All Forum Posts by: Kimberly A Hall

Thank you

First deal jitters. Real Estate is my life, career etc... but always for other grantees...not me. Oddly, 5 days from closing, everything looks good, there is no reason to back out.. and yet I am so nervous. If i were working the closing I'd be cheer-leading the buyer to the finish line. I am so surprised at the nervousness I am feeling. Anyone else go through this?

Thank you Brian Thankfully I did enough research finding a couple for small transactions and I'm covered for this one; but I wanted to do some looking ahead research. Their potential is limited. I would be interested in following up with you, I think I understand what you are stating, but not sure. I've read the books, blogs, surfed the web but wish I could see a side by side comparison for the various lending options.  I felt a little over whelmed by the process for each to find out any particulars about typical terms and criteria.  

I thought there was an issue with this subject matter since there was such a delay in answering, and started looking for the delete feature, could not find that either. I welcome the removal of this post. 

Oops that’s 20% down.

Where do newbies have the best luck cutting teeth with private lenders? I have a great deal, great credit, 80% cash down, and would like to shop options. I have one lender, but would like to shop for comparison. It will be a fix and hold rental. $70 purchase price; need a 56k loan for 6 months until conventional loan comes through. Renovated value estimated to be $95-$110.  If the contract is signed this Monday, 15 day inspection, closing in 20 (November 28th) Inspectors are lined up for next week. 

Several of the lenders listed in the “network” section seem to lend only to LLCs or other entities, not individuals, is this largely the case? I stopped looking after 3.

Best 

Kim

Than you Rachel, that was a great explanation and the first clarity i have had on the subject.   Jennifer, a VBRO is Vacation Rental By Owner, check out VBRO.com. Thank you David, I’ll check it out. Thanks jack, i am on the hunt For a CPA next.

thank you very much. I am considering a VBRO for my first property. I was concerned about how to structure myself for this operation. 

Cart before the horse... chicken or the egg?

I am about to conduct my first deal. It will become a rental. I know at some point I will want to place properties in an LLC to limit my exposure. But....when and how. Step one - buy with private $ in my name, rehab, refinance into convention loan, what's the next step, how does it get to an LLC without creating a commercial loan?

Is a prepayment penalty of one year unreasonable. I’d prefer 6months, but at what rate. If interest only, what is a good rate? What is a reasonable return on 56k for 6 months. I just Need the $ for 20 day closing while my banker is tip toeing through the tulips For the next 3 months. 

This is a friend of the family that invests through private lending. He is also a heavy real estate investor in his market. So while our relationship is cultivated enough that he is willing to give me $56+ Agrees that the deal is good, I don’t want to ask for unfair terms and would like to know what reasonable negotiation parameters should be.