I have been searching for properties in the boroughs but have decided our best bet would be to start searching in Jersey (perferably close to midtown) as properties in Jersey seem to be less expensive for a 3-4 multi family house.

Hello! I am Stephanie Kingsberry and I am EXCITED about my new life changing commitment to Wholesale, Flip, Fix and Acquire Real Estate!Please advise on how to obtain local lenders. I have properties I am eager to buy...

I plan to stat by using my personal money along with some private money to BRRRR.

I bet that tenant of yours stole it from somewhere like a hotel, couldn't open it, and just left it there.

LOTS Of fake lenders work BP  face book linkdin etc.if you cant find anything on them I suspect you may have run into a fake.the telling clue will be1. rates too good to really be true or lower than industry norm2. too quick to approve you..3. they want a modest deposit up front and give some BS reason why the want it.4. no website ( although many fraudsters have generic websites website alone does not mean anything.5. check on licensing.. there are only about 12 states that require licesnes. not sure about our state thoughBut I would say 95% if you cant find anything on them.. and any of the things I said above are what they are telling you,, cheap rates small up front deposit.. probably not real and you will just lose your 500.00 bucks or whateverOh the other great one is you have to buy an insurance policy because your new or a little weak on the financial side.. there are NO insurance policies for private loans if you fail to pay.. that's just another fraudulent payment to a non exisitant entity.real estate lending has become the new Nigerian prince scam..

So I guess that’s where I need help is learning more about private lenders.

I recently found a private money lender with the potential of funding my real estate deal in which is in its early stages.

It was a private sale and was sold “as-is” with all contents included.

The downpayment will be financed by a private lender.Mortgage Payments: -$350 to private lender ($60,000 at 7%)-$495 to seller (170,000 at 3.5% interest only)Monthly CostsProperty Taxes: $833Sewer: $100Insurance: $120Lawn Care/Snow Removal: $100CapEx: $100 (new roof, windows, everything is in good shape)Vacancy (5%): $150Repairs (5%): $150Total: $2,398.17Monthly Rent: $3,000Monthly Cashflow: $601.83I am still unsure of how to approach the tenant who is paying $1,800 instead of the written lease terms of $2,200.

. - Thanks everyone for the feedback on this thread, as well as those who reached out privately.