All Forum Posts by: John Clark
John Clark has started 5 posts and replied 1535 times.
Post: Don't hold out for lower rates. Now is the time.
- Posts 1,570
- Votes 1,250
Funny how everyone on this thread that wants people to buy now gets paid on commission.
Post: Your Loan Has A Due On Sale Clause
- Posts 1,570
- Votes 1,250
Quote from @Ken M.:
". . . plus the recorded deed provided my phone number & that ownership had transferred. . . Some people make the mistake of trying to hide the transfer."
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So on the other recent thread we were on and you were castigating me for telling the buyer to record his sub2 purchase, you were just blowing smoke?
Jim will remember that thread.
Post: Your Loan Has A Due On Sale Clause
- Posts 1,570
- Votes 1,250
Quote from @Ken M.:
Normally, the only reason a bank calls a Note is for lack of payment.
Post: Purchasing the company (LLC or Corporation) that holds the property
- Posts 1,570
- Votes 1,250
Quote from @Jorge Vazquez:
I've had great success this year by purchasing the company (LLC or Corporation) that holds the property rather than buying the property directly. This strategy has allowed me to save on closing costs, secure favorable financing terms, and refinance almost immediately, all while minimizing my down payment. It's been a game-changer in my investment approach, and I've completed two deals this way already. I highly recommend it to those of you who haven't tried it yet. I'd love to hear from other investors who have used this method. What's your experience like? Are there any challenges you've encountered?
Looking forward to your feedback!
Post: First-Time Homebuyers Torn: Great Price in an A-Class Town, But Huge Rehab Costs
- Posts 1,570
- Votes 1,250
No reserves and huge structural problems. Hard pass.
Quote from @Jesse Tourino:
Hello everyone my name is Jesse, I'm new to RE investing . . .
You are nowhere near ready for out-of-state investing. You are nowhere near ready for Section 8 tenants.
Post: Tenant - Low Credit Primarily Due to Car Accident Litigation
- Posts 1,570
- Votes 1,250
Quote from @Allison Park:
I have a brand new 3 bd 2.5 ba Townhouse. I have had it listed for just over a week. I set the Credit Score as 650+ negotiable in Zillow and I had two immediate applications with very bad scores. One was in the 400s and had a history of late payments and delinquencies and I rejected it. The other is in the low 500s but stated that this is due to a car accident totaling her car and is in litigation, so she is not paying on the loan. There is also another account with a small amount of $300 with some late payments.
Question 1: Should I just lower the credit score a bit (like 630) to allow for some flexibility and avoid getting applicants with staggeringly low scores?
Question 2: Should I even consider the low 500s score? The contingencies would be asking for a co-signer and checking landlord references. She does not have any evictions or bankruptcies.
Question 3: I have 2 other similar Townhomes that will be ready late October. Should I go ahead and list them now even though I would not be able to sign a lease until I close on them?
Other thing to note: I am ok with waiting a couple months to fill these vacancies, but by then it will be mid-winter (not that big a deal in Raleigh) but I understand there are probably fewer applicants during that time.
Quote from @Cody Miracle:
I have just recently discovered the possibility of real estate investing and I'm concerned whether I should invest out of state or not. I currently live in San Diego but seem to find the area too expensive for my liking. I am active duty military so I move around every few years for work, so I'm trying to decide if buying a property here and house hacking for the next couple of years until I move or making my first investment in a cheaper area is the better option.
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As a former military man myself, and knowing the demands of investing out-of-state in general (check Bigger Pockets in general for the perils of investing non-local), I will give you some advice in military parlance so that you will absolutely understand when it comes to non-local investing:
"Not 'NO,' but "F*** NO!!!!!!'"
You will note that everyone telling you to buy out-of-state is either a real estate agent or an investor who has something to sell. That means that they get paid on commission or for a sale. They don't care if you make money. They only get paid if you buy. Once they have their paycheck, they are gone.
Where are you in your military career?
If you are less than an E-6 or O-3, you should be concentrating on learning the the ropes. If you are ready to take the plunge, buy local, house hack, and have a management company lined up for when you get transferred. Run your numbers conservatively.
Post: Don't buy real estate in Detroit...
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- Votes 1,250
Have you thought about selling the entire portfolio all at once rather than one at a time? A small class B multifamily using a Starker exchange would be a lot less headache.
Post: Why is a exclusive buyer's agency contract so important to you?
- Posts 1,570
- Votes 1,250
Quote from @Adam Macias:
Let's just start a simple discussion so other members can see this for future reference.
As a real estate agent, no matter how obvious the answer may be or not be...
Why is an exclusive buyer's agency contract so important to you?