All Forum Posts by: Sergio P Ramos

Also looking to be on wholesalers list. PM me please.

@Erick Gomez Same here!!! The wholesalers I associate with fluff up their numbers to try and sell. When I run my own numbers theu are way off from what they claim..

I have a detatched garage that's being turned into small rental.. I came across this perk. Does anyone have any experience with RTA? Thoughts? Concerns? Etc... thank you in advance.

@Mike Kennedy and that's what I'm looking for. Fair reasonable terms and rates.  It's perfectly fine to take those things into consideration.  However, in my case the lender at question solely based my rates depending on my experience. And it was only after everything was disclosed and I was presumably going to get a fair rate and terms that the lender asked me about my experience. After that I was given a whole other set of terms and rates . This prompted my original question whether rates could be negotiated or not. I check all the check boxes except the experience. Even the property in question on paper is giving a great return. The risk reward here is very low. My only constraints are the terms and time the lender determines. Again thank you for your time and response. Greatly appreciated. 

@Brian Caulfield What about turning it into Gov/state housing. Timely payments. Any vacancies/loss can help offset gains/profit. Willing to do alot of maintenance yourself?

@Joe Davis it was pre foreclosure. My time frame to build is 4 months.

@Mike Klarman great Information.  Thank kindly. Very useful. 

Wow. Thank you all for taking the time to respond. It's been most helpful. First off my experience is very minimal. Ive always dabbled in land acquisition here and there. Ive bought and sold land over the years. Sort of a buy and hold or simply re-plot of a larger piece of land to sell off. So my experience in this scenario is minimal. My scenario is I acquired a peice of property through a friend as a pre foreclosure. It is 2 lots combined with a small home on 1 of the lots. I plan to build a small home on the other lot. I have excellent credit. I have enough money to cover the purchase of the land and construction out of pocket. Although I don't want to use all my capital obviously. My question stemmed from an encounter with a lender where all was well until I was asked what my experience was. That's went my rates so blatantly obvious went up. The lender used my experience as the only deciding factor to decide my rates and conditions.  Obviously I will not be working with this lender. However it did prompt my curiosity to ask my fellow Bigger Pocket-ers for advise.thank you @Stacy Raskin @Ryan Davies @Dan Garrigus @Yamila Perin @Jay Hurst @Robin Simon @Joe Davis @Chris Seveney @Bob Stevens @Devin Peterson

@Chris Seveney thank you. Have you ever worked with a smaller lender for a better rate? Again thank you for your time and response.

can hard money loan rates be negotiated?