All Forum Posts by: Account Closed

I'm going to my first REIA tomorrow can anyone give me some good advice as to how I can present myself and my real estate business? I'm hoping to find Private Money Lenders at the meeting. Some good pointers would be helpful. Thanks.

Hello Community, I have a question if someone has suggestions I will really appreciate it.

I have a client whom is trying sell a house he bought and completely remodeled with his own money. He is considering selling it via owner finance, however, he wants to do a cash-out refinance first. Is there a bank or lender out there that will allow him to refinance the home and subsequently owner finance it to a buyer? 

Please advise.

Thanks 

hello, new to BP and excited with everything there is to learn. I have a question regarding financing. Not looking for legal advice, but more looking for good financing advice. I am in the process of a divorce and plan on investing with some of the money from the sale of our home. The problem is the house may take awhile to sell, and I've just re-entered the workforce and my income earnings are pathetic. Would you suggest I try to qualify for financing while still married, (obviously I would agree and sign whatever that husband would not be responsible), or do you suggest that I wait until afterwards to avoid any legal/financial complications or wait and find a way to use OPM? I don't have anyone I know of to borrow money from, so it would be hard money, and I don't expect my income to go up much (why I plan on buying more rentals). I have one rental, paid in full, bringing in $1k, and my fico is 655, still working on getting a couple negatives off. It's hard to wait and not know how much money I can earn investing. Divorce won't be final until June 2018.

Hey BP Family,

           I am a young real estate investor who currently has been in the Buy & Hold System of investing. I love this system and will continue to grow the portfolio but now its time to get a lil more aggressive in the streets of my city. I currently reside in Birmingham, Al. I am here looking for the correct and properly worded purchase and sale agreement with a and/or assign clause. As well as a assignment contract and a legal sized memorandum of contract . I need the contracts as soon as possible as I get my wholesale system together for my city of and state of Birmingham, Al. I greatly appreciate this BP family if anybody can help me with these documents. I am looking to start as soon as possible 

I’m a contractor and have two apartments already in two different locations. I want to purchase a lot of houses to hold and rent out to build a huge amount of equity for retirement. Seems that banks want 25 percent down to start. I’m a winner and need the opportunity to succeed but I keep hearing the same thing lol 25 percent down to start. Anyone have any thoughts or advice :-) ???

What's up guys!

As a new investor I was wondering if forming an entity is the way to go? 

I am just starting this business as a Buy & Hold Investor, and I have always belived that business and personal financials should never mix. I wouldn't want to have my personal name tied to many loan debts as I am afraid it would interfere with my personal "financials". On the other had, I hear people say that having this debt to leverage deals tied to you personally allows you to get great deductions from taxes.

Any thoughts or explinations of what the best system is would appreciated!

Bill T. There are actually very many reasons to go for a 30yr loan rather than a 10 or 15. And wanting to pay off property may be short sighted.

Money tied up in a property is not doing anything for you besides avoiding 4-5% interest. Instead, you could stay borrowed against the equity and put that money towards additional investments assuming they generate additional income. 10+% CoC returns are easy to find.

To the OP, yes, 30 year loans on residential (1-4) units are very common. Commercial is generally shorter.

I have become a regular listener to bigger pockets and I’m a new real estate investor. I closed on my first deal in September (Quadplex and a House) and am under contract now for an 8 unit apartment complex.  My goal was 1 unit this year and it seems as if I'm about to have 13.

It seems to me the majority of time people in the podcast are talking about analyzing deals and cash flow and their goals they are basing it on a 30 year Finance. My first question, is: Is it common to find a 30 year Finance on an investment deal? Because in my area, banks will not even consider that! And they typically need board approval to even get 20. They push you hard to go 10-15, but I have been able to secure 20 at least. So how are people finding 30 year Finance deals on investment properties?

Next question....

This also makes a MASSIVE difference when you are analyzing cash flow for properties. I constantly hear on the podcast and elsewhere things such as: take your debt service, taxes & Insurance, maintenance, vacancy, mgmt, and perhaps cap-ex and then shoot for $100 a door after that. This seems to be brought up ALOT on the podcast, but is this typically based on a 30 year Finance? Because when dealing with 15 or 20, that’s much harder to do. Doable but harder.  I just wish shorter financing terms were discussed more because this changes things....

When people talk about the 2% rule, does this change based on Finance term of the property?

It just seems like I do not hear many dealings on the podcast with 15-20 year terms. Just curious....

Thanks!