All Forum Posts by: Will Barnard

You can also use the fact that the seller's listing agent will not have a "buyer's agent" to pay, and thus you can negotiate the price down another 3%.

You do not necessarily need a title. It is an option only. You can use anything you feel comfortable with. Investor, wholesaler, president, manager, or anything. The title is of little significance. It is the information on the card that is important. A person giving your card a quick glance/view, must see what it is you do and how they can benefit. Construct your card under those peramiters and use legiable type fonts and sizes and do not "over-crowd" the card with too much info.

"What is bird dogging?"
It is a person who looks for properties to purchase for another investor, and informs them of the location and details of the possible investment. They do not pursue the buyer with a purchase contract or put up any money. They receive a bird dog fee from the investor only if the investor ends up buying the property.

Very good points Robin. You must change your strategies as the market changes and adjust your methods to remain profitable.

As far as the political topic here, I will not join in on the soap box here, but only say that I am disguested with the media and the ignoramouses they interview. All we have heard to date, and probably will for the next 4 years, is that "A Black Man" this and a "Black man" that. Why does it have to be stated or noted?

News flash citizens, the black population in the US is only around 10% or so. It was the "white men & women" who voted "the black man" into office. Can we stop talking about race and color and start being more constructive & productive with our time and efforts?!?! I wish the media would shut up and concentrate on the issues that affect us all, none of which have to do with the color of our President Elect's skin color!

"Great fast food burgers with meat you can trust."
And taste you can't live without. It's like the lays potatoe chips, you can't just eat one!

OK Tom, I read that thread.
Here is what you questioned there,
"The problem is that the new buyer has to get a loan which then brings the bank back into the picture."
I said that, "The object is to have only ONE loan. The LLC gets the loan, and the LLC is then sold to the new buyer."
Meaning that the new buyer takes over the loan and it would most likely have to be a commercial loan, based on the property and not so much the individual.

In this thread, I can not do that in my situation. Again, I also stated that it may still be a problem. I am with you. Seasoning is a big issue and like you, I am looking for alternatives to get around this problem legally.

Let's keep brainstorming with others and come up with some solutions. Larry G. from the other thread was having a meeting and said he would report back, but never did.

Mike is right. Legally, (in most states) you would deduct the depreciated value from the deposit. BUt it actually cost you the full amount so I would charge that. The tenant would have to take me to court and then win, to get the difference, and most often, they do not know that, or will not have the time or want to make the effort for that small difference..

Absolutely, I agree. An excellent thread for all involved and all who have viewed it. Thanks to you as well for your contributions Cornell!

Fertilegal,

There are many financial and mortgage calculators available Free on the net, including on my website.
You can also calculate interest only payments (principle in first few years is very small anyway) by doing the following:
Loan amount (Say $50,000 for example)
Multiply by interest rate (say 7%)
Equals annual interest, then divide by 12
Looks like this:
50,000 X .07 = $3,500 / 12 = $291.67 monthly payment.

As far as an ARM vs. fixed rate, depends on your exit strategy as you pointed out, but it also depends on the current and potential future market conditions (lending). Many people got arm loans, and were sold on the fact that they could refi in a few years. Guess what, they could not!
If it is a short term hold, then get a 30 year, not 15 year, as your monthly holding costs are reduced. Rarely is there a need to get a 15 year loan on an investment property, assuming you want to maximize leverage, without undue risk.

I agree. I do not invest in codnos either and I try to stay away from HOA's whenever possible.
We both were giving the same points in two differnt manners.