All Forum Posts by: Luis Montanez

@Andrew Cordle Good Job on those flips... I do have to overcome the fear of holding the hot potato when the music stops (economic down turn) this is why I like to buy and hold for now.. but I would love to be just like you when I grow up... :)

In my current situation (low on cash) I am looking for ways to do more buy and holds. Has any one successfully structure a deal similar to what I am about to describe?

I put 70% (thru conventional financing 30 years @ 6%) and the hard money lender puts the 30% plus the renovation cost. pay back terms would be 1% of the amount of the loan and then monthly payments until pay off (12 to 24 months) at 9% to 12% APR. to give the lender more peace of mind I would propose putting there name or entity on the title of the property until paid in full.

As an example, I buy a house for $70k + renovation cost of $15k. I would put $49k and lender would put $36k ($21k + $15k). once rented at around $1,000 per month the NOI would be around $500 per moth which would be used to pay the lender off. has any one done something similar?

My Area ( Cobb County) is really good. I just rented a 3/2 1954 ranch home for $975. I put some bandit sings one week prior to finishing the renovation and 3 days prior to completing the renovation I had a singed contract with an excellent profile tenant. ($400 NOI per month).

if I could get my hands on more cash I will do this deals all day long...

If you plan to acquire the property thru conventional financing (I.e. mortgage) be careful with transferring the property to an LLC, Land trust or out of your name, since the mortgage could become due (i.e. you may have to pay your mortgage in full).

I recommend you read or listen (audible.com) to 3 books.

1. Loopholes of Real estate investing

2. Starting your Own Corporation and

3. Run your own Corporation

author: Garret Sutton. After this you will be almost a pro and you will be able to make an informed decision.

I agree @Cal, I do have the Google voice message setup. I used $1,000 thinking that most will attempt to negotiate a lower rent but I am quickly noteing that most will not even bother negotiating. I had plans to make the rent $1,000,but give a $25 solar monthly discount if tenent stets up direct deposit and pays the day before the rent is due.

i did put the rent on the internet ad but not on my bandit singns. on this I put an email address with FAQ auto respond and doble intention of collecting emails for future lead generation

I have this 1954 ranch home in austell GA that I am hopeing to get $1,000 per month the house is ready to show tomorrow. I posted some pics showing some of the renovations and Put some of the banded sings for my advertising.

So far about 30 cals to just ask the price as soon as I say $1,000 most are quick to hang up without asking for more information. Market average is around $975 but most of the callers are looking for some thing in the $850 range. My mortgage is not due till 1st June.

What will make out of this? How long will you wait to get the $1,000? When will you lower the rent? My brake even is at $700 per month but I will like to get as close to $500 cf as possible.

You can buy investment properties for 10% down if they are Fannie Mae properities listed at Homepath.com program. However, you will incur some additional cost like around $5K for closing cost, due diligence expense (DO NOT skip home inspection if you do not know nothing of possible contingencies) which can cost up to $500.

On homepath houses however, you will not be able to flip for a sale price of more than 10% for 3 months so you will need to account for holding cost or have at least 6 months of reserves for the mortgage payment in case you don't get it rented fast (the lender will expect to see this)

Hire a Virtual Assistant that is specialised in Real estate Bookkeeping and they will be able to help you out. Fees could be as low as $4 per hour and may even set it up for free if you hire them for your monthly bookkeeping needs.

Start your search at Odesk, freelancer or post an Ad at Craigslist in the philippines

Examples: http://manila.en.craigslist.com.ph/acc/

My degree is in Accounting and I rather bang my head agenst concreate than do any bookkeeping

I agree with @Chris Pasternak , ask to see the military orders and if they are less than 90 days it may not be a reason to terminate the contract.

Read the SCRA Lease Termination Provisions:

Source: http://www.military.com/benefits/military-legal-matters/scra/scra-lease-termination-provisions.html