know when it happened? Inspection occurs in July and you find a broker joist 5 months later? You can always try to call the inspection company, but there's less than 1% chance they would admit responsibility. 

Unfortunately, it's the cost of doing business with real estate. There are humans involved and it's not perfect. 

Don't be afraid to overpay for a good inspector. They can save you thousands. 

@Andrew Patterson

Reach out to other local lenders for pricing. 5/1 ARM can be a good option (lower interest rate). However, if you want more security then reach out to other lenders for a 30-year fixed mortgage.

5/1 ARM isn't much of a gamble. 5 years is a long time. You will likely sell or refinance the property between now and then anyway :)

I'm aware :)  I work for one of the largest private lenders in the country

@Lynn Anthony the reality is the vast majority of real estate investors are working more hours than you. They still find a way to get it done. 

The first is always the hardest. Things get a little bit easier the more experience you pick up. 

@Kenneth Garrett that's a good strategy too! However, you think he has time to research private lending and become a private lender if buying a rental is too much? 

@Joe Martella each county has their own website for parcel search. I'm not aware of a statewide source... Would be curious if anyone else on BP knows of one.