All Forum Posts by: Stanley Spencer Alcorn

Hard money loans can be used as cash only offers? If not what are my other options if I do not have that much liquid cash?

Was wondering if home prices in the bay area will get lower in the future or is it best to relocate to another area?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Las Vegas.

Purchase price: $243,000
Cash invested: $62,500

Triplex, each unit is 2 bedroom and 1 bath

What made you interested in investing in this type of deal?

Multi family equals multiple streams of income.

How did you finance this deal?

Through a loan through Bank Investment Loan.

How did you add value to the deal?

I have upgraded AC units in all units also small upgrades to other appliances.

Lessons learned? Challenges?

I originally used an Hard money loan to purchase this property at a high interest rate due to me not having all my money for a down payment in time, since then I have refinanced to a conventional investment loan. Lesson learned is do not rush into any purchase no matter how bad I want it, take your time and find the right deal for you.

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $243,000
Cash invested: $62,500

Triplex, each unit is 2 bedroom and 1 bath

What made you interested in investing in this type of deal?

Always wanted to get into investing in property so I can just enjoy life and do what i want to do in my own time. Currently live in the bay area and the market out here has prices so high, so look to get into a cheaper market which wasn't too far is why I look into Las Vegas.

How did you find this deal and how did you negotiate it?

Found i on Zillow, didn't do much negotiating but will next time.

How did you finance this deal?

I went through a broker and had to get a hard money loan because I was receiving a gift so my interest rate was a little higher than it had to be.

How did you add value to the deal?

Resiliences, originally had the loan through quicken loan and they told me after giving my earnest deposit. But was able to find a broker that was able to still get the deal down.

Lessons learned? Challenges?

I would have taken my time and found a better way to finance but since then I have refinanced to a way lower rate than I was.

So early this year I purchased my first investment property which was a tripled in Las Vegas. Went through a broker who went through a private bank which I only paid 20 percent Down but I have a high rate. So now I’m looking to refinance into a better rate only problem I think I’m somewhere between 20-24 % Ltv. What would be your guys suggestion, get an appraisal first see how much it’s worth now or wait it out a year then see.

Stock market is down partly because of China-US trade wars but dont think that will cause a recession.

Currently closing on first Triplex this week thinking I should get a PM since I do live out of the country, would it be a good idea to get one? And do you have any good suggestions for one?