All Forum Posts by: Neil Aggarwal

I don't see anything wrong.  The investor had a choice to accept the loan.  Nobody twisted their arm to accept the deal.

If you are using a bank, they will give you a loan based on the purchase price and they will typically give 80% of that.

Hard money might give you more, but they will not typically finance repairs.  They will give you draws on the repairs after each segment is completed.

I think almost everyone has to have a day job when they start out.  Very few people have the luxury of being financially independent to start with.

Start investing whenever you get time to do it and things will grow from there.

I am pretty sure most lenders will want you to have skin in the game.  I don't know any lenders that will lend 100% of your purchase price.

Most hard money is short-term. You might be able to find private money that will give you a long-term loan.  If you can find it, that could be a good option for a buy and hold property.

I think you are thinking the right way and starting young enough to get it done.

Good luck!

I do not trust other people to invest my money.  There are just too many ways for things to go wrong.

I guess it would depend on the lender, but I would think you can find someone that will give you the loans since you qualify for more than the total amount.  Of course, lenders sometimes have criteria that does not always make sense.

I have always felt that you need at least 10 streams of rental income before you can handle the ups and downs of vacancy and maintenance.  You do not need to have it all at once, and 3 units is a good start.  If it is a good deal, buy it and keep looking for opportunities to get to 10 units.

I think the only way to find notes for sale is to network and talk to everyone in your area. It will take a long time and talking to a lot of people to make direct contact with a note-holder willing to sell. There is no market for them like the MLS system for buying houses.

Also, be careful to check if the note is performing (Borrower is current on payments) or non-performing (The borrower is not making the payments).  

As with anything, it is not as easy as it would seem from what the books and seminars tell you.