All Forum Posts by: Hunter Reed

@Trevor Knorpp how would increased points in a mortgage that goes into affect after May 1st cause a crash? Buyers who have great credit scores and big pockets will be limited to how they can borrow money. If buyers are limited then the demand for affordability of housing will decrease. As the demand decreases so will real estate prices. 

Alan, people with a fico credit score of 680 + and that close on property that is $400,000 or up by May 1st will be hit with an extra $40 added to their monthly mortgage. Others that don't meet this specific criteria will not be affected. Lets say you have a built a portfolio of 62 units after May 1 bringing in $150 net from each unit a month for a grand total of $9,300 a month. How much monthly cash flow are you loosing? $150-$40=$110 * 62 = $6,820 you're loosing $2,480 in cash flow... Not all loans will be hit with the increase. Find ways to fund your deals creatively and you'll be fine
 

As far as the security deposit goes you should keep it. Everyone wants their money back and unless the tenant is willing to show you proof of out of the country medical records then maybe the deposit could be handled differently. The morale of the story is always have proof to back up credibility. 

@Carini Rochester has a point. Call up 2 companies at a time. First ask Company Z what will they charge. If company Z charges to much then tell them that Company A has a bid for $1,500 can you do any better than that? Or you could tell them $1,750.. Everything's negotiable. 

Vessi, I have recently started ATM mint machines LLC. I would love to learn what you know about ATM investing. Let's connect and ideate! Thank you.

Andrew I am from Oklahoma close to the Tulsa area. Looking to Invest in the Tulsa area in the next year. I would love to connect and add you to my CRM database for future reference/business. Thanks.

 Not if the property appreciates overtime. You have to buy in the right location. 

Wait for the lease to expire then deduct what is necessary from there original deposit. The next time the tenants renew add in a smoking clause.  

 You'll need $32,000 for a down payment. You're looking at monthly rounded payment close to $2,800. If you can rent out each unit for $1,500 you have a chance. Now, I don't know how much taxes are in the Pittsburgh area or if you could get $1,500 rent from each unit. If your total monthly payment exceeds $3,000 then this a bad deal and you should keep searching. My mentor has always told me that there is always a better deal out there. 

Referrals can be key to finding the right wholesalers and contractors. Call as many Agents in the specific area you are investing in to narrow down your options. Once you have narrowed down your list then communicate with the wholesalers/contractors directly. Make sure that they fit your needs as an investor. 

Lance, if I had $300,000 to invest I would find a 4 + unit complex. Depending on the purchase price you're maximum purchase would be $1.5 million to put a 20% down payment on. You do not have to invest in a expensive area. As long as the area appreciates, low crime, good income, 1% +  price rent ratio then by all means go for it! Good luck!