All Forum Posts by: Jason Wray

Vitaly,

I would reach out to TNAA traveling Nurse Accross America and see if you can add your property to their TNAA list.  tnaa . com

Counter at $210,000 as best and final and tell them you need an answer in 24 hours because you have located another property!  Remember windows do not add value its a maintenance cost.  Sounds like they knew you had agreed to a higher price now there is something going on with last minute pricing.  Put the ball back into your court and sound as if your not as interested due to having another option, I bet they change their mind fast.

Meagan,

First, Congratulations on passing the exam!  It helps to have a Business Plan outlined to help you and the broker owner gauge your goals and direction.  Since your new it may also provide the broker owner with a little extra incentive to bring you on based on being pro-active and proficient.  Look for a good agency that also offers leads so your not going out just cold calling or waiting for a paycheck!

Team up with a good Banker or Loan Officer that can help send you buyers who are pre-approved to avoid wasted time.  This is also a great way to build a co-marketing brand and use the "One Stop Shop" method to help make your buyers feel more comfortable in having a great realtor and a banker/loan officer handling 100% of the process.  This can also help alleviate your marketing costs by co-marketing and having someone selling you as the "Go-To" Agent.

You have two things already going for you one your smart and two your beautiful!  Those are two great traits in the realty sales arena.  Just back that up with a strong work ethic and build your brand and name and you will be on your way to the top!

Get familiar with MLS and use your tools and CRM's to help break into the market. Lastly use Bigger Pockets as much as possible and reach out to do meet-ups and Networking. There is a ton of help and good people on this site.

Austin,

If you elect to build you can save some money by building a second home with just 10% down. Great way to build a brand new home and in a short period of time transition it into an AIRBNB or LTR. If you have $500K in equity I would advise doing both a cash out refinance and a HELOC. In this market cash is king and having "Liquid Reserves" is needed to buy more investment properties. You cannot use a HELOC for PITI reserves required by any bank/lender.

That available cash even if it was $200K-$300K or more would allow you to offer an aggressive offer or all cash purchase on a home. A HELOC is great for projects but it's an open end liability and counts against your DTI - debt to income ratios. HELOC's are also high risk and the bank/lender holding the line of credit can and will close or reduce your credit limit if you have any drop in credit score, missed payment, or added debts considered to be excessive based on multiple trade lines.

Fix & Flips are okay but come with a tax liability but cash out refinance is tax free and you would be putting that cash into another property building your REI portfolio.

Luke,

Refinance take out the cash "Tax Free" and buy another property and keep the ball moving with cash flow and future equity.  Why sell now and have to again pay capital gains and lose money in that aspect.

Flipping houses has a tax burden where refinancing and buying homes does not in fact it has more tax shelter/deductions, not to mention more passive income.  Go watch a few videos by Rich Dad Poor Dad -by Robert Kiyosaki and see why he holds long term and does not flip houses.  He ended up rich with over 7,000 properties making over $4.5Million a year!

Sawyer,

Ask your parents or a family member to help buy you your first home.  They can add you to title and in 2 years you can refinance the home into your name, take out some cash and buy an investment home.

Jonathan,

Your lender dropped the ball!  Unless there was a CIC change in circumstance or change of loan program your bank/lender should of had you locked in at that rate.  You like a lot people are facing the reality that there are a lot of loan officers out there that fail to lock their loans because they wait for their processor or team to lock their loans.

This happens to loan officers who are not paying attention to their files or just pure ignorance that fail to lock in the rate on time.  I would reach out to their branch manager or corporate office and send any emails you have showing rates promised and as disclosed.  See if they will honor the rate or pay for the rate buy down.

John,

What exactly are you looking for because UW guide lines for multi-family vary depending on variables.

Primary home, Investment, Loan size, Number of units, FHA or VA for primary, Conv or Non/Qm for investment.

The list can become extensive if certain variables are added like closing in an LLC, or Trust, Co-Borrowers, Gift funds etc.

An LLC is really to help protect you and your assets in case of a accident or the liability of injury occured on or in your rental. You can form an LLC but you can also form an agreement or have a contract that outlines the ownership and the equity. From a Tax standpoint you can both file a schedule E with ownership percentages.

You can buy the rate down using your own money or see if the seller will offer a seller contribution.  That will allows you to buy the rate down into a lower rate low 5's or High 4's.  Keep in mind a refinance is "Not" always an option.  Sometimes it takes awhile for a home to grow enough in equity to be able to refinance.  You also have to consider this inflated market that in many ares is getting ready to adjust down.

Rates will more than likely balance out in or around 2024 but the lieklihood of 2% and 3% will be a thing of the past for awhile.  Do you have any other banks or lenders offering you a second quote?  Are you comparing rates and are you paying points and what are the hard costs/origination fee's?  That is also important and you have 30 days so get a second opinion and quote!