All Forum Posts by: Teresa Williams

You're asking if you can borrow the down payment/closing costs/rehab? I'm assuming you are asking in addition to the hard money 1st position loan, right?

If that's the case you won't be able to find a lender to come up with that money unless it's a private lender that trusts you as a person and is investing in you. So if you need to borrow those funds, I'd ask your inner circle if they'd like to participate as a partnership or for a good interest rate. Make sure you know what you're doing though, it's not worth ruining a relationship over money.

I guess I am going to need a new set of friends because trust me, they are not that supportive and can't depend on family members either. Thanks for the advice.

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I would like to know if it is possible for taking out a loan just for the closing cost, rehab and the down payment? I am only asking because there are two software I am using to like an evaluation of the property so I know how much to ask for and if the property is profitable or not. When I put in my numbers and taken in the fact that most hard money lenders and private lenders pays up to certain amount on the selling price. When I did the math it is just basically the closing cost plus rehab and down payment.

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My husband and I are new to real estate investments and we are trying to find a legit private lender that don't sound like they scamming. We have gone through a few referrals and friends and we can't seem to find any. The ones that we have contact their origination processing fee is way too high. Can someone on here point us in the right direction? My credit score is too low for a traditional banking loan and my husband doesn't have any. We already put in an offer for two multi-family property rental.

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All Forum Posts by: Teresa Williams

Teresa Williams has started 2 posts and replied 3 times.

Post: Question about taking out a loan

Post: Question about taking out a loan

Post: Are we suppose to pay upfront fees to private lenders?