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Posts Tagged ‘portfolio lenders’

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Hi Everyone,

Thought I’d give an update on what we’ve been up to lately. 

Buying a Rental Property – The past week or so, we’ve been looking at a ton of properties on-line and even saw a couple with a local realtor.  Last weekend, we saw a duplex and a triplex in our area.  The duplex is newer and in really great condition. One half is rented for $1400/month from good, long-term tenants who want to stay.  The other half is occupied by the owners who need to move out of state.  It’s a short sale and has been on the market over a year…and it’s still overpriced.  We wouldn’t consider making an offer anything close to asking price, but we’re still crunching numbers.  The triplex was a much older home that needs a complete rehab.  It would qualify for Homepath financing, but I think it’s more rehab we want to do for a rental.  If we could get it cheap enough, maybe we could flip to a local landlord.

Wholesaling/Buyers List – I’ve also been calling bandit signs and classified ads looking for wholesale buyers.  I am figuring we can target more buyers and what they’re looking for so we can find wholesale deals just for them.  Many of the other cash buyers on our list we obtained either from our Craigslist ads or our website, which is fine, but we also want to shop for deals specifically for our local buyers.

We Need Money – Lastly, we are looking for money for deals.  I am considering purchasing the Private Money Blueprint course.  I also have seen some “cheaper” courses on the same topic.  If anyone has feedback on obtaining private money or courses to take, that’d be great.  I also have been contacting local commercial/portfolio lenders looking to see if they could fund rentals for us. I talked to a great guy yesterday at a local, small credit union.  He gave me a complete rundown of their rates and terms and really walked me through their process, so I’m gonna keep him in mind to see if that will work for us.  The only sticking point with that option is if we buy more than one rental, we may not (initially) have all the downpayment money needed, that’s why I’m thinking we need private money, too.

Happy Investing and Happy 4th!

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