All Forum Posts by: Aram V.

In the past couple weeks I’ve spoken with over 30+ banks, not exaggerating, and I was unsuccessful in refinancing the22320 Craig Ave property. National & Local Banks & Credit Unions simply wont refinance a manufactured property - few will, only if its a Primary or Vacation Home

@Jim Pellerin Thanks,  when it comes to the actual purchasing, would the deed go under my company? and how should I go about doing a promissory note ? Thanks! 

Hi ya'll 

I'm putting together a Pitch Deck for Private Lending and want to add Exit strategies to it. What are some Exit Strategies you've used in some of your deals? 

Thanks!
A

Alright! Thank you for all the suggestions!

 Good Point! I should have mentioned I would be the one managing any  and all real estate deals. 

Hi Steve,

Thank you, Yes, I thought of that also. Dad said its not up to them to decide. However, I do have great relationships with my siblings.

Hello,
I'm new to the investing game and I'm an big fan of BP. I'm going to give as much information as possible, but also cut a long story very short. 

My father will be given his pension when he turns 70 1/2 in a couple of years. He will be receiving over 1.2 million dollars.

He does NOT need it as he is getting income from varies sources (401k, Veteran's , SS, etc)

He wants to give it to us, 4 children (ages 44/40/34/32), when he passes away, but in the mean time invest in such a way that all of us (children) gets passive income. He asked for my help.

I suggested that he move the funds to Vanguard (Custodian), leave the account under his name, simple 60/40 split on some Index funds, and use maybe half $600K of those funds to buy a few multi-unit properties.

Do you think this is a good strategy?

I appreciate any and all suggestions. Thanks! 

A.

Hey Guys!

I'm at a bit of a standstill, I'm self-employed and all the lenders I've called require past 2 yr tax return. I tried to have my wife apply for a cash-out but since my primary mortgage is on both of our names, her ratio is a 53% debt-to-income. So next year, when I provide my 2018 tax return, come early 2019 it should knock the percentage down under 48%. I’m hoping to have the underwriter take into account that we both share/split the primary home payment.

My wife and I's financials and credit are pretty solid. Financials: Household income $120K both of us have 800 credit scores. I'm currently invested in Michigan and Indiana. 

Leverage: 

My primary home in Miami was $400K (valued at about $411K now) bought in late 2016. my wife and I are both on the loan. We own 350K.

Investment Property 1: Michigan - $49K SFH - rent $725/mth - owe $10K.

Investment Property 2: Michigan - $62K Duplex - rents for $525/mth each unit (total $1050/mth) bought with Business Credit Cards (Fund&Grow) 0% interest for 18mths, after that it’ll jump to 14%!!!! - owe $50K

Investment Property 3: Indiana - $47K SFH- rent $950/mth, Cash $27 (wife&I) + Personal Loan $20K (Discover Loan 6.99%) (wife)

Step 1: 

Investment Property 1 and 2 Michigan: Cash Out:  (Huntington Bank) will do 70-75% of both properties, cover Closing Costs since they qualify for LMIT (Low-to Moderate-Income Tract). My best guess - both properties combined appraise for $60K. I’m guessing I’ll get $45K back. (a 15/1 or 30 yr fix @ 6%)

Investment Property 3: Indiana: Cash Out: NLC Loans’ personal mortgage advisors will do 75% cash out. My guess is it’ll appraise at $80K. I’ll get $60K back (a 15/1 or 30 yr fix @ 6%)

Step 2:

$105K Total Cash-Out (a 15/1 or 30 yr fix @ 6%)

$50K goes to Investment Property 2: Pontiac, Michigan - $62K Loan so I wont eat the 14% interest.

$55K remaining… what is stopping me from putting 15-25% down on long term conventional mortgages on a couple of $40K-50K investment properties?

anything new ? Robert Jenkins did you get your refund?