All Forum Posts by: Account Closed

Start by finding deals that make sense. Familiarize yourself with making offers, running the numbers, etc. Should be easy for you given your experience.

I recommend finding a good mortgage broker. Find one that charges 2 points or less and no upfront fees. These guys can find you any loan you need without the hassle. Also, they often have a lot of experience "in the game" and can help you out a lot. Many of them are nationwide.

Do you have a property you are looking to buy?

Rough estimate:

1 door = $100 per month

Sounds like you need 20 doors.

Increase your skillset so that you can acquire, buy, hold, and manage.

Best regards

Hi,

If the seller has agreed to carry an unsecured PM mortgage, how should you word that in the purchase agreement?

It won't be placing a lien on the property. Should I add a separate addendum for the note?

This makes sense

@Kyle Hipp

Thank you for the reply.

A) If you own an apartment building, keep visible for rent signs up. This will encourage prospective tenants to call you.

B) Market your properties, even if you are at full vacancy. Keep people calling you.

C) Remember details about people. For example, you may have full occupancy and someone calls you. Keep all their details in an intake form. Some people will stay where they are until they find the "perfect spot" so they may be waiting for you to call if you have something they like!

D) Manage properties for other people. When someone needs somewhere to live, they will know that "you are the guy to talk to"

E) By owning more properties, you keep percentages higher. One vacancy in ten properties is 10% vacancy. One vacancy in 100 properties is 1% vacancy.

F) Get good with the section 8 program. Depending on where you live, there will always be a waiting list.

G) Remember, the best advertising is word of mouth and referrals. So keep your tenants happy, and they will tell their friends, who will seek you out!

Hope this helps

I agree with Jon.

These are mostly lead generation tactics for seminars, etc.

If you go to a seminar, they will likely ask you to sign up for something that costs more money, etc etc.

I went to a seminar knowing that this would happen. However, I made the most of it because the speakers at the seminar were experts, and in between speeches, I asked them questions.

I would recommend learning some terminology, doing some self education, and building your skillset.

It is always great to find a mentor, but it will be more likely to happen through doing deals rather than going to a seminar.

Hope this helps

I will qualify for the loan if retirement funds will be considered for equity and liquidity.

"List all forms of liquid assets such as personal and business cash, property accounts, marketable securities, 401Ks, IRAs,SEPs, college savings plans, trust accounts, etc.

We will need to see that the owners can show enough liquidity to fund both the 20% equity on a new purchase plus another 10% liquidity of the new loan amount. This 10% reserve helps to show that the owners have back up capital to fund any unexpected costs."

Hi,

So I have a package that I am going to purchase of 30 units.

My lender requires that I have 10% liquid reserves and 20% equity on hand.

I have 20% equity to show, but only 5% liquid reserves after that.

The seller has agreed to carry an unsecured purchase money mortgage for the downpayment.

Should I split this into 2 loan packages, so that I have 10% liquidity to show on both packages?

Thank you all for the wonderful and insightful replies.

I also have a direct family member who wants to lend me money from their retirement account. How is this possible without going thru an intermediate?

Hi,

So I am putting together my first rehab using hard money.

However, I don't want to sell, I want to refinance and hold it as a rental property.

How should I arrange this with my hard money lender and my long term lender?