All Forum Posts by: Matt Porter

Hey, everyone! Hope you're all doing well. I'm currently in the process of aquiring a $700,000 property that is need of around $150,000 in rehab. My 203k loan will be roughly $850,000. This would be my first real estate purchase and I'm curious what to expect with 203k loan terms. The first lender I talked with said it would be a 30 year fixed at 2.75%, with a FHA funding fee of 1.75% of purchase price at closing (that could be added to the total loan amount), and monthly mortgage insurnace of $497. With no experience it's hard to say if this is reasonable or not. If anybody has any experience with 203k loans and could help me in determining if these are fair terms I would appreciate it. Thanks!

@Ronald Allen Barney thanks for your reply. This scenario is completely hypothetical. I'm new to the concept of partnerships and real estate in general (which was made apparent with my unrealistic hypothetical situation haha). I'm just trying to get an understanding of how I can put as little money down as possible and use the capital of other people to invest and how to distribute the profits fairly.

Let's say I want to buy a 16 unit apartment building and have absolutely no money. It cost $3million and $300k is needed to put down. I partner with 3 other people and they each put $100k down. What's a common way distribute equity/cash flow between 1 person that does all the work and 3 people that pit up all the money? I know there is no right or wrong answer, but I'm looking for common ideas that people have gone with in the past and have been successful?

Hey everyone, my name is Matt and I'm new to real estate investing. Over the last month I've been looking for property in the Chicago area and it's been nothing less than a challenge. With the market so hot right now, it seems like almost everyone is wanting all cash. Are you all seeing similar trends in other markets? If so, how does a new investor get in the game when they don't have capital to buy a property all cash? Do I need to start looking at JV deals so I can leverage other people's money/experience to get more options? Are there other lesser known strategies to get deals done with little capital/experience in a hot market? Any and all advice is welcomed and appreciated. Thanks and have a great holiday weekend!

Hey everyone, my name is Matt and I'm new to real estate investing. Over the last month I've been looking for property in the Chicago area and it's been nothing less than a challenge. With the market so hot right now, it seems like almost everyone is wanting all cash. Are you all seeing similar trends in other markets? If so, how does a new investor get in the game when they don't have capital to buy a property all cash? Do I need to start looking at JV deals so I can leverage other people's money/experience to get more options? Are there other lesser known strategies to get deals done with little capital/experience in a hot market? Any and all advice is welcomed and appreciated. Thanks and have a great holiday weekend!