All Forum Posts by: Anthony Gayden

Hello, just signed a contract on my first rental property and a little concerned. I purchased a home just east of fair park in a not so great neighborhood for crime purposes.  The street and close streets don't look bad and the houses surrounding are not to run down, but should I be worried about crime? Would love to hear from anybody that has negative or positive experiences. I got a little swept away in getting sick of the bidding wars and just wanted a property and now worried I made a mistake.

 The house itself is adorable, great curb appeal and EVERYTHING is brand new (roof, plumbing, HVAC, electrical, appliances) so seems would be low repair cost, but any other things I should be thinking about? I think I should for sure get over 1% rents but realize it may be hard to attract good tenants.  Any thoughts at all would be appreciated!!

Hi everyone. My name is Kevin and I am just starting out in real estate and i need some advice. There is one company in my area that does around 75 flipping properties a year. Any flippers in our area i have talked to lately all have said they are having a hard time finding good deals. A just talked with one today who told me he hasn't been able to find one in over a year. I have also found out that the owner of this company has all the asset managers for the banks on "speed dial" which is preventing everyone else from gaining access to these properties.  Is my only option door knocking or direct mail? Is there any other way to find good deals even though this company has first access and is jumping on every one worth investing in? Any opinions or suggestions appreciated. Thank you.

I wonder if the nay sayers on this thread still have the same opinions.

I just sold 2 of my properties and am buying 2 more. 

Both of my solds were fixer uppers that needed live. One I had bought for 7500 and sold for 78,000 and the other I bought for 10k and sold for 95k

@Anthony Gayden No problem, I can clarify here some.  This strategy is NOT delayed financing.  If you buy with cash you should NOT be using the delayed financing method because of the restrictions mentioned in the article.  The strategy here is that you buy the home with cash, you renovate the home with cash, then we refinance.  And when we refinance we refinance 75% or 80% of the AFTER REPAIR VALUE.  So you should be receiving more money than with delayed financing and paying closing costs on only 1 refinance.  So if your home appraised for $100k, you purchased for $50k, put $20k into it to get it to the $100k value, delayed financing would mean you could only get back $50k in the first 6 months.  This is not very good.  But if you filed the lien as suggested you will get back $75k (or more) immediately...so you can get MORE than what you even put into the home.  Now as I mentioned in the article if you purchased at $80k, and the home is worth $100k, then it doesn't matter since the most you can get is 75% anyway.  I'm not factoring in closing costs here but I just want you to understand the concept.  If you have specific numbers you would like to float by me let me know but the above strategy is one of the better ones to use.

@Jeff Kelly and @Anthony Gayden I actually wrote an article on this very subject HERE. You only have to pay for closing costs once. Section 1 and Section 2 show the reasons and details behind Delayed Financing and Section 3 speaks to how to property buy a home with cash (or a HELOC). Let me know if you have any questions on it. Thanks!

Let's say someone pays cash for a property and then gets delayed financing for 70% or 75% of the purchase price soon after purchasing. My question is whether that person could then get a conventional refinance at some point later on for 80% LTV.

If someone pays cash and intends to rehab the property, delayed financing can get him most of his cash outlay back. But it can't get all of his purchase price plus rehab costs plus the equity he added, as could be possible in a normal BRRRR refinancing.

But could one do a quick delayed finance, get some cash back, rehab the property and add equity, put a renter in, and then refinance to basically get all his cash back? Or is there something about getting Delayed Financing that would prevent the ability to get conventional refinancing soon thereafter? If nothing would prevent that, then is there an amount of time the investor must wait between delayed financing and cash out refinancing? Thanks.

@Anthony Gayden  insightful  post ... affordable housing in the northwest is an Oxymoron.

given govmit regulations and systems development charges .. price of land.. there is no such thing as new construction affordable housing.. Unless is subsidized.. this is another reason the south especially places like Texas are growing they build for half of what it cost us..

when I Have to spend.. just under 100k before I have even bought the land to take dirt to make it shovel ready and go vertical.. there is no way we can sell homes for less than about 350k in this market.. starter homes are the older fixers or some townhouse attached housing that the big builders IE Lennar can slap up.. they can build cheaper than us of course.