All Forum Posts by: Raleigh Lewis

Thanks @Roberto Torres I am currently looking for a lender for a deal i have on the table. How did you find your lender? What requirements did you need to apply?

Good morning BP and Happy Holidays!!

I am looking for advice regarding lendinghome.com. Also any good lenders In the Deleware County area in Pennsylvania. I have a deal on the line and i am seeking funding from different lenders. Lending home offered to lend me 79k for 

12.5%, 1y fixed, am interest only, monthly 829.17, LTV 83%

They are asking 50k for a triplex the arv is 158k

This would be my first time buying a property I plan to use the brrr strategy because of the cashflow in the property. However i am a little hesitant to accept these terms because of the high interest rate not to mention the bad reviews about lending home. Have any of you ever used lending home? What was your experience? Have you ever had terms like this from a Hard money Lender?

Please Share , Thanks a million!!!!!

@Jeff Kehl Yes it would be my first investment property. I have a repair estimator where i can simply run estimates on every specific thing the property needs. It is a fairly rough area but the street its on is quiet with older owner, I think since the campus is so close i would be able to rent it out to students only since there is a major University within 5 min walking distance. 

I have what i think is a "great deal." It is a triplex with 2bd 1 bth 1st fl, 2bd 1bth on 2nd fl, 1bd 2bth on 3rd floor. There aren't any triplex near it within 20mi which is a few counties over. I have researched the rents in that market and i found out that i can charge around $815 for the two 2bd rooms and $771 for the 1bd. The property needs to be rehabbed I estimated the repairs around 40k and they are asking 50k it is vacant but i see much potential. The property is in a rougher neighborhood but is basically on campus. The property is in Chester, PA. How should i run these numbers? Should i look for a NOI or ARV?

Great point I can see how it could also be beneficial to the owner as well. Thanks @Peter M.

Thanks @Derrick Lumsden im not the best at math but i see you put a 12% downpayment ? How did you finance this deal? Where they terms you worked out with a pml or are they traditional terms? Thanks for sharing.

Thanks @Justin Oliver I will look more into seller financing. appreciate the feedback!!

Wow starting off with a 4-plex sounds great!! I would love to have a multi unit for my first deal. I am searching for the best multi unit i can handle for my first deal. How does it work living with your tenants though? I always thought it would be a headache... Just for the simple fact the tenant can knock on your door for a problem.. Was this the case in your situation? Thanks @Peter M.