All Forum Posts by: Mike Dorneman

@Omeed Owhadian I use a commercial lender which lends 80%. So if I were you, I personally would pull 80k out and then use it in 1 of 2 ways... 1. Would be to use it to purchase smaller dealers that cost about 50k. Then quickly rehab, rent and refi those to get my cash back and do it again. 2. Use it as downpayment for next large purchase. Issue is it that you can’t do it again... no more cash

@Brendan Mcdaniels Yes and yes. It works with any and all properties. I perfer the commercial lender for this strategy. Quicker loans and very repeatable process.

@Omeed Owhadian Yes, unless the amount you can pull from the condo can support purchasing the new property completely. I perfer to do it this way because it allows me to complete more deals with les down time “waiting on mortgage to come through” You’ll then refi the new purchase with another loc or loan to purchase your next.

@Charles A. Love that hustle!! Get some!

@Joe Doman Same here! Had to walk away from a great deal on a duplex after my inspection today. Bummed about the condition but it’s just part of the game! On to the next!

@Greg Bacon Hetbin there Greg! The only hard deal is your first! Get that under your belt and no looking back.

@Omeed Owhadian BRRRR. You’ve done all the hard work, not R refinance that first property into a Line of Credit. Use if for the down payment on your next. Renovate, rent and refinance again! Keep it going and you’ll be at 10 before you know it!

@Kamira Collier First things first, find a property and get it under contract. Once you have something worth selling, you’ll have no problem finding buyers! That’s exactly how you’ll know if you’re done a good job or not. I’ve been contacted by “wholesalers” who never have deals to sell. Those guys get blocked on my phone. On the other hand, wholesalers that have good deals and especially ones I’ve bought from before... I touch base with them every week of 2.

@Cesar S. you can get between 5-6% on a 20yr 5yr reset just about anywhere. “Commercial rates”

@Eric King Yes. We were meeting at the Perkins off 81 in Pittston the second Tuesday each month at 7. I haven’t been in a while though so I’m unsure if that’s still the time. You can call Perkins and ask if a group still has then room reserved for that time to check.