All Forum Posts by: Matthew Trotter

Does anyone have a good feel for the typical terms and interest rates that someone with great credit (750-799 credit scores) can get if going through a hard money lender or private lender?

Specifically, what interest rates are typically available if LTV is above 80%? I'm targeting 90% on some prospective deals. I'd like to pay just a 10% downpayment.

I'm prequalified right now through a bank with 20% downpayment at a 4.65% interest rate.

I drove for abandoned properties a couple weeks ago and found LOTS of them in the less desirable neighborhoods. I was looking for overgrown grass and dilapidated appearance mainly. I got out of the car to look at a few of the interesting properties. By the end of the day, I had 40 properties.

Then, I sent very simple letters to the owners letting them know I'm available to buy their house. I didn't expect a response, but I got responses from 2. That's a 5% hit rate. I went to see one house but it had too many complicated problems for me to tackle. The owner of the other house lost interest after the first phone call.

I might do it again in a couple weeks! Was fun!

There should be someone in research security at your employer who can answer your questions. However, I'm siding with most on here that if you have to borrow from your credit card, it's probably too much heat. Just my opinion.

Hey everyone! I joined biggerpockets because I've heard such great things. I also had so much fun reading the success stories and finding people doing exactly what I want to be doing: living financially free from buy-n-hold rental properties. Awesome!

I am right on the cusp of purchasing my first rental property. I have been seeing houses with agents sparingly for the last few months to gain experience assessing repairs. I made quite a few low-ball offers, but really I just wanted to get some experience seeing places while I saved up the money for a down-payment. I didn't do it much so that I wouldn't get a nasty reputation amongst the agents.

Now that I have saved up enough money, I am ready to make more serious offers. My goal for 2014 is to have one profitable rental property with these stats:

1. < $20k down-payment and fees

2. < $20k repairs/renovations

3. < $30k all-in, initial investment

4. > $200 monthly net operating income (after PITI and maintenance)

In the end, I want to be financially free, which, to me, means $2000 monthly income.

I am part of a local REIA, and it's been great meeting friends and investors there.