All Forum Posts by: Kevin Magelsen

I'm looking for good public auction websites for foreclosures or short sales? Any ideas.

thanks for that post Charles. I am new to the investing game. I have not actually bought my first property yet. I have been putting offers in but now that I can't get financing I will have to get creative. These are great ideas. I was planning to sale our home and take the equity to start buying multifamily buy and hold to start my investing career but now I hit this road block. PML/HML is just not worth it for me starting out. Especially not with buy and hold. Would you recommend calling owners off the MLS on properties that are for sale that I'm interested in? I know people do direct mail. I will do some research on these and go out and try that's sometimes the best we can do right. Thanks for the ideas. You have been in this business some years and found success it looks like. Have you found that owners are open to such negotiations? Thanks bunches

Yahoo.com I kinda figured those might be my only options. Thanks for the response I will look into that.

I am having trouble getting pre-approved for a home loan. I changed jobs a month ago and I went from hourly wage to what they call commission work. I am a nurse and get paid per patient visit. I have no trouble getting patients and my wage is actually better than it was in the hospital, yet I am having trouble getting pre-approval with private and community banks. I have $150,000 equity in my home. I have been fixing it up to put it on the market in the next couple weeks. I want to take that equity and start investing in multifamily units, but that will be an issue if I can't get pre-approved.

Anyone have some advice on how I might get approval? Per Fannie Mae guidelines underwriters say they need two years of pay at the job. My credit is excellent I will have no problem paying. I have not checked with a portfolio lender I will do that tomorrow. I need some ideas on creative ways to get financing. I have family and friends I could use, but I don't how I could transfer the loan to my name without approval. Thank you soon much. I look forward to your advice.

Hello, I am interested in starting a group meet up for real estate investors in tri-cities, wa. I am a beginner and wanted to utilize this to network with more experienced investors of all kinds. I wanted to see if anyone has ideas on how to best start a meet up in order to get more experienced investors involved? Thank you 

Kevin

Hello all,

I have a beginners question here. My wife andI are partially releasing 3/4 of an acre of our property to be sold. We originally signed the purchase and sale agreement last year with the buyers on 5/5/16, with the closing date being May 27, 2016 or sooner. Both my wife and I and the buyers have signed the document, but it has not been updated since then. We have not received the money because it has taken over a year to get it surveyed and approved with the city and my lender. I wanted to see if anyone knows if this is binding? We are going to consult a lawyer but I wanted to get some advice here, because I know the land is worth more now than it was a year ago. I want to test the market with the land and see if we can get more out of it. I want to do it legally though so if it is binding then I will have to go through with the sale. Looking for some wisdom on this. Thank you very much. 

Kevin

Hello I am new to this whole game. My name is Kevin I have a great desire to learn and work to achieve success, So before I get started on something I would like to pick some of your minds. My father has a house in West Richland, WA. Located in Tri cities, WA. This is a good nieghborhood. Houses are selling on the higher side in our tri cities market in this area. It is in a good location with good schools. My father said he would give me the house for 230,000, with 30,000 dollars down. He would carry the contract for one year at 6% interest. It is a 5 bedroom 2.5 bathroom house. It needs lots of updates including contertops, roof, some windows, including a couple sliding doors. wood floors in kitchen and some plumbing. It will need some landscaping work, some trim inside, new siding possibly and some deck work such as painting and adding some wood, structurally the deck is okay. It will also need some minor sheet rock repairs and some carpet throughout the house, as well as a new stove and kitchen sink. I was trying to calculate all my costs and figured it would be around $50,000 to update this home, so I would now be 280,000 into it. I think I would be able to get 350-375,000 out of it, hoping that I could even get 400,000 out of it. Obviously the more the better. So I was wondering would it be smarter to try and flip it and sale as fast as I can? Or should I flip it and hold onto it, get a renter in there when its done flipping and refinance after a year? My hope would be to pay my father and the bank with the refinance money. Also what taxes do I pay if I sale th home before my two years? Capital gains right? Does that still apply if my father carries the contract? Lastly would this flip even be worth it financially. I would hope to make 25,000 after everything, but i know it is always a little bit of a gamble. Also should I have someone appraise it now just to see, it's added cost on my part but it may give me a better ballpark figure if I was to fix it up. Thanks so much. I hope to hear from some of you about this. I am sure there are some great things you can teach me.

Kevin Magelsen

A sub forum here in Kennewick, paseo, and Richland would be awesome. I am looking to get into real estate here in the area, super fresh but the desire is great. I would love to hook up with people around the area and bounce ideas off esch other. Let's build teams and invest together. Kevin magelsen

anybody taken real estate classes from Vaughn, legrand, or kiyosaki? I want to get into real estate and am wondering if these are beneficial to start if you have no experience to give you some background?