All Forum Posts by: Patrick Philip

I have a private lender willing to lend up to 75% on properties of any size. How do i fund these down payments? If the owner is willing to finance 25%, does that make sense because both companies are using the same building as collateral. Are there any hard money lenders or any other type of lender that will do this? Am i out of luck until I can come up with the cash myself? Would I have to use my personal residence as collateral on the second loan?

I'm trying to stay in touch with reality here. Is there any actual way to do this?

@Mark Allen well whatever it is, it's seems the way to go for me right now. Who wants a portfolio of properties producing $250/month with all the stress of being a landlord?

I understand the BRRRR strategy in theory. By the time I'm old, I want to be building and refinancing large hotels and apartment complexes.

But for now, I have very little money. How can I use this strategy to start acquiring rental properties? What does BRRRR look like on the smallest scale?

Many people want to use wholesaling as a stepping stone onto "larger" things like rehabs and SFH rentals or commercial rentals.

I have heard that an average rehab profits $18,000 and takes 4 months. That is $4,500/month. You can make more than that wholesaling.

Also, if you're renting out homes, you are probably only making a few hundred dollars per month after the mortgage is paid. And if you paid all cash for the house, then you are not going to see that money back for decades unless you sell the house.

It seems to be that wholesaling, if done correctly and with an adequate marketing budget, is the business to be in.

BRRRR is another story. That is maybe the only thing that makes more sense, or just as much sense, as wholesaling.

What do you think?

@Ash Patel I'm a fast learner. I have experience running a trailer park.

@Martin Z. I know someone who does just that (without the Cadillac)

@Jimmy Klein it's not a bank, it's a private lender. I would be happy with a roadside motel. How did you get into hotels? Did you have lots of money from something else?

I have found private lenders willing to lend up to 75% based on the income of the property. Now, I just need the owner to cover the remaining 25%. Unfortunately, one of them would have to hold the second mortgage position. Why would anyone want to do that?

what about sending letters to all local complex and hotel owners asking if they'll sell to me 100% owner financed?

Is it realistic that I would be able to qualify for a loan to build a hotel or apartment complex? I only make $36,000/year. I wholesale on the side but have not done a deal yet.

What does it take to conduct market research to make sure it will be profitable?

What is the best call center to use? Can anyone recommend one that has professional customer service representatives and that isn't prohibitively expensive? (virtual assistant)