All Forum Posts by: Will Barnard

The lending process is theoritically the same, however you do need to inform the lender that you are looking for a non owner occupied loan. In addition, any property with 5 or more units will require a commercial loan. Attempting to obtain an owner occupied loan knowing you will not actually live there is fraud.
You can get commercial loans on 4 units or less as well as residential loans.

The lender will take into consideration the income generated from the property to assist in your qualifying.

I always use my LLC name and want people to think I am a company. I tell them I am a small company (which they often ask) and they are happy to hear I am not a big corporation.

This way you can talk to your "boss" or "supervisor" when things come up and you just aren't one single investor. (your supervisor can be your wife, partner, etc..)

So basically you make every attempt to deceive people in your attempts to market to them and close the deal and you pretend to have a boss to answer to even though it is just lonely old you?
Sounds very unethical to me. Why not just be who you are and say what you are. You statement reminds me of the many gurus who prey on unsuspecting victims.

I have been recently told that lenders will not do loans less than 50k now as the profits are not worth the "risk". That said, if you are in the market for properties in that price range, I recommend you follow the advice TC gave you and pay cash, then refi out and repeat.

Let me get this straight. You want and you need, and you would be gracious enough to allow your mentor to "partner " with you on a few deals, but you offer nothing in return? So your mentor creates a competitor for him/herself? Is that the idea?

Reciprocity IS the name of the game here, so if you are wondering why your phone is not ringing off the hook, you can stop wondering now.

I have read many requests for mentorship and this one is by far, the most one-sided request yet. I am not trying to be rude, but you need to reconsider your request and offer some value to your potential mentor.

Wheatie Wrote:

Jon, PMI should never be that high (although any amount is a complete waste of money in my opinion). PMI cost should be at .009% of the loan. Therefore, your $70k loan should have incurred a monthly PMI payment of $52.50. The lender who quoted your figure was "raping you".

Great story!
I agree that most people use the tapes, books, etc. as dust collectors which is the main reason they are not successful, although most of the guru products are tools to upsale you on the next "bootcamp".

My partner actually got started in RE by buying the Carlton Sheets program and he became one of his "success stories". My partner said it actually worked and he closed escrow on his first property with a small check in hand. Not a bad way to start. The key is that my partner and the other succesful stories took action which is the true key element.

While I agree with most of the perceptions of financial freedom, other than MikeOh's opinion that it is just guru nonsense, it really depneds on your individual point of view.

In it's simplest form, financial freedom is the ability to achieve a lifestyle which suites your needs without having to work for income. (Trade hours for money.) To say that there is no such thing as this is ignorant. There are many, many wealthy individuals who do not ever have to work a day in their lives. Although many of them still work in some fashion or another, the point is that it is voluntary and not necessary.

There are lots of books out there on the subjects you mentioned which cost much less than the guru programs. You can also get a wealth of information from articles published on the web. Do some searches and buy some books would be my first suggestion to you.

After that, the only way to truly learn is to get some experience. Start small as you WILL make some mistakes, but keeping the investments small at the beginning will limit any possible losses.

Attend RE investment clubs and talk with investors who are actively participating in the fields of your interests. Pick their brains and offer something in return, even if it is just paying for lunch. Network with the successful investors. They are the ones that do not brag about the millions they are making! (Just some humor for you, but sometimes true)

Hello and welcome to BP.
We have a wholesaing forum as well as a thread to post properties for sale. If you have good deals to wholseale, tell us about them and you will get feedback from all who are interested.

Not every property will have operating expenses of 50% of gross rents. Some will have lower, some higher. There has been much discussion on this topic and many opinions presented. You need to evaluate each property on it's own merit and take into consideration any factors that are relevant to your situation.

Keep in mind this is ONE persons opinion and is not "the norm". All of my rentals are out of state and in fact at least 1/2 way across the country. Yes I have had a problem before, but nothing I and my team meners could not handle. That is the key, get quality team mebers to assist you. They are difficult to find, but once you have them, you stick with them and they stick with you.