All Forum Posts by: Risto M.

What if its an foreclose? Is is possible to get the bank to pay for closing cost?

I'm looking to buy my first rental property. Its a duplex with an asking price of $124,000

My play is to buy it with hard money and refinance into a long term loan.

The problem is that the house is fairly new compared to other around it (built in 2006). There's two like that sold recently for 115k and 152k. Both were built in the 60s and a bit far from the duplex I'm looking to buy.

I'm heading to the property now to do a walk through.

How do I come up with an asking price?

*note. I will be living in the building, and renting one side out. Its a 3 bed 2 bath rent comps are $900 -$1100. I don't have the money for conventional leading. Hard money may be my only options

I'm actually planning to do the same thing (in dallas also), and interested in what people will have to stay about this

My lease ends in 2 months, but i dont have the money for the down payment to get a loan. So my plan is to 1. move closer to my target area (get a 6 month lease apartment there) 2. Get a better paying job and save for the down payment for a fha loan.

But i dont plan on waiting untill I have the money to get the FHA to buy my first rental. I'm seeking other ways to purchasing a house. Maybe doing a Fix and Hold with hard money

Thanks Ann Bellamy!

I wasn't saying I was going to use hard money for sub2 deals (didn't think would need to). I was just stating that I was learning how to do them. Now I understand that I shouldn't try to refinance with a HML, so thanks for clearing that up.

Bill Gulley

I definitely understand the importance of having exit strategies. I will seek the approval of the bank before I go through with the deal. But just in case for some reason the bank don't come through, Ill have backup plan(s) (like wholesale it). Thanks guys!

Thanks Brandon Turner!

I'll start calling the banks on monday

Brandon Turner (hey it worked!)

My goal for the year is to have $1,500 generating monthly. I figured I'm going to need private funding to do reach that. Maybe not, but its still nice to learn how and have that option.

I don't own a home yet. Buying a multifamily property with a FHA loan was my plan to began with. It's just money is tight, but if all I need is a few thousand to do it. Im prepared to pick up another job (or 2) to get it

After watching the webinar @Brandonturner did yesterday, I learned that you can buy a house using funds from a hard money lender, and then refinance with bank later. I've listened to the podcast with @Annbellamy and learned alot about hard money lending (when to use them, how to find them, ect..). I just need a few things clarified and I'll be able to write a full business plan and be on my way to real estate greatness.

I apologize if this turns out to be a long post.

First, I have NO money. When I started out learning about REI I decided I wanted to Buy and Hold. I figured I needed to start wholesaling to get the cash I need. Not to get to detailed in my story, I met a guy here on BP (you could say he's my mentor) who is teaching how to do Sub 2 deals. It's a way for me to invest with no money out of my pocket (Great!), but the Buy and Hold strategy is something my mind is set on doing. I'm determine to find a way to make it work (plus I like to have options).

So here are my questions...

To refi with a bank I'm going to have to show proof of funds right? I have a job and good credit, but I don't think that's going to be enough. So I had a idea. If I raised some private money, will I be able to use that to show proof of funds (even if I plan on using it later to purchase more houses)?

Also, I know there's a limit to how many bank loans I can have in my name. I do have a partner but after we reach out limit, what are some other ways to get long term loans (other then owner financing)?

Do hard money leaders refinance?

Once these questions are answered, I'll be able to write a business plan and hopefully raise some private funding (of course ill seek out a lawyer beforehand).

Thank You

Awwww I missed it :(

oh PST time lol

Welcome John from another DFW member

WOW that was a quick! Thank you, that clears up everything about the buyer that does rehab.