All Forum Posts by: Anthony Bonanno

How about:

BiggerPockets REI Conference 2011
"Go Big or Go Home"

Ok, maybe not the "Go Big" so much, but the brand name-"BiggerPockets", is growing and becoming so recognizable, I believe it needs to be included in the event title.

I met with a local credit union today and they would do a loan 90% of purchase price and rehab costs or 75% of ARV, whichever is lower. I would need skin in of 10%. Interest rate 5.5%-6%. In addition to any purchase, holding, and closing costs I would incur, that scenario would work within my financing strategy. It would take 45 days to release the funds. I will be making offers on HUD and REO properties for buy and flips. Is payment in 45 days to long for those types of properties versus cash offers? Would the offer be viewed unfavorably vs. the cash buyers?

Thanks Bill. Now that you mention it, I believe that is what he was referring to.....the SAFE Act. These will be flips so they will not be owner occupied. So you're thinking the SAFE Act would not apply to this scenario and I would be fine with more than 4 transactions with my private lender (my uncle). I will follow up with my attorney. Thanks again!

I just met with my attorney regarding my strategy moving forward with flips. I have private lending money available to help fund the acquisition and rehab costs. He said that my private lender can only do a total of 4 transactions, anything over that would fall into some type of mortgage lending/brokerage scenario. I've seen posts regarding a maximum of 4 for conventional lending....but private? Maybe the difference could be buy and hold vs. buy and flip? Is this right?

A newbie shout out to all BP members. I was doing my homework and due deligence on becoming a real estate investor when I accidentally stumbled on this site about three weeks ago. Haven't left it since! A great resource with "real life" experiences. I certainly appreciate everyone's willingness to share. I'm new to the industry and interested in Buy and Flips, Buy and Holds, and possibly Wholesaling. My goal is to jump in and get started next month and have 5 flips completed at year end 2012. Thanks!