All Forum Posts by: Seth Rose

@Caleb Heimsoth

Okay. I’ll give them a try. I got a decent income and good credit but only have enough capital (around 35k) for half of a down payment. Seattle is not cheap

@Will Morris

Yeah, I tried with SoFi and they denied me after talking to them and they said I could use it for a down payment and then when it was getting reviewed, it got denied. Waste of a hard pull

I want to try and flip a house in my area before trying to rehab out of state. We have a high market here in Seattle so I don’t have a ton of capital. Was looking to loan the down payment since my hard money lender said they don’t care where it comes from but been having a hard time finding a company to lend it from. I’d rather risk it on myself then have a partner but would like to get everything figured out since I’m starting to place offers on homes. Any advice on what anyone has done in the past to get more capital for the down payment.

@Danny Randolph

Yeah, I’m currently in the construction field and we usually get a 20-40% deposit, then get draws after certain stages/inspections have been passed

@Alpesh Parmar

How did you network at meet ups if they were out of state?

@Spenser Harding

Wouldn’t it be more ideal in your situation to of just sub it out? I’m an electrician and I’d only do electrical since I know I could do it fast enough to be worth it but other than that I’d get someone who could do it fast and high quality.

@Elliott Elkhoury

So how do you pay off a hard money loan if you were to do a rehab for equity? Or is it more ideal just to get into a rental that needs work using a bank loan?

Also, if you go into the BRRR strategy to add more properties faster, every time you get rent and make a payment, you'd still be paying off the loan which is increasing your equity so it's like a savings account that builds itself. You hold it long enough or pay it off faster, now you got a property for low initial investment with a chance of cash flowing a nice amount when I get older. That's kind of my whole plan for this. Or build up enough equity to dump properties and get into multi family or something of that nature.

I appreciate everyone’s advice though. Just want to be able to not worry about finances one day so trying to do this through real estate

@Elliott Elkhoury

All very good advice.

If you don’t pull out your equity by refinancing then how do you contribute to keep adding properties to your portfolio?

@Joel Thompson

Want to pm info? I’d be interested on pre approval

@Joel Thompson

Thanks for the info. I’ll spend more time looking into those areas.

By the way, are you a conventional lender or HM?