All Forum Posts by: Pat McCandless

I am a little skeptical on using this lender for a property I found. They are willing to finance 100% of the purchase price (35k). Is that unheard of? All iv had to do was give them a form of ID, tell them how much I make a month. They are lending based on the asset not my credit. And they are lending in a 25 year term. Do I run away? I asked for 3 referrals from the last 6 months and am awaiting a response. I also asked how long they've been doing this for and if they had a website. They said they've been doing it for 7 years and are working on a website right now. He is a private lender working with a group of investors and have a registered LLC. What else do I need to do to make sure this is legit?

Hi Jay Hinrichs first off I have to say what you're doing here is amazing. Giving people the chance to learn and experience what they may not have the chance to do as well as helping out a charity, I've never heard anything like it. I'm also surprised no one has jumped at this post! I would love the opportunity, but I'm not sure if you are willing to do so with an out of state investor. If so, I would be humbled. If not I understand.

I found a duplex property in Dayton OH. it currently rents for 1k and seller wants 35k for it. Looking for some advice from people that invest out of state. I'm from CT so what type of due diligence can one perform out of state to make sure it's a good buy? What should I look out for? Any advice/words of wisdom would be greatly appreciated!

Need more detail here. Comps? Cap rate? Positive cash flow after no money down refi? What is ARV? Don't jump at a low price property based on what the seller thinks it's worth. Michael S. sorry for some reason I didn't get noticed about your post. My question was more just in general asking how I could go about funding the property at this price point. My analysis does have about $350 cash flow per month based on refinancing to a conventional mortgage at the purchase price amount of 35k. The value of the property is about double that in current condition. So again back to my question I'm just looking for guidance on how I could find this without my own money. I figured it was possible to purchase with some form of private funding and then refi into a conventional mortgage, where since I'm purchasing at such a discount the equity in the home would be enough to serve as the down payment.

Help!! Found a duplex in Dayton OH for 35k. Property should appraise for 55k seller is going through divorce and needs to liquidate. It is fully rented he had put 15k into it. What are my options since I don't have the cash to purchase outright? Would a bank lend conventionally here or is that not an option at this price range? My thought was if it was possible, I could try to find private funding to purchase the property and then refi for a "no money down" since 75% of ARV is greater than what he's looking to get. Thoughts? Advice?

@Craig Curelop in this scenario you described above, using private money to fund a down payment on a conventional loan, you still need to pay the private money back.  Typically in my mind I would want to do this within 6-12 months.  So in your scenario, is this a tactic to be used when trying to flip a property, obtaining ownership with a conventional loan and using the private money as the down payment?  If so, is it typical to find deals well below market value and also be able to take out a conventional loan?  That's not what I understood.  Thanks for clarifying!

I would pass, for the BRRRR strategy to really be successful you need to think about what you'll be able to pull back out when you refinance. If you used the 250 ARV number, you'd have 175 at best to pay off your other debts (hard money, rehab, etc.) and if you will need to offer 180 not including rehab, you will definitely have a good chunk of money out of pocket into this deal.

I'm in the same boat as you, looking for my first deal, and would ideally like to implement the BRRRR strategy for it. But I'm waiting until the right one comes along and think that's what you should do too. Keep plugging away, it will come! What you don't want to do is let your ambitions and emotions get the best of you, which is a tough thing to do. Good Luck!

@Fernando Angelucci is this still available?

@Matt Motil I'm not sure why I'm not getting them, there's nothing in my spam folder.  Are you sure you don't have my email typo'd?

@Matt Motil please add me to your list [email protected] and I would also like to know about seller financing properties