All Forum Posts by: Account Closed

I'm new to the site so any and all information or direction is greatly appreciated. I've wanted to get into real estate for quite some time now and I think I have the perfect start, but I don't know where to go from here. I currently live in a house that I have a lease purchase agreement on. The purchase price is for about $50k less than market value. So instead of purchasing it myself, I think I would just rather sell it, cash in the equity difference, learn some stuff from the deal, and do more deals. But where do I go from here? Is there certain verbiage that needs to be in the agreement? Should I find a buyer myself or let a realtor bring me a buyer?

Thanks in advance for any help and advice!

Pardon for a stupid question. I somehow lost an option to tag other people. I would type  @Michael  at which point a list of Michaels pops up, but when I click on a name it does not get tagged as it used to. What gives? Thanks!

So I found a property that I would like to buy and flip the price is 1m. I don't have the cash to buy it. My partner has a home that is paid off and want to use the equity to purchase this home to flip.

The house is worth 2m and he willing to put the house up to get the loan.

We need a loan for about 4 months only. However we need to move quickly because the house will hit the market by Monday. We would like to lock it up before this happens.

Question:

What kind of financial option do we have? 

A home equity line of credit to setup would take too long.

Both of our credit is 780+.

What option do we have that we can close quickly and use his home for Collateral.

Thanks!!

Hey guys, I am just starting out, I have a background in Finance and a good idea how to run the numbers but am looking for a mentor in the NYC area to show me how to work this tough market or at least to talk to investors and find what pockets they invest in inside/outside the city. I want cash flow and I know most people in NYC are looking for appreciation causing home prices to be crazy high. So I looked at joining my local REIA which I thought was free. I may be simply inexperienced here but is this reasonable? It just sounds a lot to me like a guru bootcamp. What are your thoughts? Advice welcome

http://www.reianyc.org/memberships

Hi All,

Long time lurker, first time poster... I'm looking for advice from those of you who are seasoned and well versed in the real estate investment world.

My background quickly: I've been employing the buy/hold/rent real estate strategy for the last 8 years or so. I have been able to slowly grow my real estate portfolio to 8 properties. 2 quad-plexes, 1 duplex, and 5 single family homes. I have financed all of them using traditional 30-year fixed financing with 25% down. I have approximately $150k in equity spread across all of them and my average LTV is approx 60-65%. I have an additional $30k in free cash.

I have been slowly saving my cashflow and using that to make downpayments on each new purchase.. it's slow and steady, which isn't necessarily a bad thing, but I feel like I am leaving money on the table and not maximizing my potential. 

What strategies would you pros recommend I research and/or pursue? I have not done any cash out refis to finance more properties, nor have I ever sold a property. 

This is an image of my current property numbers before property management expenses (10% mnthly rent). I pay water in the quad-plexes and maintain home warranties on all of them (cost roughly $375 per year). 

Any feedback would be much appreciated. I'm looking forward to the conversation..

Cheers

Hi @Bill Tmore...Yes my firm sells on the secondary market and refunds lending lines once purchased. We are exclusively engaged in SFR markets with most of our volume funneling through from our parent builder. I am striving to remaining in compliance with company policy, HUD, and the CFPB, although the goal would be to eventually replace my current income so there would never be any issues operating in grey areas.

Good Morning BP Members,

I have a situation with a seller where at first I was the only party interested in purchasing his house. After receiving the offer, he has verbally agreed that he is ok with the price. When discussing signatures he is wanting to call and discuss with his "buddy" to see if he can match it or give him a better offer. How should I handle this situation. Thanks for any feedback

CJ Love

Not illegal, but not a good idea, in my opinion.

I've seen over the years, quite a few vacant homes, with owners apparently at the address, but yet not so. A few in my neighborhood are in nursing homes, and the disposition of their homes are in question.

I never thought much of it till my mother in law, who's 93 fell down in June. She cracked a vertebrate in her back and have yet to walk normally. She's staying with us till she get's better, if ever. My honest opinion, she won't get any better.

She kept asking when she can go home, and we keep telling her "soon". She lives alone, her home is paid for and my wife goes there twice a month to pick up the mail and clean up, spending a day there. My wife and her siblings discussed it, and currently her retirement income comfortably pays the taxes and utilities. It's true, if she continues to stay with us, dump the place, she'll save a ton of money on the taxes and other expenses.

But there's one issue that is up in the air. If we give her the truth, and say "mom, you could save a lot of money getting rid of the place particularly with all these investors knocking on your door". And I know her answer would be "I'm not dead yet".

I'm retired too, and run down to the local coffee shop several times a week. I met another retiree and explained to him I have a paid up home and some paid up rentals. He said he know quite a few relatives in the same boat and their children couldn't wait for them to die, and some say that out loud to their faces. Says he found it quite annoying.

To be honest with you, if an investor I don't know knock on her door while my wife is there, she either won't answer the door, or get very annoyed if they're insistent. Currently the priority is to let mom relax, get well, tell her that her home is well taken care off, and don't worry about a thing. Doing a deal with an investor is the last thing that mom wants.

Is there mortgage insurance on seller financing if less then 20% is put down ?

Hey guys,

I'm located in NJ and I'm looking into PA as an alternative to invest in due to the extreme taxes in my area, I figure it would benefit me more to invest in a not so tax dominate state. 

I am wondering what would be the average rent that can be set for a multi-family property located in PA vs NJ, I'm assuming that the closer you are to PAs major cities it would yield a better rents? 

Also, does anyone currently live in NJ and own investments in PA or other states?

I would really like to get your input on this and how it is working for you.

Thank you !