I’m a very experienced real estate investor (Well Over 150 transactions) and my Market is the Ogden UT area. I have so many good deals that I am running out of capital to put them all together. I have so many good deals going right now that for the first time in my life I am actually running out of money to finance them. Example I just got a short sale approved on a house for $180k, The Assessed value for the property is $280k and the CMA still puts the value @ $295k (Even in this market) The house needs about $25k in work and I was planning on selling way below market value to make a quick $50k. The Utah market has only slowed by 3.8% since this whole mortgage meltdown so things are still selling OK but I have more deals than I can fund. Any ideas on where I can get some more capital.
Ive already tapped out friends, family, and hard money lenders….. (The usual) Also I need the money fast I have 3 more deals that I got approved and i’m around 40 cents on the dollar with these as well.
I am comparing the potential profit of investing in rental real estate vs. other investments, and I wanted to sanity check some of my numbers. Do any of these numbers appear out of whack or terribly not-normal.
Assumptions:
Property is not financed, but fully owned
The property can be rented for 6% of value per year.
The property increases in value at the rate of inflation.
The property is vancant 20% of the time.
Expenses are 2.5% of property value per year.
If it is relevant, the property will cost about $200-$250k, probably be a single-family residence, and be located in the Indianapolis area.
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I intend to do most/all prospecting, renter screening, and bookeeping, but plan on outsourcing most home maintenence.
–>Adam
I am in the process of starting a part-time (full-time at some point) residential rental property business with a family member. There is a possibility we may venture into commercial real estate. We will be in business in Indiana and have no debt. I will be providing some financing with the majority coming from the family member. The long-term plan is to have me be the employee and slowly purchase a majority of the business from the family member. Are we better off as an LLC, LLP, S-Corp, etc?
We just paid off our house and property today. We have approx 45,000.00 in equity in the real estate. Our house is 750sq ft. We have a 8yr old daughter and a 6 yr old son. My credit score is around 400 or so. ALot of people around here are building metal buildings and living in them since they are so cheap. We can have a building built and living in for 20,000.00. Thats an open floor plan but with bathrooms. Where can a person in our situation go to get financed. We understand we will be paying high interest rates.
We just paid off our house and property today. We have approx 45,000.00 in equity in the real estate. Our house is 750sq ft. We have a 8yr old daughter and a 6 yr old son. My credit score is around 400 or so. ALot of people around here are building metal buildings and living in them since they are so cheap. We can have a building built and living in for 20,000.00. Thats an open floor plan but with bathrooms. Where can a person in our situation go to get financed. We understand we will be paying high interest rates. We dont want to buy from an individual or lease to own. With that much equity, where can you go to borrow against your equity to build a new place to live?
In a couple weeks I will be taking real estate classes to get my sales persons license. I just turned 22 years old and I’m only working a part time job while enrolled in school. I have plans to have my license to sell real estate by the beginning of next year. In the mean time I am really interested in flipping a house durring either the winter or beginning of spring. Is it possible for me to do on my own? Should I get a buddy to join me in the investment? Also, a main question is how would I get financing to pay for the home and the construction to be done? Help me please! Thanks.
My husband and I want to start investing in rental properties. We have excellent credit, excellent combined income and have cash in the bank. My question is, will we require more money down, expect a higher interest rate and find it more difficult to get approved for a loan for rental properties? I have a friend that suggested not telling the lenders that we were purchasing a single family home or a duplex for renters and to say that it was for our primary residence. What are the repercussions for saying that? Isn’t this illegal? I am a big believer in karma and do not want to do anything that is outright illegal. If someone can give me some tips or advice, I’d greatly appreciate it. It is hard to tell who is telling the truth or who just wants to sell their BS real estate plans on tape for a low payment of $89.99 a month! Thanks for your time!
I am planning to buy a new home in end of this year. I am a new buyer. What are the steps ? First whom I have to contact with real estate or mortgage ? How can I find out low mortgage rate ? What is the right decision that to apply mortgage in banks or mortgage finance companies ? is everywhere mortgage rates same or different ? How much I have to pay down payment? So many questions actually i do not know to ask. Please mail me all details. How should I find out reliable real estate and finance mortgage companies?
I have some experience in real estate in property management leasing and administrative. However, I am looking to start my own business and have been reading investing books etc., I am about to incorporate my business and working on my business plan. I want to start the business in Cleveland Ohio but would like to eventually expand nationally. My biggest fear is the financing aspect, if I am incorporated then my personal credit does not have to be considered or does it? Also, I hear about investors starting with no money down. I would like to start this business on the right foot and want to avoid all the gimmicks like those over priced RE workshops. I would also like to network with people in Cleveland. I would like to hear responses from those who are in the real estate business. Thanks!
Job loss and injury caused us to fall behind on our mortgage payments. The Bank wouldn’t work with us and began foreclosure proceedings after 30 days late. We cannot afford our current home. We are trying to sell, but the sheriffs sale has happened, our time to sell is limited. We have located a different home that is 1 1/2 times cheaper & will allow us to make MUCH lower house payments. We have some money to put down (the bank wouldn’t take partial payments, work out repayment plan etc..) but we need to finance the balance for this different home. Our credit is terrible now because of this but we need a home for our family & children…are there any loan programs (government or traditional) out there to help us get into this home. We tried going Contract for Deed but the Foreclosure Co. wants to cut the home loose (the home we are trying to buy is a foreclosed property that needs repairs but the payment would be $100’s less than we pay now) -Any guidance would be appreciated.
Im so eager to begin investing in real estate but i feel like there’s things holding me back. I plan on going to a university far from home so that’s one. I’ young (20) and i have a job but i dont think a bank will finance me. I stay with my parents. I was planning on getting everything settled now so when i do leave for a university i’ll be able to be approved for a mortgage on a condo then wait a couple years to build equity give me some advice please
