All Forum Posts by: Reggie Maggard

Im confused because some people say i need 6 months of seasoning. I don't know why a bank would be jumping up and down to lend on this property though. They are seemingly covered in every way.

Im paying cash for a duplex, closing in a few weeks. After I close, can I drive over to a bank and get a loan for 70% of the appraised value (pulling my cash out plus a little)?

119k appraisal

74k pp

I don't think so. I personally see flipping and wholesaling as somewhat risky ventures compared to BRRRR.

Find a good buy on a duplex or 4-plex. Make some 70% or less offers and get after it.  Then refs asap and do again. Don't forget all the other cash reserves you may need also.

Welcome!

Any suggestions for good books on syndication?

Hey thanks a ton. It sounds like i just need to find a bank to do a commercial loan on it as soon as i do my all cash closing.

I am buying a duplex for 74k that supposedly appraises for 119k. I'm currently waiting on appraisal results. I want to get it ready for renting and refy ASAP. Here is my question. Is there a law that limits how soon a lender can give me a loan and therefore I can get my money back out? I hear people say six months to a year. I would think banks would love lending 60 or 70% loans.

I have a deal that I wanting to do a sub2/loan assumption on. Is there anything wrong with simply going to an attorney, drawing up the contract and leaving the mortgage company out of it?

So I finally had a deal wrapped up and negotiated for about 62 cents on the dollar and was looking at a great roi... I emailed the document through docusign and it didn't get received. I talked with the guy and said he could just go sign at the title company. In the next 48 hours he changed his mind and is now shopping for a better deal!