All Forum Posts by: Joshua D.

@Minh Le

Don’t want to sound insulting here with these questions but these are things I would wanna know...

Is this all through Email? 

How many times have you sat down and had coffee with this person? To make me feel comfortable I would want to have at least 3 solid face to face connections with them. 

Do they have a solid Biz that they cannot just hop town with your cash? 

Will you be on title as a second loan? 

How many times have they done this before with other folks?   Can you call those people as references? 

Could be a totally legit deal but, from the limited information you gave, seems a bit fishy...

@Justin B.   Nailed in on the head! 

Since the chance of inheriting that much money or winning it in the lottery is practically ZERO.  Your highest odds of getting that kinda cash is by doing it the old fassion way... earning it!   Hard work, creative revenue growth, and re-investment. 

Therefore the best answer is... do what you have been doing.  If you got that kinda net worth, you know how to invest and produce cash-flow like a freakin magician. Keep it up! 

@Aaron Foster 

Love the rehab pics... you did great.   

However what is really of note here is your creativity in finacing the deal.  You have just a bit of your own cash in it and have a solid cash flowing asset. Way to think outside the box! 

Well done! 

FACEBOOK!!!

Nuff said...

Thanks for the tag @Steve Vaughan

@Daniel Peavey

This is an interesting topic and one that I have got a little flustered with myself. I wish that had more podcast with the average Joe investors rather than the superstar investors.   However after hearing from Josh Dorkin that their goal was to reach many investors at different places as they can, it made a bit more sense.

This became more clear when they had me on the show (arguably the least experienced guest they ever had) and the the next week they had Grant Cardone on there (probably the most “successful” big name investor out there).   They were showing the ultimate diversity in the range of people that they look to. 

I love what Josh has done with the podcast... it’s a whole new era of getting info that is much better than times past. 

I’ll also add that finding people who have written books is a lot easier than finding those who haven’t. 

@Matt Davydov  & @Andy Webb     The resurrection of an old post!   Crazy to read my thoughts from 3 years ago.

We now have about 5 CC cards between my wife and I and use them on our rehab projects to earn points. 

They sure are handy! 

Welcome to the site @Matt Study

Montana is sure an awesome place to live and also a wonderful place to invest.  If you ever make it out towards billings ide love to grab coffee with ya sometime. 

Best of luck to ya. 

@Jason Clark

Well I am biased but you won’t regret Montana!  We moved here 7 years ago and love it! 

Seems to me you could use that 600k to buy 4 properties for for 110k here. And then buy yourself a 150k house and have quite the comfortable life. Each property could rent for about 1100 per month. 

700 per month x 4 properties would be $2800 add that to your $1400 from California and you get $4200 per month.

It’s not a ton of money but you could live rather comfortable in billings with that income and NO morgtage payment. And of course you could still freelance once and awhile for extra spending cash if you wanna go crazy. 

Lot of Californians moving up here every year. Winters are really not to bad. 

@Erez Shocher

I’m am no insurance professional but we have about the same amount of properties as you do and we chose to insure them at the 500k per property mark to save money.  We then added a 1 million liability umbrella coverage on top of those.  Total cost was $350 per year for all the properties and that covers the auto as well. (Auto is where the most litigation happens anyway) 

To go to 2 million it was $650

I saw that 5 mill was about $1200 a year. 

We are hopping that the 1.5 is enough. 

Hope that helps. 

@Ross Miller

I think from what I can tell you are looking at 2 different products. 

Conventional mortgages are sold off to the secondary market and are for the most part all the same.  30 year fixed rate, should be about 4.25 apr for investment homes and 20% down. 

Large and small banks offer these products and they are both about the same in fees although they can vary. I prefer to work with the smaller banks so that I can get the rep on the phone any time I need to. In fact I have my morgtage brokers cell number with me all the time. 

The other product out there that usually the small banks offer is what I call “in-house” loans. This product is NOT sold off to the secondary market but the individual bank keeps this loan on their books.  These loans are WAY more flexible and are usually negotiable based on the risk of the individual that is applying for the loan. 

However because there is no morgtage insurance on these they typically want them to be less than 5 year balloons. Amt @ 15 to 20 years, and usually 5 to 6% interest to account for risk. 

We have use different both loan products but usually use the “in house” stuff and a short term option in order to refinance in to better “secondary market” loans later. 

They are both great tools when applied right.

Looking at your situation, without knowing all the details, I would recommend looking for a secondary market loan from 3 to 4 small/regional banks.  While you are there ask about their “in house” prodoucts that way if you need them at some point you are educated in how the work. 

Good luck out there!