All Forum Posts by: Dustin Allen

Well I know as an agent myself that she works for me. If off the bat I think She's lazy why would I want her to get commission on 3.5 m if I'm doing the work?
My question was not if I should keep her, it was how do banks see buyers if they are agents?

Well my mentor uses her and so he wanted me to use the same agent. I guess I have higher expectations, someone to actually do SOME of the work if she will be getting paid. The agent acts like I am wasting her time...

Hi all,

I have some questions for everybody. I have many offers for apartment buildings, 4plexes, etc in Las Vegas for buy/holds. I do have an agent making these offers for me and we are butting heads every step of the way. I know that investors go through agents very quickly and so thats my issue.

I do have my salesmen license in CA and thinking about getting my NV re license. Will putting an offer on behalf of myself be an issue? Any sellers here think that you would deny my offer?

thanks & take care,

Dustin

Thank you for the replys. My intentions were to record the refi and then close on the wrap. FE, now i can tell the lender im doing a wrap? I would not lie on the app that its owner occ, iw ould put its an inv property. But if the new buyer needs to qualify they would be going the conventional route in the first place.

Now say i can find a local lender that will lend 75% of pur price that comes to 68k. i would have to front 22k for the refi, but end up getting 10k down and only costing me 12k down for a very nice roi depending on rates

where can i learn all the lending laws and investment guidlines?

OK thank you for the update. i thought it was ltv of the appraised value, not the purchase price. It does sound a lot more complicated than i depicted it in my head ;)

So im still confused..
If i can get the house for 90k (with the aforementioned value of $135k) a 65% ltv would be 87k, so i would throw in 5-10k as needed. If i refi at 65% ltv i still only need the loan for 87k from a conventional lender.

Now when i go to sell it with owner financing i will ask for 125k+- and 10k down. So i got my 10k back and have 28k in equity.

Yes i can cover the payments if needed to, and if they default ill turn around and just resell, gaining their equity and another down payment.

The loan cutoff varies from lender to lender. As i go along people will refi and cut me out , which will free up more credit for me. I can also get credit partners as well

Hi all!
I am currently looking for cash flow as my main objective. Im in the process of buying a few 4plexes at this time, but i really am shooting for buying owc and selling owc. No liability, no headaches, just cash flow. However right now thats hard to do with low equity etc. So I came up with an idea on how to use a wholesaling theory with a twist on it:

A 1800 sq ft house worth $135k. offer 90k cash via hml and i might have to throw in $10k or so for the ltv. I would close on the house, and immediately refi rate/terms with a conv lender @ close. In the mean time (in my 20 days dd) find a buyer and sell it as a wrap around mortgage. Of course have new owner set up as a land trust so there would be no "due on sale" issues.

btw I have A+ credit and I can show money in the bank

Am i missing something? what hml/private program could possibly work in this scenario?? Would i be able to get a conv loan? Can you guys help me with this

Hi all.
I did a search for this but didnt come up. i am looking to send out leads to people who have cd's and high dollar accounts with very low returns on them to get them for private financing.

I have access to the names. has anybody done this? I am also wondering about the verbage on the lead, as i know financing has a lot of no-nos with the DRE.

thanks for the help

Dustin

Ingrid, you make some great points! thank you so much