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DeletedUser2
Guest
Hard money is good only if its a killer deal you need to close fast.
I do hard money with only a select few investors that I have known for years.
my prices are 18%
10 Points,
50% LTV (up to 65% sometimes)
and on rare occasions, and equity piece.
so I am on the expensive side. and yet my investors keep me out of money, because they still find deals like that
your best bet, is to learn how to do owner finance. master that one skill and it could push you really far.
I bought up over 250 apartments in 2.5 yrs with no money, and no bank. all owner finance.
btw, banks are now putting limits of 4 rental properties at a time on people. so even if you get 75% financing, you can only have 4 loans (besides your personal residence) via banks. after that, you get a "no" with no real explanation.
Portfolio lenders are awesome, if you can find them, but even small community banks, are having a hard time with to much risk in 1 person, in to large a portfolio compared to their assets (check FDIC.GOV for the banks finances, and see if you would overwhelm their asset base, or their loan loss coverage) even though they are not bound by fannie and freddie guidelines, they are bound by the FDIC on loan loss, and risk profiles. (to many eggs in 1 basket type of thing)
If your going to acquire single family, then learn the owner fiance models.
if your going to acquire apartment complexes, its a totally diff ball game, and then your in commercial lending. but that's diff.
the biggest thing, is advertising via word of mouth. I used to tell everyone i bought houses, and bring me one, and I will pay a referral fee. I used to pick up 10-12 houses a year, with out even trying, and with advertising, (except word of mouth) all zero down, owner fiance properties. then I would rent them out, but mostly I would owner finance them, so i didn't have any repairs to do, no taxes to pay, and they carried the insurance
hope that helps
I do hard money with only a select few investors that I have known for years.
my prices are 18%
10 Points,
50% LTV (up to 65% sometimes)
and on rare occasions, and equity piece.
so I am on the expensive side. and yet my investors keep me out of money, because they still find deals like that
your best bet, is to learn how to do owner finance. master that one skill and it could push you really far.
I bought up over 250 apartments in 2.5 yrs with no money, and no bank. all owner finance.
btw, banks are now putting limits of 4 rental properties at a time on people. so even if you get 75% financing, you can only have 4 loans (besides your personal residence) via banks. after that, you get a "no" with no real explanation.
Portfolio lenders are awesome, if you can find them, but even small community banks, are having a hard time with to much risk in 1 person, in to large a portfolio compared to their assets (check FDIC.GOV for the banks finances, and see if you would overwhelm their asset base, or their loan loss coverage) even though they are not bound by fannie and freddie guidelines, they are bound by the FDIC on loan loss, and risk profiles. (to many eggs in 1 basket type of thing)
If your going to acquire single family, then learn the owner fiance models.
if your going to acquire apartment complexes, its a totally diff ball game, and then your in commercial lending. but that's diff.
the biggest thing, is advertising via word of mouth. I used to tell everyone i bought houses, and bring me one, and I will pay a referral fee. I used to pick up 10-12 houses a year, with out even trying, and with advertising, (except word of mouth) all zero down, owner fiance properties. then I would rent them out, but mostly I would owner finance them, so i didn't have any repairs to do, no taxes to pay, and they carried the insurance
hope that helps