still trying to make this work but it’s roadblocks everywhere.
i am learning more about the national mortgage system than i wanted to know tbhhttps://twitter.com/amyhoy/status/1202747779690315776 …
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Amy "Social Distancing" Hoy Retweeted Amy "Social Distancing" Hoy
i’m told we can DEFINITELY make this work with a rate of 10-12% lolsob fmlhttps://twitter.com/amyhoy/status/1202747779690315776?s=21 …
Amy "Social Distancing" Hoy added,
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if you’re interested in learning something weird and safariing an interesting niche community, look athttp://biggerpockets.com
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i’m an extremely risk averse person, that people speculate on real estate with short term loans is UNTHINKABLE to me
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Replying to @amyhoy
Such an interesting comparison with our patch of bootstrapperdom, where "OK you're going to put pedal to the metal for N months with sweat equity and maybe make a few tens of thousands of dollars" sounds great but where you don't follow it with "Price of entry: $90k loan @ 12%."
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Replying to @patio11
yeah. with a payback horizon - the loan becoming due - of MONTHS
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Replying to @amyhoy
Yeah. Such an interesting market for the lenders, too, since you're largely restricted to underwriting projects that the most risk-seeking bank in your area said "Um thanks we'll think about that never." People do stay in the market for years, which is... interesting?
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From the flipper side that means "I'm successful enough at the model to have repeated it N times in a row but never built up sufficient capital or sufficient ability to convince a bank to lend me money" and from the lender side it is "I successfully found non-flakes to back."
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Replying to @patio11
oh see, the thing is, banks won’t give non-govt-backed loans and fannie mae etc guidelines block a lot of investment properties based on their guidelines. you have no other choice than private lending / hard money. we’re prob getting a private loan not hard money fwiw
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