All Forum Posts by: Montez Greer

LOL, I love the Unicorn Farm idea, if Real Estate doesn't work out, that will be my backup venture. 

2. Could you explain that Loan Origination fee a little bit more please?

Good Morning BP Universe,

Yesterday I came across a property on my local (Cincinnati) REIA website. The seller said in order to walkthrough the property, I had to have "Proof of funds". So I called around to a few Hard Money Lenders, and I was accepted by "Ground Floor". The lady I spoke to was really nice but there was a few things she told me that I didn't quite understand. I asked for clarification, but I still couldn't wrap my head around it.

1. She mentioned they have a $200 Withdrawal (Draw?) fee. She said in order for them to give me the money, I have to tell them exactly what was done on the house. Then they will send someone out to make sure progress is being made on the property. Then they will reimburse me for the money that was spent. What I don't understand is, where am I supposed to get the money in the first place in order for them to pay me back? 

2. They said they don't charge any points, they only have a flat interest rate. I understand what interest rates are, but what are points?

3. They charge a $1500 closing cost. $250 of that is for the Loan Application Fee, and then the remaining $1250 will be due at closing. Is this normal for Hard Money Lenders to ask for these? I understand I have to pay them back the money I borrowed, plus the interest rate. Why do I also have to pay a closing cost?

Thank you all in advance for any advice you can provide. 

I sure will. Thank you so much for your input and support.

@Nicole Heasley Beitenman I really want to help my mom out, because I know financially, this move will be pretty hard on her. But we really need to get away from Cincinnati and start fresh in a new place. 

So what I'm thinking is maybe I can buy a 4-Plex. Rent 2 units to tenants, while my family and I occupy the other 2. So instead of having 3 tenants paying full rent and I live free. I can have 2 tenants paying full rent, and my mom and I can share the remaining expenses. That way neither of us are paying full price for rent, and we still get to keep our privacy. 

Does that make sense? Because sometimes things sound good in my head, but actually makes no sense in the real world.

I'd be ok with either honestly.

That's what I was thinking, at least until we can get on our feet and buy something that we really like. 

House hacking would be easy if it were just my wife, my daughter and I. But my mom, and two sisters want to be close to us. I want to help set them up for success as well. What do you recommend I do to help them during this move? @Nicole Heasley Beitenman

I think like most people, I was hooked after reading "Rich Dad Poor Dad". I was/am tired of living paycheck to paycheck. Constantly worrying about where my next dollar is going to come from is a terrible feeling. My wife and I just had a baby girl, and I want so much more for her. I don' want her to know the financial struggles I had to experience growing up. I want to teach my baby girl how to become and remain financially free. I believe the best way to attain this is through Real Estate.

Awesome thanks for your input. I was leaning more towards buying. But I still have some work to do on my credit before we can get the type of house we want. So we were thinking about buying something small to start with, or maybe renting an apartment for the 1st year or so. 

Forever!!! (In my Ultimate Warrior voice)

Hahahaha. At least that's the plan

Hello everyone, my name is Montez Greer and I am a brand new Real Estate Investor. I am currently searching for my first deal, and I am very excited to get started. I have been in Analysis Paralysis for almost two years now, and I have finally decided ENOUGH IS ENOUGH! I am currently looking for deals in Cincinnati Ohio, where I live now. 

But the reason I am starting this discussion is because my family and I are moving to Florida next year. My family consist of my wife, our 2 month old daughter, mom and 2 sisters. I have looked at a lot of different cities in Florida and "Spring Hill" caught my eye. It looks like a beautiful city, close to the beach and Real Estate is a lot more affordable than most places in Florida.

I am looking for advice from anyone who has been in my position before, or someone who have suggestions on what we should do. My wife and I have approximately $9,000 saved up for the move. I don't know if we should go ahead and buy a house down there? Or if we should start of renting a house or apartment and wait to buy a house? Should we start by house hacking until we get on our feet and learn the market? There are so many questions in my head and I have no idea where to start. 

Any advice is welcome, we are open to any and all suggestions. Thank you all for reading, and I look forward to hearing all of your great ideas!