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27 January 2025 | 7 replies
I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require PMI which is an additional expense, and you also need bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.
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24 January 2025 | 15 replies
In the situation you're describing, all the leveraged owners of real estate will be the *first* ones to implode right off the bat (and have to turn over the keys to the bank).
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23 January 2025 | 1 reply
Did you finance this deal with a local bank or credit union?
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19 January 2025 | 21 replies
Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow.
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8 January 2025 | 6 replies
You also don't need to do a traditional long term strategy, is there a draw the area that playing host to a traveling nurse or other professional/student would be interested?
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13 January 2025 | 3 replies
I have a bank locally that will use DOT as collateral for loans.
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31 December 2024 | 3 replies
I always remember that rockstars know rockstars, so find someone who is a mover and shaker - likely a meetup host - and then ask them who they know.The people doing 100 flips are super busy, so I've also found the best person to find is someone who is a step or two ahead of me...so maybe for you, that is someone doing 2-3 flips a year.
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21 January 2025 | 18 replies
Once you hit a certain number of loans (check with your state dept of banking and finance or dept of business regulation), they might require you to have a license.
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23 January 2025 | 7 replies
Best bet though is a local community business bank..
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18 January 2025 | 15 replies
But, you can go up to 65% loan to value with no reserves, or up to 80% loan to value if you have 12 months payments already in the bank (12 months reserves_.