All Forum Posts by: Account Closed

@Brody Jett Good luck finding a broker willing to let you list someone else's property on the MLS.

If the house needs no repairs and has tons of equity, why on earth would your friend let you basically steal his equity? What do you bring to the table in this situation? Why wouldn't he just list it himself? 

The only 'practice' you're getting here is brokering real estate without a license. 

Back to the drawing board man. 

How to wholesale:
1. Find a distressed property
2. Buy it or get on title
3. Sell it for a profit

@Nicholas Kitchen  Closing costs on a cash-out refi are just the cost of doing business. Is your broker comparing purchase vs refinance interest rates? What is your broker's suggested course of action? 

Maybe your broker is missing the point of the strategy, being able to reuse the same purchase funds over and over again. Yes there are going to be some costs involved, but those are minimal as compared to locking up a 20% down payment into a property that you aren't going to see again for several years. 

@Amy Gan Kudos for bringing it here for input! But with the numbers as you presented them, there isn't really any option that makes sense. ARV - Rehab - Payoff = $0. Throw in holding costs, closing costs and commissions on the back end and you're losing $40k+.

Unless he's behind on payments and you can get it as a short sale.. on to the next deal! :) Good luck!

Oak Grove is one of the most corrupt city governments in the region. It exists solely for Ft Campbell and has no independent infrastructure of its own. As most Fort Campbell soldiers migrate further away from Ft Campbell for their housing needs (exit 8, exit 11 etc) Oak Grove will hopefully wither and die off. 

@Justin H. Nothing crazy about it in that situation. If you can hide the fact that you own the property (LLC, trust etc), even better.

@Tarron B. Cash is king as they say. Why wait 30+ days for someone whos ability to close rests in the hands of some paper-pushing nerd at a bank, when I can get the same price from someone who can close by the end of the week with no contingencies? 

@Fritz Liedtke Make sure and do extensive vetting with prospective PM's in Clarksville. Being an out of state investor, the vast majority of them will absolutely rob you blind with service charges for unwarranted / unnecessary "maintenance" calls etc. 

Hustle. 2.5 years ago I was just another sad veteran stereotype: Back from Afghanistan. Blew all my money. Drunk. Angry. Jobless. Homeless. Depressed. Suicidal. The works. More close calls with checking out, then I care to count. I didn't know it at the time, but the hustle absolutely saved my life. One of those close calls, during a drunk staring contest with a 1911, I had a very very intense moment of clarity;  I can always come back to this. In the mean time: Go all in. Right now. Gamble it all. See how it plays out. Do everything I wanted to do. Sell all the stuff  i don't need. Cut out all the dead weight. I thought "If it goes bad?  I can always go back to the original plan."

.. Find what you love. Do what you love.  Go all in.  

Thank you BP. What you provide here, for free, changes lives. It saved mine.

@Bryce Stclair Welcome to BP! 

@Jeff Gersbach Most of those belong to the "Renatus" guru crowd. I like to get a few bourbons in me and call and play 20 questions about how many deals they've done this year "well..uh..umm.. "  ..that's what i thought.

Its a MLM scheme with a real estate twist. You get paid for every other sucker you get to sign up, they get paid for signing up other suckers.. on and on.. and the folks at the top get your deals.

I make it a habit to pull those signs up/run them over when i see them.