All Forum Posts by: Justin Morris

This is a pretty straight forward situation, I'm buying a SFH as a rental for pennies on the dollar in cash. I want to refinance it right away to cover rehab costs and pay back my PML, is this possible with out seasoning and if so what is the best way to do this? Additionally, how much does my personal credit score and financial picture factor into me getting a refi loan? Is a home equity line of credit better in this situation?

Stephen Masek I appreciate your input and yes I agree and I am doing everything I can to build my savings. The thing is this deal just is way to good to pass up, it is a free and clear property and I'm getting it for more then a steal at 5K. I have these two individuals who are willing to lend me the money on short term basis and then I can refinance the property and repay them. Not only will I be able to repay them quickly, I'll have some funds left over from the refinance that I can use as capital, lastly, I'll have a cash flowing property that will bring me long term returns. What I'm trying to work out now is which is the best person to borrow the money from my U.S relative or European friend. The reason I like the friend option better is they are offering a lower interest rate.

Here is the situation the properties purchase price is 5k, I'm waiting on the appraisal but it looks like it'll apprise for 20-22K. I plan to buy with cash, this cash is going to come from one of two places, a relative or a friend. I am trying to figure what is the best way to go, my friend is a non-US citizen and lives in Europe. I understand the SEC is very strict about international citizens investing in U.S Real Estate. If this friend gifted me the 5k or paid me for "services" and then I bought the property through my LLC would that work since its under 10K?

Secondly, the property is free and clear, what is the highest percentage a bank will let me refinance? Lets say the bank appraisal comes back as 20K, can I pull 70% out of the house easily? Last question, would it just be better to use hard money? Do hard money lenders, lend such small amounts and are the fees and points going to be way to much? My private money people are willing to take 10% interest.

Kevin Polite thanks for the input, is it a decent area? Looking at a potential rental.

I mostly work in the N. ATL area and know very little about the south. How is the Fort McPherson area? From what I've seen it's a bit of a rough area but is being revitalized by the construction of a new VA hospital on the old military base. Any insight would be appreciated

June Alexandrea Didn't realize you were a broker yourself, you should have everything you need then! Are you having an issue with volume of expires on the MLS?

Best way to get a unlimited supply of expired listings is to find a realtor, take them to coffee and offer them $500 for every deal you close that comes from the expired listings they give you. Best place to find a realtor is your local REIA groups or I've had success finding investor friendly realtors on Trulia forums. I'll be honest, you'll get shot down many times before you find one who is willing to have an open mind, especially in Westchester county. I worked lower WC for over a year and dealt with a lot of closed minded realtors, but just keep at it and you'l find one. Remember, your biggest selling point is that you can teach them a way to make money on their expired listings. Hungry realtors love more money. Good luck and never give up!

Jay Davis Welcome To BP!! I am in the Tucker area and love networking with investors in the ATL area. PM if you have any questions!

Matthew Hamilton Welcome To Bigger Pockets! I'm in the Tucker area, have you gone to any of the Atlanta REIA or GAREIA meetings yet? I find them helpful and a great place for networking! If you are interested in mobile homes I know someone who I can refer you to that does a lot of MH investing. I specialize in lease purchase which I think is a great low risk, high reward strategy and a good starting point for new investors. Anyways, I always like to network with people in the ATL area, PM me if you have any more questions or just want to network.

How hard is it to get a start up business loan, I'm thinking something small like 25K. How much of the requirements fall on your own personal situation and credit?