All Forum Posts by: Kisha Peterson

@Jon Kelly Sorry I meant to say average percentage for closing costs.  I recently did a hard money loan and a refi (separate transactions) with the same lender and my closing costs seemed really high.  

@Jasper Zimmerman I’m a property manager with over 27 years experience. You’re right, the prices for the repairs are high. A good PM would provide you with at least 3 quotes to ensure you’re receiving the competitive bids.

Also, if it’s a rental I wouldn’t put LVT unless it comes with a 3-5 year manufacture warranty. Tenants tear things up so expensive flooring may not be best especially if you’ll be replacing at turnover. Nonetheless $5,400 is too high.

Hope this helps.

@Mike Dymski I’m a newbee. Can you elaborate a little on the invest in appreciating properties?

@Jon Kelly Off topic, but what is the average percentage that you pay for commercial loans?

What is a good average percentage for closing costs on a commercial loan? I know commercial loans are different but I’m paying way more than 3-6% and it just seems super high.

@Joseph Coleman  Thanks so much for your reply!  So you think a 50/50 split is fair in this case?

Hi!  I’m a new investor having less than 5 properties, do not have a w-2 job, excellent credit.  I want to build more capital and expand my portfolio, but afraid I may be running out of finance options.  

I have someone that wants to partner with me who doesn’t have capital but has a w-2 job and decent credit.  Has anyone ever partnered this way and if so how?  We want to do a flip together.  I’m thinking I fund the down payment down and we split the profits.  Would love advice from anyone who has done anything similar.  Thanks!

I’m a newbee so I need some good advice.  I cash closed ($75K) on a property 4 weeks ago.  It wasn’t my intent to pay cash but Covid happened and many lenders were at a standstill so I ran out of time (it was purchased on auction and I only had 45 days).  

I have credit but just recently resigned from my 9-5, so I have no income on paper.  I just found a lender that’s willing to give me $42K with no paperwork.  Here are the deets: 12 months, no prepay penalty, 12.2% interest only, 1 million in liability insurance (not sure why since I’m not rehabbing).

It’s currently rented and I’m not doing a rehab, I just didn’t want so much of my cash in the house!  I plan to keep buying!  Taking on the note will add $10,600 in additional closing costs and interest for $42K of my money back.  However, I was thinking I could refinance later with better terms.  But that’s no guarantee.  

Is it worth it to take on this note?  Help!!

@Jerel Ehlert Thanks Jerel this is super helpful!

@Fred Shatzoff Thanks!  fix to rent?