All Forum Posts by: David Wright

@Michelle Bulich - You asked and I have an answer.  For those offended by Biblical Christian Views you may not want to read what I have to say, but I make no apologizes for it.

The Bible teaches about spiritual warfare and evil and demonic spirits and there are many in properties vacant and occupied and people in general.   I can not speak for this property, because I do not know, but my advice is not to fear.  

Born again spirit filled Believers in Jesus Christ have authority over demonic spirits and the devil himself, so if you are a disciple of Jesus, just tell the evil spirits to leave and they will.

That's my sermon for today, and I did not even take an offering.  God bless.

@Tony Castronovo - My advice would be to call an owner of an Apartment Complex that is far from your area (no competition to him/her) and ask that owner and you will be getting great advice from someone already doing what you are trying to do.  I wish you the best 

@ Kiara Crespo - I am going to give you the safe answer; consult a Real Estate Attorney in the market you want to invest in.  There are so many opinions (right and wrong) when it comes to foreclosures. Protect yourself and consult a good real estate attorney even if it cost you a little.  I wish you the best. 

@ Kuang Lee - I would ask a top realtor who does rentals, they will probably be the best resource with the most accurate information.  I wish you the best.

Your welcome @Justin Goodin

@Wendy S. - Here is the challenge will you get a rate in the 6 to 7% range with an alternative lender or hard money lender?  Most likely not.

The benefit however is that most lenders and brokers like us most of the time never ask to verify income on these types of deals.

So you have to weigh your pros and cons.  You are not going to get bank or credit union rates, but the deal will get done regardless of your income situation.  

I wish you the best.

@Islam A Abouelenin - that is a very hard question to answer without having more information about the property, seller, buyer, etc....  Can you tell me more about this deal?

@ Justin Goodin - I can only speak from a commercial lending perspective Justin. When I do loans for the type deal you mentioned, it usually (not always) requires 30 to 35% down. However the more experience you have on these deals the down payment can be lower. Experience to most of the lenders we work with is based on how many deals you have closed in your personal name or company's name within the last 24 to 36 months, verified by a HUD-1.

Now I always tell my investors that "if" you can get bank or credit union financing the rates and terms are going to be better than what we offer as alternative or hard money lenders.  However, the catch is not all banks and credit unions do these types of deals and the ones that do take a very long time to complete and because of this, many investors have lost the contract.  The underwriting is much harder and lengthy with banks and credit unions.

Nothing beats finding a true private money lender where you can name the rate and terms, but people those are hard to find.

I wish you the best.

@James Wise - I agree with you to a certain degree.  No money down is for real, because I've done several of them wholesaling, and I  personally know investors doing them.  However, in my opinion the confusion or the misunderstanding comes in "no money down" vs. "no money out of your pocket" or no cost.  There is a monetary cost doing no money down real estate deals.

No money on a real estate deal again is for legit, but no money down does not mean no money out of my pocket and that is the part I do not like when people and businesses promote no money down deals.  They live this part out or minimize it. There are expenses for marketing, promotion, website services, travel, and more expenses, etc..  You need leads and home owners to see and that cost money - some or a lot - depending on how you want to grow your business.

I wish you the best.

@Stephen Ball - another recommendation when you work with hard money lenders or commercial lending brokers like myself is to make sure you work with a company that is a full service lender.  Meaning they will quarterback your loan from the very beginning to the very end and offer above the norm customer service.

Even through many commercial lending brokers work with the same hard money lenders, its the level of service provided that can make the difference, especially when it comes to your time.

I wish you the best.