All Forum Posts by: Abhilash Joseph

Good credit, 2 mortgages, looking to buy a 55K property with excellent cash flow. Is it possible? Any mortgage bankers at bp who are interested, please look me up. I tried a lead from bp but still waiting to hear back from them.

Question: Is 55K too low an amount to get conventional financing on it?

Josh,

I was skeptical too....but the pro opens up a lot of avenues to learn as well...especially the deals. I have not yet purchased a rental after BP intro...but am sure charged up and waiting for the finances to line up before I make my buy. I have put in for a cash out refi on my only rental after learning the nuances of cash flow vs. owning outright...from bp...

Brandon is a super charged up guy...which you can hear in his webinars...try one out and you may decide quick on your pro purchase...:-) Again, if its a burden and you wont sleep well with the purchase, dont do it...But I am sure the calculators will give you much knowledge than before a pro...

Dexter,

Welcome to BP and good job with the research and the decision to get into multi-family units. All 3 of your questions are answered multiple times in different ways, and there is a wealth of expertise in each of those responses...I would encourage you to search these questions and learn from further refined questions particular to your case/scenario.

Good fortune ahead.

@Miki M. Not sure what you meant, but the company I was suggesting you try is located at 17515 Spring Cypress Suite C #210, Cypress, TX 77429. At least that is the address from their website.

I have used www.stressfreepropertysolutions.com before and lked their professionalism.

Give them a shout and see what they can price you up for...They work with your schedule as best as they can. 

Try stressfreeproperty solutions, I think you will get a good pricing from them. I have used them only  once but I think they are transparent with less smoke screens.

Hey Mark,

Thanks for the response...

I have 45K outstanding, so 75% of a 140K property, I was looking to pull 105K with a 55+ K in cash out for future investments.

All total fees were around 2600+ and some change...

5% for 30YR on a cash out refi with a 690 Credit score..

Is this typically this high for an investment property? My current rate is 5.25% @ 15 yrs...

Any ideas or suggestions is welcome

Nat,

I would highly recommend not to let it go too far and you are left in a hole. If you want to evict then do it immediately as your losses will be less. Non-payment of rent is grounds for eviction once you do proper paper work of notice and all that legal stuff.

Reason, I say is because my tenant, an older lady had a heart attack and was delayed on getting her job, so I am behind by 4 months now...i let it slip past for humanity sake, and now its getting difficult, promises after a while seem distant and goes unfulfilled...So decide if you want to continue with this tenant or not and let it die while you are still friendly with them and not let it play on your emotions where it gets difficult as months pass you by with loss of rent and trust in the tenant. my 2 cents anyways.

If i do it all over again, I would have evicted at the first sign of delinquency. As many have said to me, we are not running charity although you allow for some wiggle room at times, it can easily get out of hand and I want to spare you the trouble. A woman and a baby can soon spin some good stories around your emotions...so be warned.

@Wayne Brooks could you share/explain what can be the downfall in going directly with the sellers agent. I see what felipe states but what can backfire?