All Forum Posts by: Tim Kelly

Drive for dollars!! There are a ton of small multi-families throughout OV... YOU can also network your butt off and find a investor-friendly realtor.

On the same but a different note, check out TRIG if you have not already... One of the best ways to network and get educated.

Tidewater Real Estate Investment Group.

Best of luck!

BP!

My wife and I are currently attending a Rich Dad Legacy Education Real Estate seminar. Yes there is some great info and yes there is an opportunity to purchase a training and mentorship/coaching package for between $12K - $40K depending on what you want. 

If anyone HAS DONE THIS, please, let me know what your thoughts are, if it was worth it, if you have the knowledge and resources to close on some big deals. 

Again, I understand there are a lot of people out there who despise these types of trainings and coachings and that is why I ask to hear back from only those who have actually paid for and done this training. 

Thank you all!

BP...

Hello all!  I am a new, and very motivated investor in the Hampton Roads, Virginia region and I am searching high and low for multi-family or small apartment complexes.  However, I am struggling to figure out the best approach for financing, if I do not have all the capital traditionally required for a down payment.

If I decide to go with a lender, am I really going to have to come to the table with at least 20-25% down? I have some capital to invest, and luckily my mother is willing to invest with me, so that adds some significant capital, as well...

Essentially, I am looking for the smartest way to being qualified for a loan or any kind of financing, on an 10-20 unit apartment complex in and around $400,000 - $500,000 that would definitely cash flow!

I am non-stop reading and educating myself with this but can't seem to find the best answer, please help!

Thanks a lot for the feedback!

@Roy N. i will be using traditional financing through.  I am just getting started in the application process so I am curious to see what typeof loan I can get approved for and how much.  It makes a whole lot of sense why lenders wouldn't honor someone without any of their own funds.  I do plan on putting in a hefty down payment; however, a couple of family members we considering to contribute roughly the same amount.  The gift idea also makes sense.

BP Pros...

My Mom is somewhat interested in helping my out with a down payment on a multi-family.  What are some basics in structuring the deal and presenting it to her so it is a win-win for both of us?

Obviously, we establish terms, her rate of return and stick to them, no matter what... But what is the best way to present this to her in an easy to understand format?

Thank you, thank you!

@Colin Smith, @Johann Kleisch 

Thanks for the immediate response!  Yes, the first investor I started working with, who is currently my agent, connected me with his lender who I started the application process with actually... Ultimately, the toughest part for me was when I applied to her company and then I spoke to loan officer who did my refi after the fact... I was just in between the two... The first loan officer has been doing it for a while but my loan officer claims to be considered a Certified Mortgage Planning Specialist, in turn, more experienced and a better choice for me.

Thanks again... Any other tips to consider or red flags, as you suggested, fees to beware of?

I am trying to figure out what the best decision for me would be in my current situation in choosing the best lender.  I just refinanced my primary residence and my loan officer, claiming to be a Certified Mortgage Planning Specialist (is there even a difference in that and a typical loan officer) and he said he works directly for investors, and has helped them make a substantial real estate portfolio.

I guess my general question would be how do I know what the best lender is for me to assist in building my portfolio to fit my needs and essentially my REI goals? Is this a trial and error type of choice or is there a better way in having a piece of mind that my lender is the best option for me?

Once again, thank you all!!

Welcome to BP! I am located in Suffolk, Va and I am just getting my real estate investing career rolling, as well.  Use this site to your advantage as much as possible and best of luck to you!

 Hey Greg,

Thanks a lot! These are things I am slowly learning about! Is there a practical approach to looking at other listings? Which database do you use if you cannot access MLS?

Thanks again!

 Yes I will check out the rental calculator, I haven't had a chance to use it yet. So I can obtain the zoning info on my own or is that something the selling agent who showed me the property would do?

I have not driven the neighborhood other then to get to the property. I know it is a great neighborhood with a variety of different style properties and a wide range of prices as well. 

Thanks a lot for the great insight!