All Forum Posts by: Mary El

Can I sell my investment property using 'subject to' if I have a DSCR loan? What, if any, differences are there compared to selling a property subject to a conventional mortgage?

(Yes, I'd likely do a Lease Option instead of Subject to but I'm curious about the nuances of DSCR loans.)

Thanks!

Be sure to have your Certificate of Eligibility (COE). The broker will need it to calculate how much you can borrow before you need $ for a down payment. You can get your COE from Veterans Information Portal

After the 1 year and convert to rental, could he then get another VA loan? Or would he have to refinance and pay off the VA loan to get another VA loan?

Google: mileage tracker or GPS tracker. That will give you phone and hardware products. Most come with cloud-based software and options for adding additional information. For example, if you were driving for a specific buyer. Not all mileage trackers will build maps as some just capture how many miles you've driven; so double check the feature list. If you want to capture specific information not provided in the accompanying software, just export to spreadsheet and add columns for your info.

I'm not military but I would say you can skip the realtor. You will definitely want an inspection, which is a buyer cost!

Talk to a lender and get a pre-approval letter. If you can afford it, better to just buy your buddy out.

@Jay Hinrichs Write off as a cost of doing business is a great point. OK, I'm still cheesed but a little less so. I will say I'm learning a ton, so there's that.

@George W. I know, right?!

Look I understand that people are putting their own money out there based (in part) on my efforts. And, sure, be picky. Be downright tyrannical about your requirements. But, damn, tell me UP FRONT and be fully transparent about my upfront and at risk out-of-pocket cost.

I was willing to spend $1000 to play on his playground. But I thought I had a legitimate shot at getting a finder's fee for that $1,000 by submitting 1 deal a month into Deal Genie.

So, fingers crossed that the BP community finds my deals good enough to recoup my $1,000. And, who knows, maybe I'll try wholesaling (in the future)?

@Maurice Smith Hey man, judge away! LOL

To answer the easier question first, I'm already investing in NC (Wake and Durham counties) and have a great network for my BRRRR strategy. In June I'll be looking to diversify my portfolio - add multi-family, maybe commercial, invest outside of NC.

The answer to the more complicated question is that I was hoping to try a finder fee system. I was totally willing to pay for software but the system is advertised as "Hey, I have a guaranteed system for paying you a $10K finders fee." I totally expected to have to work for the fee. What I didn't expect was that I was going to be required to sign contracts (with due diligence paid out of my own pocket) before I can even submit the property to Deal Genie. Moreover, even if I enter all the "right" data into the system, he can still back out.

The 90-Day Profit Guarantee says: "Use the 10K Club (TM) system and you'll have made $10,000 or more within the next 90 days. All you need to do is submit at least one deal per month into the Deal Genie within the first 90 days and you'll make money guaranteed. If not, we'll give you a prompt, courteous, refund of your entire investment. [Plus more verbiage about supporting you for the next 12 months]"

Submission is actually only the first step of a multi-step review process. You have to pass an internal preliminary review AND a final review:
"FINAL REVIEW - Once your deal passes the Preliminary Review, we will be setting up a webinar with you and your realtor to thoroughly examine and go through all the information you submitted. Your realtor will be required to get on MLS during webinar as we watch this on screen. IF YOUR DEAL DOES NOT PASS FINAL REVIEW then we'll let you know why along with steps you can take either on this deal or a future deal to in order to get approval.
APPROVAL: All information for FINAL REVIEW is submitted to Jerry or their staff to provide a final approval. Once you get this we will be providing you written documentation outlining next steps and confirmation of our plans to move forward in closing on this deal so that you can get paid!"

So I'm hedging my bets and seeing who else might want to buy my first (and likely only) wholesale contract :D I only want my $1,000 back. If you make a boatload of money, you're welcome "D

Hey BP community, I need your help. I signed up for (yup I paid $1,000) for Jerry Norton's 10K Club. I won't go into all the details here about why I think it was a mistake after spending 5 hours with the system but I'm hoping to salvage this dumb? decision

I say "dumb?" because maybe with your help we both can actually make some money. This is a shot in the dark but an undisclosed requirement* of the system** is that I get the property under contract before it can be submitted via his Deal Genie software.

*Undisclosed during the pitch

**There are more than a dozen requirements in order to even submit a deal.

IF I manage to get a contract AND meet all the software requirements to submit a deal, then (in theory but no actual guarantee based on disclaimers) Jerry and company will pay me $10,000. That is a HUGE if. 

So, I'm wondering if the BP wholesalers can help. If I get an assignable contract would you be interested in working with me to wholesale it? I wasn't really looking to get into wholesaling so if I can make my $1,000 back I'm happy 😁

Thanks in advance!

I have multiple buy & holds. So far I've used a modified version of BRRRR. I haven't rehabbed (yet) but let the tenants pay the mortgage down and the market appreciate, then refi and repeat. It's a little longer cycle but with all the renovation and redevelopment its been tough getting consistent contractors for BRRRR-sized projects.

That said, literally everyone is making money in the triad, in every possible way. It seems like lots of deep pockets are willing to throw stupid money to level and redevelop. So keep that in mind if you're not one of the big money investors. But they're still making money and that's great for all of us.

So do what you know best / feel most comfortable doing. Make some money. Educate yourself on other methods and diversify to your heart's content! This market is big and variable enough for all the strategies.