All Forum Posts by: Steven Goldman

Deals can be found in many ways. The first thing you need to do is master the art of conversation. The best deals are often found by going to meetings, or talking to your friends and service providers. If you are looking for a real estate deal you should tell everyone you come in contact with that you buy houses in any condition. You would be surprised what you learn. We have relationships with wholesalers, agents and the girl who works at our local beer distributorship. Seriously, create a good card and hand them out and engage everyone you meet. Good luck and keep moving forward. 

If you are an investor looking for rehab. money, purchase money, bridge loans or commercial loans we have conduits to banks, funding companies, HMLS and private lenders. We work in 26 states with a concentration in Ohio, Pennsylvania, Georgia and elsewhere. Call us for a free quote and a pre- qualification letter to allow you to make an offer. We answer calls quickly. Goldman Mortgage Lending LLC. See Steven Goldman or Eric Goldman's page. We look forward to talking to you.

Hi Henry,  I am a big fan of starting slowly and building momentum as you gain experience. You use a bridge loan to finance your projects. It will require an investment of between 15-20 percent of your purchase price. The funding will be 100 percent of the cost of the rehab. The rehab. should not exceed the purchase price, if it does it will limit your financing options. It will also expose you to more risk as a large rehab job is difficult to execute without previous experience. 

Attending real estate meetings will give you access to other investors, rehabbers, wholesalers and lenders. It is a activity that should pay by helping you to learn about your market and the business. Spend your time talking to people and telling them you are looking for rehab. properties. People are your best asset in locating rehab properties. Good luck and keep moving forward. 

Ditto Andrew Postell he is dead right on this one. I can only add that the rates are climbing precipitously so the sooner you begin and complete your construction the better off you will be. If you are thinking about flipping it you might want to use a rehab loan so that you do not risk all of your money in a unstable market. If you are flipping that is the best way to do it. if you are holding, you may find refinancing challenging if STR financing dries up due to the current banking environment. Good luck and keep moving forward

Welcome think of it this way. You buy a property for 100k. The rehab. is 50k. You now have 150k together with lending costs, closing costs and carrying charges in the property. Say 180k. The after repair value is 230k. you can now borrow in the range of 75 percent of the new value of the property. That is $172,500.00. That means you leave behind $7,500.00 together with the new lending costs behind in the property, and get all of your initial investment back out of the property to do another deal. Buy, rehab, rent, refinance, repeat. Good luck and keep moving forward!

Good Morning: First, Drew is suggesting that there may be no difference under the law where the property is located between a month to month or annual lease. Second, if you decide to refinance you will need a annual lease. Most banks and hard money lenders will not refinance your property if it is subject to a month to month.

Finally, turnover equals cost to repair so I would seek a long term tenant. Good luck and keep moving forward.

Hi Everyone, I need a lender who can refinance a free and clear property in Barre Vermont. It is a 4 unit with two units completed and occupied. Borrower only needs fifty percent leverage. DM or call. 

Hi everyone, we are looking for a lender licensed in Vermont to do a low leverage refinance of a 4 unit multi family. Please reach out as a DM. Thanks, 

Why would you want to buy someone else's headache. Unless you intend to employ full time security you are fighting a uphill battle. Sounds like the nightmare trifecta, drugs, prostitutes and deadbeats. Hard pass brother. 

To everyone trying to buy your first house, educate yourself their is more than one way to accomplish your goals! Where there's  a will there is a way!