All Forum Posts by: Raleigh Lewis

I didn't they seemed sketchy to me at the time and I heard maybe on BP you should stay away from lenders who want some form of payment before closing. They barely asked for documentation from me and barely had answers on how the money would be dispersed to me. I may have been wrong about them but I didn't like how they structured my deal I had no clear understanding of how it would play out. I ended up using a local bank who was more reputable. Hope this helped. Hope your deal goes well!!!

Wow thank you all!!! This definitely helped a ton!! I am weighing out all my options im sure I will find A efficient way to fund this rehab. I will keep you updated on my progress. Thanks again everyone!!

Thanks @Jason D. I also considered a credit card, this is the first time I heard of an car title loan. Im guessing it is basically a line of credit against my car loan? have to look more into it.

Thank you!! Appreciate your response i will definitely check the sites out!  

@Dawn Anastasi

Thank you I haven't presented the deal to anyone besides my partner i am buying with but i definitely will!! @Brad Baker

Hello BP Fam,

I am a new investor looking at what could be my first deal. The property is a 2bd 1 bth shell in Philadelphia, the seller was asking $26,000 I was able to talk him down to $18,000 due to repair cost and a flooded basement.I plan to fix it up and hold for a rental. Properties in the area are renting around $1,000. I viewed the property with my contractor and he told me the job wouldn't be much work and could be done quickly around 2-3 weeks mainly because it is not a big property and the previous owner started repairs.  I saved up enough to go half with A partner and still have around 6k to live frugally ,plus my day job. I am also waiting on a settlement that will recover my investment plus more but no definite date it is coming. My question to you magnificent people is where can I get a small loan for around 15k to fund this rehab? I know most lenders have a minimum of at least 20k but they would probably be hard money and since I am not flipping this property I don't want to be tied to a high interest loan knowing I am not recovering a substantial sum any time soon. Please share your suggestion or past experiences you have regarding this type of funding. Thanks in advance!!!

Raleigh Lewis

Thanks for the information @Sam Bates

If I’m not mistaken, you have to have to be an accredited investor and also have and asset portfolio with a net worth over a million dollars to start syndication and purchase large multi units. Lenders want to know you have the experience and are able to manage large multi units. I don’t own any multi units but I am also building my portfolio to get to that point. Best of luck!

Wow @Noah Zelko let me start by saying I am extremely impressed!! The fact that you are 20 years old and have obtained multiple multi unit properties is amazing. I haven’t heard many stories of younger investors in the game. I can only imagine where I would be in life if I had learned about real estate investing at a young age. It seems you are projected to be a millionaire at at least 22 and that is extravagant. I am writing this post to tell you continue to do great!! I am a year in RE investing and still grinding hard everyday to get where you are! Keep it up @Noah Zelko

I am going through the same problem.This will also be my first property, my credit is around 610 because of student loans and most of the HML said these where my main problems. I was able to find an ABL(asset based lender) but there terms are similar and all of the lenders asked me to come up with at least 15k for closing.In my opinion the terms your lenders are offering arent that bad depending on what you plan to do with the property,arv,noi,cash flow, etc.?.? I hope this helps!! Good luck!! @Lorenzo Spurrier

@Roberto Torres Thanks for the info!!