All Forum Posts by: Pouyan Broukhim

auction dot com won't allow a loan, your best bet is line up an investor so you can put equity after you close cash. Also if you are planning on flipping you should get a title binder as well. 

the 5% down payment program is an owner occupied commercial sba loan program. It's a real estate combo with a business loan that's works out for an apr of 6-8% depending on your circumstances. Your business must be strong and it must occupy at least 51%+ of the property. 

simple answer to your question is that all lenders need some sort of down payment. Each lenders criteria is different, based an individual circumstances and abilities.  If you don't have any experience you shouldn't be expecting anyone to give you 100% financing of any sort

the mechanic is that you have to make sure you qualify for a bank loan.  A conventional lender will got give you the refinance as easily as a hard money lender.  They require full income documents and plenty of paperwork. Make sure that are qualified and for how much before you take on too much debt with a hard money lender. 

You should never lend money directly and should always use a broker.   Laws are geared to protect you when a broker is involved compared to when you invest directly yourself. 

Find a few reputable NY brokers and they should be able to provide you with hard money loans.  Make sure to always fund to a trust account or directly to a licensed escrow company or title company.  

Good luck

any lender that does construction loan should have a fund control company that they work with.  A better way to approach this by call around and find a new fund control companies and asking them for an investor referral 

Good luck

you are leveraging everything you have to get in the real estate game.  Make sure you understand you markets, if the market were to take a 10-15% decrease there is a good change you will lose everything you have worked for.  

Best way to invest in real estate is by saving cash...being over leveraged is a very dangerous game

Good luck and be smat 

there is a relationship between risk and reward for hard money/private money.  Relationships also play into this rate and cost.   Make sure when getting quotes you are getting quotes for apples to apples not oranges to apples. 

Good luck

you know its illegal to quote rates without disclosing the APR. Also, you're license number isn't even listed.

next time when you are buying a problem at closing get a title binder, this way you save money on title insurance when you sell the property.  

Good job and good luck to future opportunites