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Hi strikefirefall, thanks for that question. I am also planning to get into a real estate business and I had several doubts including what you have asked here. I attended a Moderator cut: need at least 10 other posts to make specific recommendations and it was very much helpful in clearing many of my doubts. But it will be good if I get answers for your questions too. Can u please discuss out the feedbacks that you have got from the other forum?
You can start the company any time but you need some resources including money to start. You save money by earning much more then your expenses or you can take loan, and when you business gets established in some year then you can leave your job start working for your own company.
Sorry to bring up this thread again, but I just had a question for those of you who are a bit more informed than myself.
This is sort of a hypothetical question. Let’s say I just register a business under a partnership of someone with a pretty good net worth (between 500k and $1 million) and great credit score. Though they will not be doing much work when it comes to running the company, they are put down as a co-founder to secure funding. Along with them, I’m able to hire a very good lawyer and accountant, so our business plan has a pretty good executive summary. I myself have experience as a property manager.
I’ve seen all types of ads that commercial lenders post looking to loan money. Is there any chance I’d be able to receive a loan of about $250,000 if I‘m able to provide a good cash return on the investment property?
This is sort of a hypothetical question. Let’s say I just register a business under a partnership of someone with a pretty good net worth (between 500k and $1 million) and great credit score. Though they will not be doing much work when it comes to running the company, they are put down as a co-founder to secure funding. Along with them, I’m able to hire a very good lawyer and accountant, so our business plan has a pretty good executive summary. I myself have experience as a property manager.
I’ve seen all types of ads that commercial lenders post looking to loan money. Is there any chance I’d be able to receive a loan of about $250,000 if I‘m able to provide a good cash return on the investment property?
If your hypothetical business partner also has considerable income--and is willing to put that on the line for a loan--then, yes, you may be able to find some funding. You'd most likely still need to mortgage sufficient assets which would secure the loan.
If your hypothetical business partner also has considerable income--and is willing to put that on the line for a loan--then, yes, you may be able to find some funding. You'd most likely still need to mortgage sufficient assets which would secure the loan.
That sounds good. The person I'm actually referring to has their own investment business, but it's just not in real estate. I actually just emailed a bunch of business plan writers to receive a quote.
That sounds good. The person I'm actually referring to has their own investment business, but it's just not in real estate. I actually just emailed a bunch of business plan writers to receive a quote.
Thanks for your response.
Well, it's always a lot easier if it remains just hypothetical. You may want to consider just getting a regular job and work you way into investing on a smaller scale. Whatever you do, good luck.
One of my main dilemmas is that I'm not good at finance. I wasn't sure if I should even pursue a career in investments because of that. I've tried learning but for some reason, it just doesn't stick.
This is sort of a hypothetical question. Let’s say I just register a business under a partnership of someone with a pretty good net worth (between 500k and $1 million) and great credit score. Though they will not be doing much work when it comes to running the company, they are put down as a co-founder to secure funding. Along with them, I’m able to hire a very good lawyer and accountant, so our business plan has a pretty good executive summary. I myself have experience as a property manager.
I’ve seen all types of ads that commercial lenders post looking to loan money. Is there any chance I’d be able to receive a loan of about $250,000 if I‘m able to provide a good cash return on the investment property?
Please no insults or jokes; I’m just asking.
You're competing with Blackstone and Burkshire Hathaway now. The east coast has figured out how cheap California properties are. I don't know if you follow or understand the securitization of rental properties in the news lately, but reading the history will give you hope. Your property management history will be trivial. A property manager is just an job where any one can find and hire a property manager without giving an equity stake. IF you want to find properties and then find investors, then make money on the transaction, now you are talking about being a licensed real estate professional.
In your scenario is anyone willing to pay 25% down? What I don't see is the willingness to put a down payment in your scenario.
If you can get some history, I see lending 100% based on 60% future value and you will have to make 30% on the project just to make the numbers pan out.
Quote:
Originally Posted by SmartMoney
Mike's on the money. Do you own now? Don't expect to be taken seriously as an investor if you have no experience of homeownership.
If you don't own now, I recommend you look at a 2-4 unit (maybe townhouse w/ an English basement). Live in one unit and rent out the other.
I have property and still have trouble being taken seriously , underwriters look at California real estate and say "Seriously?" have the appraiser submitted an additional comp, apparently because 5 isn't good enough despite 1 being two doors down and closed within 2 months.
That sounds good. The person I'm actually referring to has their own investment business, but it's just not in real estate. I actually just emailed a bunch of business plan writers to receive a quote.
Thanks for your response.
I didn't catch this part earlier. Save your money. There's no sense in you paying someone else to write up a business plan for you. Besides, your best business plan at this point is simply to save money so that you'll have something to invest. It is very unlikely that anyone else will simply finance you. (I'll try to respond to your DM later on.)
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, underwriters look at California real estate and say "Seriously?" have the appraiser submitted an additional comp, apparently because 5 isn't good enough despite 1 being two doors down and closed within 2 months.
