All Forum Posts by: Mary K.

@Matthew Porcaro That's so kind of you to offer advice. I will PM you.

@Frances Song I agree. Would love to see more podcasts from women. I'm guessing BP demographic is 90% 25-50 year old male here but love to hear from women who became successful, especially by themselves. I think it is much more rare for women and much harder for us to find a network, mentors, partners. Hard to break into the boys club.

@Ryan P. Kotschedoff Would also love to see more podcasts and articles or how-to guides for young people starting out. Teens/early 20s. Maybe sub forums for both women and young people under 25?  

Also like to see more meat/detail in general in the podcasts. Really like seeing the detailed analysis of deals from Brandon with photos and numbers. How did they find their first loan and where? What challenge did they overcome with financing the first few deals and how did they overcome? What mistakes did they make along the way? How to find a partner, mentor or financing source on BP? More info on LLCs, trusts, insurance (liability, landlord), more info from a property managers perspective (how to deal with....), info from attorneys, etc. Is there a reason podcasts can only be investors and not PMs, landlord/tenant or RE attorneys, insurance agents?

Hi Vernal I'm in Ocala. If you PM me I can share my list of contacts and my thoughts on the market here.

Newbie here looking for advice on a deal. I put an offer on an out of state 3-unit listed at $100K (price had dropped over several months to this from $140K) and got it under contract for $95K. Not a great deal but it will cash flow. It had been advertised as "rent ready" and no repairs needed, so we ordered appraisal (came out at $100K) and inspection. Inspection found $10K-15K or so in work to make it safe and habitable - water damage, unsafe electrical issues, etc. Only 1 of 3 units is rented for below market. Market rents would be $1450, so about 1.5%.  Tenants pay all utilities.

The elderly widow seller wouldn't lower price further or owner finance. My mortgage broker said a Fannie Mae conventional loan with 25% down allows only 2% max seller credit for closings or repairs, not nearly enough to cover repairs. Is this true?  I thought I had heard you could go up to 9% seller credits on Fannie Mae? 

I don't want to pay $95K and put 10-15K into it and have more into it than it appraises for so for now the deal is off. I also had hoped to make a few improvements and refi in a year and get some or all my cash out - the BRRR strategy.

Anyone have a suggestion on how to make this deal work (with as little cash as possible)? 

Sarah, we used to stay at the Lazy River at Granville on Dry Creek Road (Newark/Granville) very close to Columbus. You might try there. Interesting idea with the RV share. I have not heard of it before. Profitable?

    @Peter Tverdov 

My mortgage broker told me that nobody does HELOCs on NOO so glad to hear others are doing it. I have checking/savings at PenFed. What PITA factors come into play using them for a HELOC on NOO?

I've used Brick City Title in Ocala for my dealings (not wholesaling in particular). The person there I know is Erin Jones in Marketing but anyone could help you. Were you at the Marion County REIA meetup last night in Ocala with attorney Danialle Riggins speaking? She was impressive. She really knows landlord/tenant/property management law, could probably recommend someone for RE closings.

@eric veronica

where did you get your funding from?

@Kyle Inbody did you get a loan and make a purchase? My son is a FT student and wanting to do the same thing.

What states do you lend in?