All Forum Posts by: Blake Garcia

Check out amortization calculators and play with purchase price. Looking at payment as a whole, not P & I split. 

Both being 20 year amortizations

100,000 financed amount @ 6% would be $716 monthly

120,000 financed amount @ 3.85% would be $717 monthly

This is assuming you are looking to buy and hold. If you are reselling or refinancing it needs to be down the road.

Bank will lend off of ARV as long as you can show a significant improvement to the property during rehab. You would only be limited by the hard money contract timeline. Possibly a prepay penalty to hard money?

Have an attorney write one up or see if there is a standard real estate contract form for your state. 

With an attorney they will generally do the contract for minimal charge or free if they intend to be the closing attorney of the deal. I would outline the general deal with seller and contact a closing attorney to draw the contract once details are set.

Be leery of online. I promise you, from personal experience, not all online forms are not reliable. I just finished court for being a cheapskate on an online land contract. $2500 of attorney fees after the contract went bad.

I send mine annually out of habit. I generally have at least a renewal or new project every year. It may build some good banking relationship.

In rentals and flips I replace all switches, outlets, and covers. When painting, the extra day of visible new electrical takes it the extra mile. 1 Service call for a bad outlet pays for the replacement of pretty much an apartment worth.

Plumbing can be a major expense so when I have an apartment leak. I don't "fix" leaks in ceilings. While drywall is out we replace entire plumbing runs so a ceiling is only ever out once in a room. I have 2 story apartments so I can almost take care of 2 units at once, 1 Leak at a time. 

I learned this after having the same bathroom torn apart twice a year apart. The leak was 3 ft from the original sharkbite repair.

Last week I stopped by a property to drop late notices and talked to my usual 6 year old, rock throwing, trampoline jumping, terror of a kid. 

The following conversation happened.

Kid: Hey, What're you doing. (Riding his bike in circles, about to hit my truck)

Me: Dropping off mail for some people.

Kid: My mom's car is gonna get repoed.

Me: Why's that? (Fully knowing the reason since they are not good at paying their bills.)

Kid: I don't know, but it's cool. The damn window wont even roll up. (Now hanging on the side of my truck by my window trying to rock the truck.)

Me: Silence... Trying to keep a straight face and holding back laughs.

Kid: Hey..... Why are you so fat? (Now turning my steering wheel while hanging from it)

Me: I don't get to play as much as I used to.

I hate the situation that some families are in, but I realize that I was probably the only normal functioning adult that he would talk to that day. I enjoy talking to the kids and adults as equals and the respect that I shows allows me to fill almost all vacancies by referral.

Lowes sells Shaw Matrix Asheville Pine for $1.98. I have installed about 12,000 sf of it with success. We are about 2 years in on the first and it's holding up well. Switching from beige to an earth grey wall and the flooring has allowed me to raise the rent about $200 per month.

https://www.lowes.com/pd/Shaw-Matrix-14-Piece-5-9-in-x-48-in-Asheville-Pine-Luxury-Locking-Vinyl-Plank-Flooring/999920084

I actually just joined and done the extensive training. They have lots of training and info which I have found useful as an investor.  

I see the savings in doing my own deals within my portfolio. I am in the progress of submitting a refi on my apartments once I have my rent roll higher from remodeling complete. 

If you are leery of joining, I have researched and their loan fees and rates are still quite competitive as a customer. They are investor friendly for those of us with extensive tax returns and partnerships that banks tend to make more complicated than they really are.

There are loan options, some cheap, some expensive, but for all experience levels and portfolio size. Wholesale, bridge, rehab, ground-up, with the lenders represented. 

I've been investing since August 2012 with 5 rentals, 1 wholesale, and 1 flip total rehab. Looking to increase rentals, flips, wholesale, and loans with other members.

It's all in the personal perspective of how you choose to invest. It can be as easy or as difficult as you make it with your own strengths. When I purchased my first rental people said I'd be trying to give it away within a year. I've been buying ever since.