All Forum Posts by: Killa Kam

Thanks for the reply,

True, I have definitely thought of and considered that. The only problem is that I'm a single father of 2. Daycare/babysitting here in NY cost alot as it is, especially with one income. If I got a second job, realistically after the additional child care expenses I would only be truly making about $2-$3 and hour. 

I like the song by the way, :-)

Hello everyone,

As the title and description says I have a question about using a car to get into real estate.

My uncle has given me his car, for health reasons he can't enjoy it like he use to. Its' market value I believe is somewhere around 45kish and it is free and clear of any loans on it. I would like to avoid selling it at all cost because it does hold quite a bit of sentimental value. 

I have been thinking about going to my local credit union and taking a loan out on the value of the car. That way, I can keep the car but still leverage it to get into real estate. I know several property owners in the area and I could use about 30k to get into several good quality investment properties with owner financing.

Any feedback on this idea or other suggestions would be much appreciated. 

Hi Robert,

Thank you for the reply. The park is located just outside of Albany, NY. All 22 are lot rents and public utilities.

By room to expand do you mean vacant pads or something else? If so then there are 3 vacant pads. I am not familiar with MSA, would you mind elaborating more on that?

Hello everyone,

There is a MHP for sale in my area for $899k. It has 25 pads, 3 of which are vacant. All resident owned., and paved roads throughout. The seller is willing to finance with $260k down with an interest only loan type at 5% interest.

I'm a newcomer to investing so I dont have any other properties or any major capital saved up to drop 260k as a down payment. However, I am interested in seeing if the owner will go with a little more creative route with me since they are already interested in financing. 

I'm thinking of seeing if they are interested in a 2 year master lease, which would give me alil more time to build my credit up to where I have nothing to fear, credit wise. I am curious as to what you guys think of this investment and what are your options for any alternative creative financing options if the seller is open to them. Also if anybody had any opinions on getting a 2nd mortgage for the downpayment portion.

Thanks for the insights in advance,

@Caleb Jordan

Thank you for the reply.

I haven't had it appraised or inspected yet. But hypothetically speaking, if it turns out that it does need major renovation or atleast enough to make the AVR attractive. Would HML lenders be more interested in having 1st position and the seller being 2nd? Or are they just hesitant in general on any other liens being on the property?

Because if that's a doable scenario, I would definitely intend to refiance in order to pay the HML off.

@Taylor L.

Thank you for the insight. That was going to be my next question. Since HMLs generally go for around 8 months I was wondering how refinancing would work with both the seller finance and HML being on relatively short payback periods.

My end goal was to refinance and cash out both the seller and the HML with a lower interest rate loan from a bank and benefit from the possible built up equity in the properties and use that to invest again. But that's just my goal I haven't sat down with any professionals to crunch the numbers, until I knew that using a HML and seller finance together was a possible feat.

Hi everyone, 

Let me start off by saying that I am completely new to investing in real estate. My goal is to build wealth through buying and holding properties with the intent of renting them out. At this moment in time however, I don't have any cash reserves and my credit is poor but I'm steadily working on it. 

I have found a seller in my area who is selling 5 duplex properties as a package deal for 285k. He is willing to owner finance at 8% for 5 years with 25% (70k) down. Normally I would have thought this deal impossible given my current financial situation. However, I recently stumbled upon Hard Money Loans (HML). I've looked at the properties and the financials and it works from a numbers stand point. The properties do have above average ware and tear but nothing major needs to be done so arv may not be super appealing, but all 5 properties are fully rented and generate around 8825/monthly.

My orginal plan was to build my credit and go owner occupied first. But this deal caught my attention and seems like too good of a deal to pass up without taking a shot at it.

My questions are; Can I use seller financing with HML as the down payment? Is there a way to do so without having the cash reserves for a downpayment? Or am I reaching and should just stick to my original plan of building my credit up first?