All Forum Posts by: Kyle Soderman
Kyle Soderman has started 34 posts and replied 138 times.
Post: Does anyone have any insight on using student loans to invest?
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
I am a student in St. Cloud, MN @Benjamin Olson. I have never thought of trying to use students loans. I am going to look further into that! Thanks.
Post: FHA or traditional loan
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
You also have to be an owner occupant for a certain period of time when using an FHA loan. So if you are looking to go with an FHA loan take that into account.
Post: Questions to ask a buyers agent
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
Originally posted by @Jim Keller:
Kyle
I'm using the same strategy on Tues. Only I spent some time looking at our local MLS, and found what I think is a hungry agent. I would question a investor agent as to how committed he would be at locating "deals" for you.
My thought was to find the 25th ranked agent in the farm area. I hope to be a add for him by showing him my new strategies. I will be telling him I need 15 deals in our farm. He will represent me on the buy and list my homes when I sell. I have other duties I will require from him as he proves himself worthy.
I would recommend you have a plan for him, an exact deal you would buy and buy fast. Show him your ability to close fast show him your a player in this market.
Make a commitment to him to buy any home he brings you at say 65% of ARV. You may have to do a little calculating on your own numbers but that is a promise I know I can make. Then I show him homes I have already have done it on. This year I purchased 11 at 65% or lower of ARV. if you have a friend in the business or mentor look at his number to prove to your agent it can be done.
Good luck
Jim
Fantastic advice Jim on looking for the 25th rated agent! I found this agent through referral. I unfortunately am not able to give him the reassurance of my ability to close quickly and buying every great deal he brings to me. I am going to let him know that I am young and looking to grow my business exponentially which could mean years of business for him.
I also think I'm going to bring print outs of mock analysis' that I have run and see what he has to say about them.
Post: Questions to ask a buyers agent
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
Hi all!
I am sitting down with an agent tomorrow for a meet and greet! I already have a list of questions I want to ask him but I don't want to miss anything important. I am wondering what you all suggest I should ask before starting to work with the agent.
Note: The agent is a local investor! This makes me excited because I know he will understand the investor mindset.
Thanks in advance.
Post: New member from St. Cloud, Minnesota / central MN
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
Welcome @Nicholas J.! It's great to see another member in the St. Cloud area!
Post: Minneapolis REI meetings
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
@Gary Schmalz Try going to www.meetup.com and search real estate investing. there are a few of them... all of them being in the cities area. I haven't had the chance to make any of the meetings but would like to hear back on which ones that you find to be the most beneficial.
Post: Cash-out refinance
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
Post: Cash-out refinance
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
I have a quick question that I have not be entirely sure on. When someone does a cash-out refinance, do they essentially get cash into their bank account from their equity? Or is it more like a line of credit? For Example:
-Investor buys distressed house for $30,000 with mortgage
-Puts $20,000 in rehab
-The market value is now $100,000
-Assuming the bank will only do 80% loan to value.
Investor now cash-out refinances and gets a $50,000 check? Am I right in thinking that this is how it works?
I do realize there are various types or refinancing options, but I am more so interested in cash-out.
Post: Obtain LLC or use my name to purchase property.
- Investor
- Saint Cloud, MN
- Posts 141
- Votes 26
Originally posted by @Andrew Martel:
I am no attorney and I always recommend you consult one before making a decision but here here is my opinion (I plan on blogging it in detail later). I opened an LLC to get started in real estate and it was a DISASTER. I spent more time trying to find someone who would lend to the company than I should have.
What you can do is go in under your personal name and quit claim the deed over to the LLC. Be careful though, if you do this, there is a potential that you will kick in the "Due on Sale Clause" with your lender.
Are there any sort of costs or taxes that go along with quit claiming the deed over to an LLC from your own personal name?
Thank you all for the feedback! @Jacob Seaquist, If you used a PM was also something that I was wondering about with the classes. I do plan on using a manager but I think I will still go to the class as it seems it would be helpful!