All Forum Posts by: Will Barnard

That is a very grim outlook on our country Mike. It is quite clear you are very dissatisfied with our country's President Elect, but speaking more optomistically, I believe our country will prevail from this recession and prosper once again.
I have many complaits as well, but I have realized it is futile to waste time and breath expressing them at this point. The ONLY thing we can do is to take care of "our shop" and weather the storm or even take advantage of it. This will allow us to get through these hard times.

Nationwide Property Investments will be speaking at Rosie's club meeting (Naked Real Estate Investors Club) tonight and tomorrow night presenting the investment deals of the month, how to calculate the financials, and where & how to buy.
Join us for two nights back to back of great information and opportunities.
Contact myself, or Rosie Nieto for event details.

Anthony, have you actually closed on one of these Quicken loans?
They are loan brokers and often times, advertise and promise great rates and terms, then fail to deliver at the final hour, in my experience.

Just wonder if you have personally experienced the loan you outlined.

Ultimately what you are risking is your good name. If you do not have enough equity and the cash flow is not sufficient, why take the deal. If the value drops, your lease option tenant will not excersie the option and you could be upside down. At that point, you run the risk of not affording to pay the mortgage as YOU promised to do so. That original seller, who is still on the hook for the mortgage, will no doubt tell everyone that you did not live up to the promise.
Your name and integrity is all you have in this business, or at least a large portion of it.

I wouldn't worry to much about that in this market Brian. It is a buyer's market, not a sellers market, and sellers can not afford to hold out for better offers or more $ in most cases.
At any rate, there is no need to transfer more than what your offer is anyways, so it probably is a mute point.

Anytime Jeremy.

If you ever negotiate a sweet deal and need help or an exit, let me know.

I agree you want 15% or more in equity, but not that the loan payment should be equal to the market rent, otherwise, you have negative cash flow. The only way you would Ever want the figures to come out that way, is if your purchase was a speculation play, to cash out a large chunck of equity down the road and you could support negative cash flow each month.

Great! Taking action is one of the most important aspects, second only to your education.

You have to start calling banks. That simple. Be very clear what you want and what you are trying to accomplish so they get a clear picture and you get an accurate reply.

There are several ways, but it depends on your private investor. If the PI is a friend or family member, I have the contracts signed and have them place the money into my account then. The extra interest is only a few days or weeks. No big deal. It is not the cost of the $ that is important, but the availability.

If the PI is a stranger (for lack of a better word), you can have them set up a bank account with your name on it, but the account is not accessible to you. That way, the account shows your name for the account, and the PI is protected in that you can not withdraw the funds or access the account.
This can be done with the SDI funds as well. Just have them transfer the funds to the new account temporarily.