All Forum Posts by: Macall Smith

@Luis Martell I second everyone's comment that even with a 0% down loan, you still need money for closing costs. And even if you do get a 0% down everything (with seller's concession and no earnest money deposit), you need it filled with renters or you will have monthly payments coming up.

What I will say, is most gurus and heavy hitter headlines about no money real estate is usually referring to wholesaling. You market (which still takes money) to people who are in distressed situations and help them out by putting a contract together and selling it to an investor for a fee. I would suggest reading books like Rich Dad Poor Dad, 10x rule, or Rich Dad's Guide to Investing. Those are more educational about prepping for investing.

Feel free anyone to chime in if I am off base on anything!

@Greg Scott and @Upen Patel Good to know that the 70/30 is set in stone (for Fannie Mae I’m assuming) to save me running down that road over and over. Sounds like portfolio loans and other creative loans are the way to go.

Feel free to message with any suggestions for lenders (or if you are a lender).

@Frank Wong That makes sense. I have one in town that does a far amount of in-house loans, so I may try sitting down with them in more depth.

Hi Friends! I have talked with a hand full of lenders about refinancing a BRRR (Property that I bought with a business partner to Buy Rehab Rent Repeat). A lot of the lenders I know through being an agent are telling me they can only offer 70/30. What did you do to convince your lender or find the right lender to find a 80/20 refinance for the BRRR method?

Hey Sam,

I am also in Holland. I'm a Realtor and own a few properties in the area with a business partner. 

Finding real estate agents like myself and Nathan are great ways to have investors lined up if you continue to wholesale or flip. If you find the buyer yourself, you can pay an agent to handle all the paperwork through whats called a "transaction coordinator" fee. Otherwise paying a buyer's agent commission to an agent if they bring an investor is pretty common too. 

I would love to grab coffee or happy hour with all the Holland people on here. Feel free to shoot me a message and I can get something set up for anyone who is interested!

Another great way to find details on properties is through the township or city records. I am Realtor, and have done this a few times when the inventory is low or my client's needs are extremely specific. Occasionally the city/township will have a full list of properties. Otherwise you can go the more tedious route of finding an area and running an advanced search based on street numbers. I wrote a few hundred letters and had about 2% response rate of people willing to let us through the property. Additionally there are another 5% who said they are not ready to sell, but now I have put the bug in their ear if they do get to that point.