All Forum Posts by: Will Barnard

Welcome to BP Rosie. Glad to see you finally had time to join this network! There are lots of great investors here who would be interested in your club as well as some who could offer their talents and expertise.
When you have time, post information on your club location and meeting time in the proper thread so others may know and ask questions of you. :D

Jon is right. I do not recall the specific name of the doc, however, banks have a form/document in which the owner/seller authorizes a third party to negotiate with the bank and authorizes the bank to release information to the third party. Ask the bank for the form and have the lady sign it. I believe it must be notarized but don't quote me.

Jeff,
I am sure every investor will have a different take on the original & your statement. Numbers are very, very important, but for example's sake, it would not make a difference to me how great the numbers are, if the area was a "war zone" or other area in which I would not want to invest.

Too funny Tim.
If I had to guess, I would say that both of them jump in the front seat for two wallets.

Gary,
In that area you mentioned (by the way, what area is it?), is that the only average charges from the PM on units of that size? In other words, do you also pay all costs such as advertising, payroll, etc. and are there placement fees in addition to the 4%?

NOO loans with stated income are just about gone right now. you can still get them, but stated income or not, you will have to prove funds, job, credit, etc.
ALso, all NOO loans will require 20% down as you can no longer get pmi. Also, on 4-plex units, the max ltv is now 25%. If you have the cash, I would suggest (after seasoning of 6-12 months - check with lender) to pay the cash as you have then do a refi loan (pull the equity out up to 75%-80%).
If you need more help with this, contact me and I will put you in touch with my lender.

That was hilarious. May I copy paste it for an email?!?!?!
Just too funny.
Does anyone know a store with a great sale on wallets?

There are many different aspects/varieties to REI, and you need an attonrey familiar with what you are doing. Ask what there experience is, ask for references, and ask the costs/fees.
I also highly recommend that you use a RE attorney in the state in which you are investing as many states have many different laws and it is practically impossible for an attorney in one state to keep up with every state's laws and changes.

If the owner is willing to carry, go for it! If not, you will have to come up with the money. It can be from your line of credit, HELOC, 401k, IRA (rules apply), or partner. If you have the "knack" for locating and negotiating great deals, money partners will jump on it.

Nice response Tim. I thought the problem was deeper than that from your first post. This validates the fact that quality management is the #1 most important aspect in rental units. I too require that my tenant prospects receive prompt return calls and asap showings.