All Forum Posts by: Reyna Lopez

Thank you @Tarik Turner

Hello, 

I'm a total newbie trying to figure out the funding portion. I have a property that the owner is willing to seller finance, it is a vacant property that needs plenty of rehab. The owner really likes the idea of having a steady income that seller financing can offer him. I'd like to take a loan for the rehab portion (or I can fund through HELOC). If I do either of those options (loan or HELOC) how can I refinance and get that money back once I force appreciation after the rehab? I'd need to stay with the seller finance, since that is what the owner is interested in. Is there a way to refinance just the rehab portion....? How would that work?

Thanks in advance!

Thank you @Account Closed

Thank you @Jared Klock I'll send you a private message now

Can I email local banks and hard money lenders before I have the deal or I have to do this once I have the deal?

A bit back story: I am a consultant, therefore have a 1099 job, not a w2 job. I'd like to do a BRRRR strategy for my first deal. I'm planning to get a HELOC to have that money in my account so that the lender sees that if extra money for rehab I can fund it. I plan to get a hard money or private money lender to fund the house + rehab and then refinance to a commercial loan (since I won't qualify for a conventional loan just yet with my 1099 job)I don't have the deal that I will be purchasing yet (actively looking for it) but can I start emailing local banks to see if they would refinance me and/or hard money lenders?

I understand that getting a pre approval is great (I obtained one when I bought my personal property) but since I am planning to get a commercial loan can I still get a pre approval? Considering that the commercial loan qualifications depends on the property, not sure how they can pre qualify me before I even have the property...

Thanks for the great advice! I have on my to do list to find a CPA. I’ll start networking sooner than later to find the advantages and disadvantaged of creating an entity @Sandra H Kopper

I’ll look into that, thank you! Very helpful

@Justin Polston

Thanks so much @Stephanie P. and @Corby Goade this is very helpful and thanks for motivating me to keep going regardless! Appreciate it!

Hello,

I am completely burnt from corporate america and want to start a consulting job that may pay me more than my corporate job. My plan is to sAve a lot of money so that I can start real estate investment next year, 2022. Since this consulting job is not part of corporate america It’s not considered a w2 job. I did a lot of research and I can make more than what I do at a corporate America job it just won’t be the same income each month, like a 9-5 job is.

Taking this into consideration, do you think I’ll have less opportunity to qualify for loans since I’ll have a 1099 job instead of a w2? I'll be in the consulting job for about 6-9 months by the time I want to start investing. I can prove the consistency income of that job for that period.