All Forum Posts by: Account Closed

Yes, in fact we require the home buyer to have insurance and name the Investor as an additional insured. @Account Closed 

Barry

Welcome aboard @Brett B. 

Your portfolio is amazing! I look forward to networking with you! 

Barry

Welcome to BP @Pat Healey 

Explore everything there is to know about investing! Tehre's a lot of information on these forums and the site itself.

Best of luck!

Barry

Welcome aboard! @Anddy Barnes 

Best of luck

Barry

Hello @Lucas Bonasio 

I used to have 50 rental properties and I discovered that it's better to be a lender than a landlord. 

To accomplish your mission, I recommend getting a 75% loan on each home which will generate the cash you need to acquire more homes. 

We have access to 15% down Investor financing which can help even more. 

When you discover that you can have every home sold before you even buy it, this will open a lot more doors for you. 

Barry 

Typically we are into a deal for under 7K at 70% ARV.

We usually successfully refinance at 75% LTV with no cash out of pocket. About 15-25% of the time we may have more cash to come up with because the appraisal didn't come in right or there was a cost overrun.

You have to be prepared for this possibility. 

100% financing is very possible and we have achieved it a number of times. 65% ARV allows you to cover closing costs inside of the hard-money loan. Some hard money lenders want you to have at least 2K to 3K into the deal, regardless (if you're a newbie).

Strong credit and some reserves helps tremendously with negotiation for the hard money loan. 

Barry 

Hello @Aaron Childers 

You can make a return of 12-27% or more, highly secured with real estate by operating as a lender. As a lender, you don't have any of the responsibilities or unexpected expenses of being a landlord. I recommend the Reverse Close process where every home is sold before you buy it. 

Investing in mutual funds provides no collateral which means big risks, regardless of what someone may tell you. Investing Rule #1: You must have collateral! If you walk into a bank and ask to borrow 100K, the first question the bank will ask is "What's your collateral?" If you say you have none, they will show you the door. 

Murphy's Law says that if you invest all of your money with no collateral sooner or later you will lose all or most of it. 

Finally, if you think about your personal experiences, you probably lost the most money when you had no collateral. Investing money in a volatile marketplace with no collateral is a recipe for disaster. 

I've learned my lessons! Hopefully these suggestions may be of value for you. 

Best of luck!

Barry

Hello @Kevin Sproul 

We do multiple wraps every month, anywhere from Houston to Kerrville to Dallas.

There's plenty of wrap action available in Austin.

What would you like to know? 

Barry

You would simply obtain an all cash contract to purchase the homes. 

Make sure you have a contingency clause that the purchase is subject to satisfactory appraisal with a minimum 10 day option period. Go ahead and request an ability to close the homes one at a time. This gives you a lot of flexibility for resale options. 

Assuming this is a great deal, you simply offer the homes at a higher price to an Investor or Investors that can perform. 

Best of luck!

Barry Power

Welcome to BP @Melvin Gooden 

Barry