All Forum Posts by: Karl Harmon

Good day everyone.

Long story short, I have a property that I am looking to purchase at 35k. I have a new lender that is willing to put up the money, minus closing costs and rehab. They are a new lender that is highly interested in doing business with me. What is the best way to structure this deal? We are thinking of a loan for 4 years and doing it again for several more. Any advice on how to structure the deal so that it makes sense to them?

Recap:

House purchase 35k

I cover closing costs and any rehab.

@Aristone Louxz great job! Glad you took that initial leap and grabbed a multi family on your first deal! Keep going!

@Sheila Campbell try wholesaling or virtual wholesaling. Also work with the owners on other options for the owner financing. If you have their ear, then it is time to get creative.

You could also help seasoned investors find properties. Negotiate your fee up front. Hard money lenders are also an option.

@Ryan Rush at the end of the day, you all were two legal adults entering into a mural agreement. You explained that the residence was small. He should have done more due diligence or made an earlier trip to see the property. You could have rented it to others in the same time that you were dealing with him. It is a tough situation to be in, but I do not think you are wrong.

Side note, some would try to take him to court for backing out of the lease.

@Asury Johnson too funny!

@David Nutakor thank you.

@Sylvia B. Well, an auditor that is trying to get into buy and hold would ask. Trying to stop wholesaling. But thanks for the comment.

@Theresa Harris thank you!

@Kenneth Garrett yes it does! Thank you for your help.

@Bill Brandt ok great. I have been running numbers and only included HOA fees. Didn't even consider insurance. Thank you.