All Forum Posts by: Jordan Mobley

@Tom S. You’ve been great help. I’ll send you a PM so we can talk some more.

@Tom S. Thanks for commenting with that information it was really helpful. I figured I’d start with something along the lines of the personal experience you just gave.

I guess after the fact I can use the property itself as leverage/collateral to get business funding to acquire more properties to scale?

@Gaetano Ciambriello Let’s set up some time to talk. I’m available the next few days.

@Nicholas Icard would love to hear about your house hacking journey so far. PM me

Looking to connect with Charlotte area real estate people. Investors, lenders, doesn’t matter.

@Tom S. I see what you’re saying. So what if you don’t have any properties what would you recommend to gather capital for funding deals?

So I've learned that it is a common thing for start an LLC for your rentals properties. Some people make an LLC for each individual property they buy, or make separate ones based on if they partnered with other investors. Doesn't that open the door up for things such as business entity funding, such as loans and lines of credit (not credit cards)? If so how do qualify for these lines of credit or loans BEFORE you have bought your first property? Any thoughts or insights to this?

@Wes Davis I will send you a PM and we can go over the numbers together. Thank you!

I am a new investor. Im looking at a condo in Columbia SC. A guy there is selling 9 different units priced from $30k to $50k. After running the numbers on some of these units some I feel like are a good buy while others I do not. The issue that I am running into is that practically all lenders or banks do not fund loans under $50k. He only has one unit at this price for $51k and he only wants cash offers. It's my understanding that hard money, private lending, and cash investors are all considered cash. So the unit goes for $51k and I want to put $10 down on the property. It currently is leased throughout the end of the year at $950/month, which is slightly under current market value ($1200/month) in the area for a 4bd 2ba 1500sqft. There is a steep HOA fee of $460/month which I am not a fan of. However, the unit will produce some cashflow.

How do you fund projects under $50k? If I put down 20% that brings the loan down under $40k. And if he agrees to sell it cheaper than the asking price at market value, plus the down payment the would be significantly lower, around $30k. Which would make it eligible for a cash out refi if i'm not mistaken, that would get me the down payment back. Just looking for feedback, what's the best way to fund sub $50k deals if you don't have the entire capital on hand? Thanks.