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Hard money lender or investors "real estate"
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Hard money lender or investors "real estate" - December 14, 2016, 04:08 PM

Hi,

I was wondering if there's any investors in this group. I'm getting into real estate flipping and I'm trying to network with local individuals in the area. If there is here please email me at vahomes16@gmail.com or pm Thank you


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December 14, 2016, 04:15 PM

Do you have a history of successful flipping?

Details of any past work?


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December 14, 2016, 05:11 PM

^ Sounds like every HML I've ever spoken to.

Flores, your best bet would be to attend some local meetups and network with current investors, contractors, HMLs, etc. There are several in NOVA, including Capital REI, DMV Deal Makers, and others. Some are better than others. Meetup.com is one good resource for finding local ones.

Typical rates I'm finding for HMLs is 3/12 @ 65% LTV or 80% LTC but if you can generate private money, you'd be much better off. Hard money is expensive.


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December 14, 2016, 05:13 PM

Quote:
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Do you have a history of successful flipping?

Details of any past work?
No but my business partner is a real estate agent


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Thumbs up December 14, 2016, 05:19 PM

Hey thank you for the info I'll look into that.

Quote:
Originally Posted by RileysDad View Post
^ Sounds like every HML I've ever spoken to.

Flores, your best bet would be to attend some local meetups and network with current investors, contractors, HMLs, etc. There are several in NOVA, including Capital REI, DMV Deal Makers, and others. Some are better than others. Meetup.com is one good resource for finding local ones.

Typical rates I'm finding for HMLs is 3/12 @ 65% LTV or 80% LTC but if you can generate private money, you'd be much better off. Hard money is expensive.


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December 15, 2016, 06:49 AM

Quote:
Originally Posted by RileysDad View Post
Typical rates I'm finding for HMLs is 3/12 @ 65% LTV or 80% LTC but if you can generate private money, you'd be much better off. Hard money is expensive.
Yup, that's pretty much the norm, including 65% LTV. A friend of mine will do 15% if you don't want to make a single payment until you sell.

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Originally Posted by Flores703 View Post
No but my business partner is a real estate agent
It's going to take a lot to convince a lender unless they don't expect you do finish and they end up with the property for cheap.

Don't forget, you're going to need a sizable about of money in your own pockets to even get this going.


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December 15, 2016, 08:30 AM

Quote:
Originally Posted by RileysDad View Post
^ Sounds like every HML I've ever spoken to.

Flores, your best bet would be to attend some local meetups and network with current investors, contractors, HMLs, etc. There are several in NOVA, including Capital REI, DMV Deal Makers, and others. Some are better than others. Meetup.com is one good resource for finding local ones.

Typical rates I'm finding for HMLs is 3/12 @ 65% LTV or 80% LTC but if you can generate private money, you'd be much better off. Hard money is expensive.
Just curious, is it a good idea to payoff the primary house first and then get into investing or both should be done in parallel from gains perspective?


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December 15, 2016, 09:24 AM

I'd say Cash is more important than Home Equity for a few reasons.

1) Cash is more liquid and can easily be used to buy assets.
2) Your mortgage should be around 5%; and if your buying an investment property you should be aiming to make more than 5%, so your cash is better used there.
3) If you're paying a mortgage on your primary residence you get to write off the interest each year, Tax write-offs are important.


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December 15, 2016, 12:29 PM

Quote:
Originally Posted by maverickfhs View Post
Just curious, is it a good idea to payoff the primary house first and then get into investing or both should be done in parallel from gains perspective?
There's a big debate in the investing world as to which is better but, frankly, the answer depends on your individual goals. If your goal is simply to live debt-free, then yes, paying off your house is better. If your goal is to accumulate wealth and grow your investment portfolio, then leverage is the best way to do that for the reasons pnbell mentioned right above.

Don't forget that as Dark mentioned, if you intend to invest in real estate, you're going to need capital of your own. It's very, very rare to find 100% LTV lenders, or anywhere even close to that, for investment properties. Most conventional lenders require a minimum of 20-25% downpayment for any investment property. In this area, that's usually a sizable amount.


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My wife wants to get LASIK or a boob job

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I told her I have no vested interest in making her eyesight better
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Im not really fast enough to notice a difference between tires. I buy the kind thats black and made out of rubber.
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December 16, 2016, 01:45 PM

Quote:
Originally Posted by RileysDad View Post
There's a big debate in the investing world as to which is better but, frankly, the answer depends on your individual goals. If your goal is simply to live debt-free, then yes, paying off your house is better. If your goal is to accumulate wealth and grow your investment portfolio, then leverage is the best way to do that for the reasons pnbell mentioned right above.

Don't forget that as Dark mentioned, if you intend to invest in real estate, you're going to need capital of your own. It's very, very rare to find 100% LTV lenders, or anywhere even close to that, for investment properties. Most conventional lenders require a minimum of 20-25% downpayment for any investment property. In this area, that's usually a sizable amount.
Definitely agree with you, that's what I have read pretty much everywhere. Either increase the portfolio or live debt free.

Thanks to both you and pnbell


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