All Forum Posts by: Mitchell Barna

@Maddie Parker interesting in following this! Currently searching Fort Mill opportunities myself!

Thank you all for this information it was greatly helpful. I definitely do not think that was a legitimate solicit and I appreciate sharing the NMLS link with me. I am new to this and have my first property through seller financing, but haven't taken on any HMLs as of yet to fund deals. Good luck to all of you and hopefully I will gain some more experience and be able to help others just as you all have helped me!

Hi there, I was contacted by a hard money lender via LinkedIn shortly after my first post on BP forums. I thought this to be strange someone would randomly reach out and ask if I need funding, however given the networking aspect of RE investing, I am not too surprised. I was curious if there is anyone who has had a similar experience? I want to reach out and discuss funding but am worried it may be a fake profile with a fake company and is some form of scam. However, the gentleman has over 500+ connections on LinkedIn which would also make me feel like it may be legit. Just curious about some experienced investors' inputs on situations such as this?

Thanks in advance.

Hello all, I am currently getting ready to get into my first deal on a single family house. I am purchasing it contract for deed from the current owner and will be using it as a rental. The owner has chosen an interest rate from the current commercial lending rates, which was higher than the current residential rate that I had been expecting. They say the reason is due to this property not being my primary residence, that the loan will have to be commercial. I have tried looking online and all over the forums to find an answer for why this is but I couldn't find anything specific. I called a local bank of mine and they said the same thing, that it would be a commercial loan as it is not my primary residence. Everything I have found online says single family houses generally do not qualify as a commercial loan and it is not zoned as a commercial property, so I was hoping someone may be able to shed light onto this for me. My initial understanding was that it would be under residential terms as it is a residential property, but perhaps I am missing something. Can anyone help to elaborate a bit? Any and all advice and insights are greatly appreciated.

Thank you,

Mitchell Barna

When I use the biggerpockets rental property calculator I can see my cash on cash return for the first year but then in year 15 for example, it is negative. Why do these expenses increase? I have my rent set to not increase to make conservative estimates, but I do not understand this increase as when I move to thay year, that value is not given. It is the original value for expense even though it says it goes up on the total, the breakdown does not add up to that total value.

Also this is my first post Thank you guys I am looking forward to this journey