All Forum Posts by: Shawn Munoz

How do I know if a private lender is a scam artist? I'm worried about sending an application fee if I can't find their website or they don't post much.

Hey, I am striving to become a landlord in my city and I found some deals that seem to be great. However, if I do not have a large enough down payment is it a bad idea to do private money loans for a rental property ? Or at least for a down payment to a bank loan? I just need some ideas on what I can do. I don't make great money at my job but I'm really trying to get my foot in the door.

Hey, there is a house that is for sale. There are currently long term tenants living in the house. The landlord is a good friend of mine and is willing to sell it to me with a huge discount. The only problem is i have no money to put down and would have to use a private lender with a 7% loan. 
after doing the math i would be making a profit of about $215 a month. My friend (the seller) is telling me that the appreciation is where i would make my money. Would any of you guys take a deal with this low of a return? The house appraises for 135K. He is selling to me for 110K

I'm sure everyone knows about freedom mentor. It costs about 1,000 to get started. Apparently it's a partnership and they help you through your first deals and you split the profits 50/50. Anybody know about the program?

Hey, I am ready getting started in real estate investing. At least I hope I am. I just need some opinions. I wanted to start with buying a single family home to rent out. I am located in Vineland NJ and there are houses with loads of potential for around 40-60K. I have 7K saved up for investing. Should I wait and continue saving? Or do you think this is a safe amount to start with?

Originally posted by @Ned Carey:

This could be a good opportunity for you to find a mentor. Would need to know a lot more about the deal to know if it is worthwhile but paying $100K for something that rents for $1300 a month is not very good cash flow after expenses. 

I would suggest looking at some of the free guides under the education tab above.

I would learn ans much as you can from this gentleman but I do see a conflict of interest in that he is trying to sell you a property and yet one of the most important things to learn is how to evaluate a deal.

 yeah, so i talked to him today and he told me i'd be making about 100 dollars cash flow but i'd be building equity.... so i don't think i want to go through with it

Originally posted by @Patrick McCandless:

When you're sitting at the closing table you sign a document stating that you intend to occupy the property for at least 1 year as a primary residence. There are other ways to go about the funding than trying to be sneaky and lying and putting yourself in a jeopardizing situation.

Thank you.  

Hey everyone,

I was about to get into my first flip and i was wondering if it is okay to say you are going to live in the house so that you don't have to put 20% down. If i get in the house with a different type of loan and pay less money down i can have more for rehab. What do you guys think?

@Patrick Liska That estimate sounds about right. He told me that this particular property is not a cash flow monster but it is getting him cash flow. I will give more detail once i sit down with him tomorrow and find out more.

Hey, 

I have recently been presented with an opportunity but i need help on how to go about it. I have been listening to the podcasts and learning a lot. I am moving out next month into my own home and I am going to need the extra income so i feel like i should get started in investing. I decided to speak to my mothers landlord. We talk often and he explained to  me how he wants to get out of the  business because he is ready to retire. He offered to teach me what he can if i was interested in buying the house my mom is now renting. He wants to meet this weekend and give me details and show me numbers. 

First off, is it a good idea to get involved in a place where my mother lives? it is a section 8 so i won't collect full rent from her. Also, what are some questions i should ask him when we meet to make sure this is a solid deal for me. 

It is a 5 bedroom that is renting for 1,300. He's willing to sell the house for $100,000 and the value of the home is about $120,000 in my opinion.