All Forum Posts by: Bob Willis
Bob Willis has started 25 posts and replied 228 times.
Post: Property management for properties in a self-directed IRA
- Investor
- Curtis, NE
- Posts 231
- Votes 140
I assume this is a short term rental? If so I have someone in that area that could help you. Feel free to message me. I use this person for my STR near that area.
Post: Current Tenants in Potential House Hack
- Investor
- Curtis, NE
- Posts 231
- Votes 140
Why not keep the law office in place? I would think that would be a more stable, long term tenant.
Post: Hard Money Lenders for Primary Residence Single-Family Home
- Investor
- Curtis, NE
- Posts 231
- Votes 140
The requirements for lenders who lend to owner occupied properties are much more stringent. That's why you see HML who only work with investment properties. Two entirely different worlds. Are there some that do both, probably.
Post: House hack in College?
- Investor
- Curtis, NE
- Posts 231
- Votes 140
Who's telling you you don't have time? Stop listening to that person. House hacking does not take a lot of time, finding roommates and collecting rent. If you don't have time for that you don't have time for going to the movies, reading a book, working out.
Post: Looking for advice
- Investor
- Curtis, NE
- Posts 231
- Votes 140
Can you use private money or hard money lenders for this? Or are they not willing to do this? Also, what are the plans, are you going to sell after rehab, or rent?
Post: It's time to move on past the antiquated HARD MONEY and HARD MONEY LENDER terminology
- Investor
- Curtis, NE
- Posts 231
- Votes 140
Quote from @Ned Carey:
@Nate Marshall I couldn’t disagree more. YOU want to use confusing terminology of calling professional lenders “private lenders” How can you call an institutional lender “Private”?
While there should be a term to distinguish the type of lender you describe from not transitional banks and hard money lenders, calling the private is a misnomer.
A true private lender is someone who typically loans to you because they know and trust you. That is clearly distinct from any type of professional lender. I think we should avoid using term that are likely to confuse newer members here.
Yeah what @Ned Carey said about private lender is what I have thought, someone you had a previous, personal relationship of some kind with. But I do get the sentiment of the original post.
Post: working on underwriting my first potential deal
- Investor
- Curtis, NE
- Posts 231
- Votes 140
Quote from @Trevor Richardson:
4% is a pretty good deal. I doubt you are going to get a better rate than that from a conventional commercial lender right now. What is the estimated cap rate?
It's 5.59%
Post: working on underwriting my first potential deal
- Investor
- Curtis, NE
- Posts 231
- Votes 140
I am looking at an 8 unit apt building. The seller is willing to finance at 4%, interest only for two years (this is at 65% LTV). Can anyone share what kind of current rates and terms they are seeing? Just wondering if it is worth looking around and lock something in from a traditional lender for a bit longer. Thanks.
Post: The Turnkey Trap?
- Investor
- Curtis, NE
- Posts 231
- Votes 140
I had someone reply to a thread I was on a while back who only invested in new builds. The strategy being there is little to no capital expenditure in the first few years. They were able to buy condos (I believe) that cash-flowed for them from the beginning. I think the key to that is finding the areas where you can do this. I think even with turnkey purchases there is danger in potential large capital expenditures with things like HVAC. I bought a turnkey completely remodeled place in 2019 and spent $7,200 last summer on a new AC for it.
Post: Chat GBT Real estate hacks
- Investor
- Curtis, NE
- Posts 231
- Votes 140
Funny you posted this, I was just thinking about this the other day. It seems to me that you need to be someone out there hustling for leads, with a good website, and it appears ChatGBT agrees (for the most part).