All Forum Posts by: Abdul Azeez

Folks - can any of you provide good references to HELOC lenders with a good rate that don't require mandatory withdrawal on closing, closing within 30 or so days of application, no application fees, no pre payment and closing out penalty in NJ?

upen - thanks. Now that we have confirmed that it can be done. can anyone PM me lender references?

To my knowledge 203k is used for principal residence. The rehab loan is called homestyle renovation loan and based on conversation with one lender yesterday is only given to seasoned investors for out of state investing.

Everyone - thanks for your response.

Curt - I completely agree with you and would definitely prefer the turnkey approach. But I am finding properties disproportionally priced on turnkeys and my numbers are going for a toss. Just this morning I posted a deal for $120k where rental value was advertised $1295. But when I posted here everyone opined saying $1095 is a more reasonable rent in the neighborhood. When I plugged in that value I ended up with a dismal $52 per month. So I would appreciate if you an advise me on how I can find a turnkey deal where everyone including the tk provider as well as me make money. Right now it seems slanted towards one direction.

Folks - I need your help on something. When exploring buying through an agent in Memphis TN, i am running into the following challenge. One of the lenders I talked to said the property has to be in a good condition for them to lend including proper functioning of all major equipment, no holes in carpet, no broken windows etc. If I intend to buy a property from an agent, the intent is to buy a good deal and spend some money on rehabbing before renting out. How do I do this if the lender won't close? What are others doing in this scenario?

@Chris Clothier Thanks so much for your input. I am really grateful to BP for all the valuable input I am getting.

@Alex Craig @Joseph S. Thanks for your input. Just by putting the property value at $1095 in and of itself helped rule this out without doing the other manipulations. I appreciate your help.

My favorite was the one by Frank Gallinelli - What Every Real Estate Investor Needs To Know About Cash Flow. Use this to construct your own APODs for deal analysis.

@Alex Craig @Curt Davis

Thanks for your feedback. Running the calcs with a $1050 monthly rent results in a dismal $62 per month cash flow.

its one of the houses on the right or left side on Scottsdale avenue in the narrow area I have pasted in the picture. Why do we need more than this? I see only a handful of homes on either side in the pic. Do i need to narrow down more?