All Forum Posts by: Account Closed

@London StewartThe 3% loan is a good option and the rate is not high actually its competitive .  its a solid loan .  lets just say I am very very very familiar with this loan ;)

@Nicholas Salviaok lol I am so sorry if I am missing something but do you have heat at all upstairs?  I think I understand now and you are saying that you have heat but the thermostat is downstairs so upstairs would have no control over the temperature .... is this correct?

@Tera Carter  Honestly when you call your agent you will want to be a bit careful.  Wholesalers and agents are kind of in competition with each other (not 100% the case but agents can get defensive)  You really don't want to just find contractors you want to find the flippers and the ones acquiring the deals.  While the contractor may be able to tell you who call,  a good portion of the time they are just working on the job not purchasing the buildings.  further more your next question is about short sale type deals and thats a topic that can not be answered in a post.  I would recommend spending more time in the short sale. wholesaling parts of BP and connect with some wholesalers in your area.  I would go in to more depth but I am not a wholesaler by trade (yet) and do not want to give you poor advice.  

check out the ultimate guide to wholesaling https://www.biggerpockets.com/renewsblog/2015/01/3...

they talk a ton about how to start and has some great links

also check out the short sale page 

https://www.biggerpockets.com/renewsblog/what-is-a...

Hope I helped a little ! 

@Steve S.  Honestly with all that considered you could most likely get a sizable ULOC from a smaller bank ( larger banks are a bit more stubborn with these loans).  you are definitely not the avg customer !  before you go and start applying I would look into blanket loans as well .  If you have equity on your deals you can really get some awesome leverage.    have you considered a blanket ? 

oh yeah and I have 14 units lol 

to funny your story is just like mine ,  I'm in upstate, have been investing 5 years,  I am not a newbie but still ask a ton of questions and run into new things still.  I am on podcast 83 and am working through them as well.... strange haha ! 

How much is the house? Cash definitely is more attractive to a seller especially if its distressed . I think what your referring to is a 30% discount on the property? if the house is over 50K or more I would recommend considering leveraging the deal for a better ROI but thats a whole other issue and depends on price , condition, funds you have available , your expenses and so much more.

Hey all,

 I am on bigger pockets simply because I want to help beginners make that leap like I had to all on my own before I knew about bigger pockets.  A quick blurb on my experience : 

I am a serial House Hacker 

I am a Bank Manager for a large Bank 

My wife is a Real estate Agent specializing in Flips and Investment Properties

My friend and I have a total of 104 rentals in our area which are all self managed he owns the bulk of the 104 rentals

Also my father is an attorney and my mother is and has been a real estate agent my whole life.

I have lived with tenants , managed my own properties, helped grow and develop a property management team,  helped investors find deals,  helped investors get financing , and a bit more ! 

That all being said I have a bit of experience in buy and hold , financing traditional and creative , self managing, and MLS deals and using the MLS. I am still learning myself (always will be) but I feel like I can help people analyzing deals and making the leap into REI!

Please feel free to ask anything that comes to mind and I will try my best to answer all questions. 

I work for a large bank and 1 over prime is pretty impressive as far as a rate goes.  The tough thing is saying what they could lend without knowing everything about your financial situation.  We have a reason as to why we ask all the crazy questions when we take an application.  When banks talk about an unsecured line of credit we typically are not thinking a person would need more than 10-30K tops so I would say you would fall somewhere in there.  Also credit score will play a huge role in the amount that they would lend and the actual rate you ended up with.  traditionally banks gave ULOC's to cover overdrafts and small emergencies.  Now we usually consider a Credit Card an unsecured line of credit.  I would like to see the terms and fine print on the loan because if every small bank was offering ULOC's at 1 over prime people would just take those loans out and credit cards would be much less attractive.  

I am trying to help but I am a bit confused.  A zoned furnace to me would mean the building has 1 furnace and each unit has its own thermostat that controls each individual apartment.  this is not uncommon.  The one thing you want to consider is who is paying for the electricity for the furnace.  it could be on one of three meters.  Your meter upstairs (unlikely) your meter downstairs (more likely )  or a third home meter (most likely if your house has a third meter)  .  Outside of this house is there a third meter?