All Forum Posts by: Mona B.

@Greta Andrews Hi. Interested to learn if you were able to find an active 203k lender, contractor, etc... I'm currently learn more about this product, have found a lender in Central FL, but seeking to find providers with more experience. 

@Account Closed Thank you for the reply! 

@Account Closed based on your experience, should sub-tos only be utilized in fix-n-flip situations or could it be used when attempting to have a property as a primary residency? Is there just too much risk with the latter? 

 Thanks @Eliott Elias! I previously placed hard money leaders on the back burner due to hearing other investors focusing in on private lending for deals. It’s something I’ll need to revisit in order to make a first multifamily deal happen. Would you happen to have any recommendations from hard money contacts you have worked with?

Thank you @Sarah Hatton. I’d like to keep your contact for future reference. I’m taking the feedback received here to re-strategize getting my first multi/commercial deal.

@Brett Deas Thank you for the feedback. It's helpful to hear from other investors about the financing process and potential hurdles towards completing the first deal. Definitely will keep all of what you stated in mind as I continue to analyze multi/commercial leads.
 

Hi BP!

Over time, I’ve found investors on social media discuss how they began their investing journey using private money. However, I’m seeking to learn from other experienced investors… are private money lenders willing to work with newbies on their first deal – especially when the newbie prefers not to or isn’t able to source from their immediate circle of family and acquaintances?

Do they prefer a ‘personal guarantee’ along with insurance and the promissory note? Are private lenders okay with being in 2nd position, and do they want to be able to place a lien on the property until the loan is satisfied?

Also, as I'm analyzing both multifamily and commercial leads and learning about DSCR loans, can private money fund the remaining 20% – 25% needed to close and/or the reserves needed to qualify for a DSCR?

Hi BP,

Just wanted to see if I could get an idea of how some of the cash buyers in the area are running their numbers. With the continued changes in the Central FL market, is it best practice to have deals that are 75 - 80% of ARV?

This would certainly help me better understand what to look for as well as analyzing my numbers to make reasonable offers on properties. I want to be ethical and fair when submitting my offers to the sellers but also keep in mind what my end investor may be looking for.

Investing in a Propstream subscription may be a good resource as well. There are tutorials online & they provide a 7 day free trial.

Welcome Rachel! Ditto on the previous comments. The BP forums are an amazing resource! If you ever experience difficulty in searching for specific topics/answers to questions in BP, a tip is to try typing the topic/question in the Google search bar followed by the word "biggerpockets". Usually the search results generate anything associated to that topic/question on BP, include forums. 

Best wishes on your investor journey!