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13 May 2024 | 3 replies
Lenders are not super aggressive with first timers with little capital down if they will do them at all.
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12 May 2024 | 1 reply
Research comparable properties in the area to gauge pricing, rental rates, vacancy rates, and demand.Property Insurance: Obtain quotes for property insurance to understand the potential costs and coverage options.Survey: Consider getting a property survey to confirm boundaries, easements, and encroachments.Due Diligence Contingencies: Include due diligence contingencies in your purchase agreement to allow time for inspections, assessments, and resolution of any issues uncovered during the process.Risk Assessment: Identify and assess potential risks associated with the property, such as market volatility, tenant turnover, maintenance costs, or regulatory changes.Exit Strategy: Develop a contingency plan or exit strategy in case the investment doesn't meet your expectations or unforeseen circumstances arise.By thoroughly conducting due diligence, you can minimize risks and make an informed decision about purchasing the property.
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13 May 2024 | 6 replies
The seller, buyer, broker, and lender could all have different NOI estimates for the same property.
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13 May 2024 | 4 replies
Quote from @Alex McPherson: I am a private lender lending my personal funds.
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11 May 2024 | 15 replies
Come to think of it, there's not really anything I can think of that they offer that compares to the reliably up-to-date information that Grant Street and other sites I use regularly offer.
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12 May 2024 | 10 replies
Run some analytics and compare a few similar markets.
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10 May 2024 | 7 replies
You can't often get them to fix anything and the lenders won't help in any way.
13 May 2024 | 5 replies
Simply apply for a new loan from a private lender.
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13 May 2024 | 12 replies
Most lenders will not approve under $90K to $100K because it violates high costs rule.
12 May 2024 | 12 replies
I have plenty of clients who 'make' enough and would have no trouble qualifying, but there is a benefit to keeping liability off of yourself and funneling your debt, et al. through the asset itself.Plus, if you keep it at 1-4 units, most DSCR lenders would still qualify that as "single-family" so you would still be eligible for 80% leverage on purchases and 75% (or sometimes 80%) on refinances.