All Forum Posts by: Omar Diaz

Thank you all for the responses! Turns out the rent roll wasn't worth the hassle

@Debra Grumbach I think I'm going to dump this lender because they're standing with those terms

@Tyler Watts Thanks for the advice, very appreciated!

Michael Cohen I considered doing an FHA with 3.5% down however I wanted to put down just a bit more to reach my desired bottom line. I've reached out to other lenders who say that it's not a requirement so I may be using another lender. @Adam Schneider I'm using a conventional loan for a residential purchase @Earnest Boyd I hadn't considered a private lender! My only concern is that I'm trying to keep my expenses as low as possible in the beginning and don't plan to refinance in 2 years.

Hey BP community, I'm a first time home buyer that is trying to purchase a quad with a conventional loan. My question is: do I need a 25% Downpayment on a Quad in North Carolina if I intend to occupy one unit and rent out the 3 other units? My loan officer informed me that I need 25% dp and 6 months worth of expenses as opposed to my initial plan of putting 5% down however I have read otherwise. I did inform her that I will be renting out other units if that makes a difference

Jason Hirko Thank you, I just read your blog about knowing your cost of capital a couple days ago (very eye opening) so any advice from you is appreciated! Kerry Boyle That is exactly the kind of thing I'm trying to avoid!

Melvin List Andrew Postell Frank Yang Paul Khazansky Thank you all for your responses. So in drawing up a plan, I would assume I would want to include the possible interest only payments in my holding costs portion of the cash outlay. Is it unrealistic of me to shoot for finding a HML that will accept terms of one lump sum payment (interest and principal)? I intend to refi in 12 months after purchase.

Hello BP community, I'll be using the BRRRR strategy with my properties and considering hard money lenders. My questions are, how does a hard money lender expect repayment of the loan? In one lump sum after a pre determined amount of time or monthly payments, etc.? From your experience what are some common things to prepare for to secure a loan? I appreciate any information!

Hello BP community! I'm considering moving to North Carolina and looking for a knowledgable realtor to work with. Any suggestions would be a big help!

John Leavelle Thank you!