All Forum Posts by: George Despotopoulos

@Kevin Beck. On average, rate is 11-12% with 2-4 points upfront. 

@Devin Woods - Interesting topic. I would personally not add another level of complexity to the underwriting by using the 401k plan for a down payment. However, I can see a number of people try to use their 401k plan for capital to buy an investment property. Thanks

@Aryelle Collins - Best way to start is by funding your own deal at first. It will make it easier for you to find money partners for subsequent deals if you can prove your performance on previous deals. 

Even if you start with a small deal it is better than nothing. 

@Kevin Beck - There are a number of Hard Money lenders that will give you a loan on the property you recently purchased which will help finance the rehab portion. 

@Corine Haener - Even though Person A and Person B have a lower income and recently changed job does not mean they will not qualify for a rental property loan. There are specialty lenders out there that will lend money based on the property's income and not the income of the borrower. In this case, if the rental income is enough to cover the mortgage payments Person A & B should look at those alternatives. Keep in mind LTV will be around 65% and rate will be 6.5%< for this type of loan.

Happy to help if you have any other questions. 

@Jason Utley - Do you homework and know the area well. Have seen way too many investors get burned on REO properties given the condition they are in...Location and condition of properties will be extremely important for you to make money on any of these opportunities.

@Paul MacInnis - Congrats and keep it up.

@Junior Cene - Congrats on your projects thus far. If you are looking for a Hard Money Loan, you can check out LendingHome, Lima One, and LendingOne in that area. Good Luck

@Logan White - You can always explore potential rental investor loans with specialty lenders. There are a number out there that will look at the actual income from the property to qualify you for a loan. 

@David McBrayer - Loan Term of the loan is usually 12 months. I have seen lenders who limit it to 6 months and then charge a point every month after the 6th month.