All Forum Posts by: Kyle Wright

Sorry Kevin, I'm not going to be able to be there. Have to be in NY during that time for work. Keep me posted about the next one :(

Hi Terry, welcome to BP. I'm from and invest in Bonney Lake too. Good luck with everything to come. Cheers.

Hi Jeff,

Welcome. Seems you're off to a great start by joining. 

Thank you @Matt Jones,

I'm looking into this today. I suppose my rates were a little low, so this will definitely do. Thank you both for your replies.

Hi All,

I'm looking into purchasing a multi family property with owner financing. However they want a down payment, in addition to the wholesaler's fee for a total of 70k. Is there a site/business/bank that specializes in unsecured loans for a down payment? I'm hoping to find a 5 year loan at 5-7% for the 60-70k or 90% LTV.

A little background is:

I have a duplex now, but only about 15k of equity. I've also got some cash but not enough for the full 70k. The property i'd like to buy will cash flow as it grosses 4,500 -5,000 per month and would sell to me for 350k. 

I've looked at SoFi.com but it appears that the "personal loan" they offer can't be used for the purchase of a house. In addition since I wouldn't live in it, just manage it, that excludes some other sources that I know of. 

 Looking for the name of a bank or site that would facilitate the deal. I'm starting to look at crowd funding however not sure the rules have changed to allow this to happen.

Any ideas would be helpful. Thanks.

I'm posting to bring this topic back. I'm looking at it right now. I've only heard one person (in real life) say that they used them and it was good. Other than that, I haven't heard much. Great question, I know this thread is old. However, I'm hoping someone will post additional detail soon.

Thanks,

Hi @Kevin C., I'll be there.

Hi @Lian Chavda 

I'm a member and sometimes volunteer for REIAWA and I'll be attending that event. If it makes you feel any better I'm pretty much a newbie also as I've only got one investment property, however, like everyone says a good portion of the people there are new as well. I'll look for you to properly introduce myself. I think you'll find you enjoy going.

Kind Regards,

Kyle

Hi Roger,

I used to live in Everett. And, the property inspector I'm about to recommend owns several apartment complexes himself! That's actually how I met him was by living in his 6-plex in north Everett back in 2005. Here is his contact information:

Darrell Hay 206-226-3205

www.safesoundhome.com

To be honest, his website isn't anything to get excited about, but trust me, he's a quality home inspector. He even saved me money when I was looking at a four-plex. Half way through the inspection he said, "hey, you want to bail? I can save you some money and I won't have to go under the house if you know for sure you don't want this place". 

Hope this helps,

Kyle