All Forum Posts by: Chris Youssi

PM me I have a referral for you both purchase and property management

Agree with Rich and Shawn. I'm having lunch with someone on Wed who I hope to mentor and will do it for no reason other than to give a hand up. I've never charged for any mentoring and never will not a fan. The 3 people who said yes only 1 made sense and like he said you have to kiss a lot of frogs to find a prince - very rare IMHO. Type in your area for keywords and let the invitations start which is where u should start. 12k get you a nice FHA loan and onto the next one.

Go get em!

Myself and my wife will be there - Chris and Sandy Youssi

THX

Be glad to Phillip PM me for cell. 

Get me some details along with your objectives cash flow or appreciation and maybe we can help.

Phillip is spot on NO SEMINARS! Of course he is from Rockvegas go Phillip! FHA is a no brainer . When I was first starting out I took 4 highly successful people to lunch ( 30 _ years ago ) and asked them all the same question: What do I have to do to be successful in this business - what do you know I got 4 different answers all a wealth of knowledge. I have over 500 properties and still growing love this business. Most of us started out by sheer will guts hard work and love helping others. Reach out to local investors.

Local community banks with $700M -1B+ in assets. A no brainer. My local lender crosses into Iowa and has deep pockets for larger deals however bread and butter are my smaller SFH.

My terms LOC $350,000 4.5% interest only - they finance 100% of purchase price. I put in rehab costs - get it reappraised pay off my first loan get my rehab funds back and keep doing it again n again. So in reality unless I overspend on purchase or rehab I get in and out with no money down. We now have 30 wish I had 100 the easiest opportunity I have seen in quite sometime and have been in business for 30+ years. 8 are on fixed rates for 7 years fully amortized over 7 years now down to 6 years 7 months and the others are on fixed rates for 7 years with 13 and 14 year am's. Faster appreciation - easier to rent - higher rents - lower vacancies. 2016 vacancy rate was .92% last year was 1.24%.

Local lenders have an easier time for approvals  / National lenders are expensive and too many layers. Another great source actually best kept secret are credit unions as they are not under the fed's guidelines like Banks.

Best wishes - My thoughts

First and foremost before you invest anymore time do a title search

Need more information to give you accurate input. A few ?'s

How much can you rent the condo for - what is your net + cash flow after expenses / don't forget about HOA dues.

How much will you need for a down payment to purchase the condo?

What is the appreciation rate in the condo unit over the last 3 years ? Now calculate the cost of waiting to save more money - you will lose that equity regardless of multi or condo

The cost of waiting can be expensive - we are in a rising interest rate environment - do a calculation on the cost of waiting with rates at 4.5% vs 5.25 or 5,5% in 1 year which is very feasible.

What is most important cash flow or appreciation?

I just locked in 4.5% 7 years 2 different portfolios 13 and 14 year ams. That rate seems a bit steep but much depends on LTV relationship with lender etc... A good source I have heard are credit unions as they are not governed like banks.