All Forum Posts by: Michael Plante
Michael Plante has started 69 posts and replied 2369 times.
Post: THIS is why your Realtor is Ignoring you-DATA says they Should!
- Deland, FL
- Posts 2,434
- Votes 1,875
easy way for an agent to know you are a serious buyer
Google their name Billy Smith cel #. This gets around the Zillow filtered phone number
Text them a picture of drivers license and a screen shot showing proof of funds As well as a screen shot from the county websites for the 4
Counties I own property in, showing the list of properties I own
I also text Hi this Is Mike Plante I saw a property you listed which I am interested in.
Are you able to write the offer if I decide to make one?
So far has always worked like a charm
Post: Best areas for cashflow for multifamily properties
- Deland, FL
- Posts 2,434
- Votes 1,875
Generally properties which cash flow more tend to appreciate less. And vice versa
Upstate NY cash flows well because they appreciate so little. Such as Buffalo, Rochester and Syracuse
Post: What do you do when you analyze a Negative cash flow?
- Deland, FL
- Posts 2,434
- Votes 1,875
Too many available properties which cash flow as well as appreciate to bother with those which don’t
Post: Collecting Late Fees
- Deland, FL
- Posts 2,434
- Votes 1,875
I do the opposite to start
a $150 discount for paying on the 1st.
Then late fees after the 3rd
Post: How collect first, last and deposit over a period of time?
- Deland, FL
- Posts 2,434
- Votes 1,875
Don’t do it
first, last and final all at once BEFORE giving keys
Post: First Flip — Offer Just Accepted
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Greg Todrank:
Paying $20k cash and bank is giving me a construction loan for rehab ($140k). I'll have some carry costs, but definitely not $20k.
$20,000 was for closing costs on both ends including real estate commission when selling, holding costs electric, heat, water, sewer etc
Post: First Flip — Offer Just Accepted
- Deland, FL
- Posts 2,434
- Votes 1,875
Am I looking at it correctly?
expenses
Purchase 20,000
Repairs 140,000
Buying and selling Closing costs, Taxes, holding costs etc 20,000
TOTAL $180,000
ARV $220,000
Post: Peter Harris - Commercial Property Advisors
- Deland, FL
- Posts 2,434
- Votes 1,875
Anymore feedback?
Post: Bad Information around 10% down
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Shane H.:
@Jeff CChisum
Im not following this at all. Someone posted a link below and it clearly says single unit, no rentals. Ive never used fannie mae and my broker (multiple actually) says he cant get me anything under 20 % down because i own a home. Unless i move of course.
Post the link please
Post: Bad Information around 10% down
- Deland, FL
- Posts 2,434
- Votes 1,875
Originally posted by @Jeff Chisum:
Originally posted by @Joe S.:
Self-employed investors seem to have a hard time getting these kinds of loans anyways IMO.
Just depends. There are some 10% down options on bank statement loans for these type properties. There are also DSCR, investor cash flow loans but require 20%
What are current DSCR interest rates for 20% down 700 FICO $1,000,000 ?