All Forum Posts by: Marc Middleton

I may have someone up there...what are you looking to purchase? (type of properties and price ranges)

Cash or financing? 

If you want to use the property as collateral and the property's DTI ratio instead of your own, then you'll need to find cash flowing properties. Usually 7 caps or higher will satisfy them and expect about 30-40% down with a personal guarantee. I know some lenders that lend based on the value of the property and the income it brings in with no personal income verification required. Rate are probably 6-9% depending on the LTV and length of the loan.

Get those trade Lines up so you can get better financing in the future. Usually 2-3 cards and a car or something 'installment' will do the trick. 

For business income, you'd need a minimum of 2 years showing that kind of profit on your income statement. 

I'll send you a message now..

If you plan to live there, you can get favorable financing terms and put less down. Then you could get something more expensive and maybe live in the smaller unit so the bigger unit pays your mortgage and you live rent free :-) 

No, your regular Homeowners Insurance policy *SHOULD* cover you and your roommates. (always consult with a licensed broker in your area to verify)

 I split my time between Gulf Coast & Miami, yes there is lots of inventory but it depends on your price range. 

If its on the sand, chances are the condo HOAs are high to where you don't make any money. Usually people just want to break even so they can use it for free multiple times per year. If you don't plan on using it, then you have a better chance to make money because you can get a long term renter (less fees) and aren't using during the peak times when you can rent it for top dollar (if you did VRBO).

It really comes down to price point, desired location, and you desired usage. 

Hope that helps?

Yep, its a great idea. Plus the seller's agent has to tell other buyers "We have multiple offers" and if they say, "oh really, full price?" they get to say "over asking price" which scares people away :) 

If you are paying cash then you don't have to worry about it no appraising either. 

As long as you are living there full time, it will be fine. You can have roommates all you want. Maybe get extra liability incase they get hurt and sue you? 

50% discount on a short sale in this market? No chance. 25% if you are lucky. 

Plus it helps if the home owner was already behind on payments and on a payment plan/short sale plan with the bank. 

And a 100% hard money lender? haven't seen those before ...and if you did, there would be some major points & pre-pay penalties charged for that. 

Best of luck!

I can personally attest that the Coldwell Banker training program is the best in the business. I've heard KW is good, but I've met KW agents who were in a class I was speaking at and they attested the same thing..that CB had better training than KW. 

Other than those two, none of the other big players compare. 

If you are just going to help investors buy properties and work with buyers/renters, then just go to a small company with a higher split. The bigger companies offer A LOT of tools/training to help you get SELLERS so if you don't plan to do that, you are wasting your split on tools you won't ever use.

Good luck!