All Forum Posts by: John Van Uytven

Hello @Dusty Rhoton

I think that is really great what you did.

I would start trying to refinance after two or three years into a more long term solution for the property.

Last February, a good friend of mine had a balloon payment due on his property. The bank did not want to renew the loan. I and my partners stepped in and purchased the property from him, to stop him from going default on the loan.

The question is: 

What do you want to do with your real estate business?

Do you plan to continue to buy in that area?

How many do you plan to buy?

The more you have in the area that you are successfully managing, the more likely you are to develop a positive relationship with a local bank. 

Ideally you would find a portfolio lender in the area.

A lot of people are gun shy about doing owner financing.

They have heard a lot of horror stories, from a firends cousins unlces best friend had a bad time.

Do you have access to a line of credit? 

Depending on your credit and your bank what about a signature loan from a local bank?

What forms of financing have you tried?

There are websites where you can get loans, that were mentioned on the bigger pockets podcast.  

Hello @Matthew Lanning

If you want to get into flipping, and you don't know anyone local. I suggest going to an REIA meeting.

What makes you think Flipping is best for you?

Do you have a construction background or something similar?

What are your strengths?

If you want to get someones attention use the @ symbol and start to write their name it should pop up.

When you like what someone writes give them a vote to show you agree or appreciate what they took the time to write

Not all banks are Real Estate investor friendly.

I am working on moving my real estate accounts to another bank. I have used the same bank since I was 12 or 13. I started my first checking account there, they gave me my first car loan.

However, they do not like rental property. They view it as unsafe.

Regular owner occupied house okay, but not as a rental.

Hello @Davtarica Hodge

That is great that you want to go into wholesaling.

Have you read the Ultimate Beginner's Guide? If not you should check it out. 

Why do you want to go into wholesaling?

What are your goals? 

How many deals do you want to wholesale a year?

I am not a wholesaler but that is something for you to think about.

If you want to get someones attention use the @ symbol start to write their name and wait for it to pop up.

When you like what someone else has written, give them a vote.

Hello @Darrick McGahee

If I understand  your post, you plan to do buy and hold?

Are you looking to house hack in your area? Do you have a place picked out already?

What are your goals with real estate?

Do you want to be an agent? A broker? A property manager?

Have you read the Ultimate Beginners Guide?

Also if you want to get someone's attention use the @ then start to write their name in a conversation

If you like what someone wrote give them a vote.

@Rusty Hitt

I moved back from Korea last year, and it might be difficult. 
Just talk to the bank and if they don't want to give you the loan. Go to a different bank. 

Some banks will not like it that you changed professions and countries.

If you keep searching you might be able to find someone who will do owner financing.

Let me know if there is anything I can help you with.

The move back and reverse culture shock are difficult. 

PS Let me know if you find a good place for Samgyeopsal or Bulgolgi :D

@Julian Le

Holy $*#! That was an amazing read with some really great goals.

I am in Illinois as well, and I understand wanting to leave the cold. I spent the last 2 January's in Thailand, and I definitely missed the warm sandy beaches this year.

Since you are already an engineer professionally, why not start on the MBA now? 
Then when you make your move to Florida you can concentrate on real estate and not having to study for an additional degree then.

If you get a Florida license now, wont you have annual dues to pay while not making money in real estate?

Don't forget when you want to get someones attention use the @ symbol and start to write their name.

When someone writes something you find helpful give them a vote to show you agree with them or like what they said.

@Brian S.

Welcome to BP. I am sure you will find what you are looking for.

How many rentals do you want to own?

What are your goals?

If you want to get a members attention in a post use the @ sign and then write their name.

When you see something you like written by a fellow member give them a vote.

Have a great day.

@Jim Fell

No I haven't. I hope it's not true.