All Forum Posts by: Michael Newman

@Leo Poon Thank you so much for the information, this is what I was looking for. I have an investor who’d be willing to help with the down payment. What is the usual rate for commercial loans?

@Jeff Kehl Also I’d like to add that big multi families are valued based off their cash flow and that will be shown to the bank. If one bank denies me I’ll go to the next and the next and the next and so on until I get a loan at 6%

@Jeff Kehl You speak the truth I’m reading RichDad’s Ken McElroy’s book: The ABCs on Real Estate Investing. It’s the best book I have ever read. I know what actions I need to take to achieve my goals now. I learned more in this book so far than my past 3-4 months of research E-commerce is a way to get cash flow to start, I just got a discover card so I may as well use the card to generate cash flow, that would be very appealing to a lender

Hello everybody, whom or what institution would be best to take a loan from for a mortgage; considering my credit is low and I don’t have a W2? Btw I’m looking to buy a deal with 16+ units.

@Simon W. Oh cool, what part did you grow up in? I want to jump right into buying & holding apartments. I’m impatient and I want to start now and to start with a property that’s at least 16 units. Would raising private money be my best bet? The no credit kills me though, is there a way to get around that, maybe a local bank? I’ve thought about that, I’m going to school to become an accountant but I’ve had thoughts of just getting an associates then working in the real estate industry because experience is invaluable.

Hello everybody, the title is self-explanatory. I would like to hear from investors who have started their investing journey with an apartment in the same situation as I’m in. What did you do and what do you recommend?

@Todd Dexheimer Also, with no credit would I be able to take a mortgage out from a local, unpopular bank?

@Todd Dexheimer Thanks for the advice, I appreciate it. Do you think it would be safe to raise the rents by $50 as soon as I own the property? Let’s just say the current are $1,200.

@Todd Dexheimer I ordered Ken McElroy’s ABCs of REI (apartment) so I’m not fully knowledgeable on what you mean by build equity, do you mean by increasing the rents? Also do I HAVE TO do repairs or fix it up? I’d rather not spend more money if I have to so I don’t default on the loan. I want to do seller financing only because I currently have no credit, I saw that I could pay him for 30 years but I doubt most people would do that. It’ll take 18 months for me to build credit, what do you advise would be the best route to take in terms of refinancing?

Hello everyone, I’m looking for properties where the owner can seller finance with a 10% down payment, paid through a HML. Would it be advisable to stick with just one property until the HML is paid off or should I use the same method to buy more? I currently have 0 units.