All Forum Posts by: Jack Bobeck

@Khizar Hanif This really sounds like a great question for fellow flippers at a local REIA meeting. Find others that are flipping to get an idea of the questions you have above. I know that here in NE Florida, we are going to see a lot of homes hit the market next year once fixed from Irma flooding. I don't have data for you yet as many people are still working on homes to repair them.

@Kishore P. Every time I have wanted to use the cash value of a Universal Policy, I have had to pull the cash out, as a loan to myself and my policy. The Int Rate is not much. I have not heard of a provider willing to take the cash in a policy as collateral.  Best of luck to you! 

What collateral are you going to use to get the Line of Credit? I recommend you speak with a Credit Counselor. I have spent the day chatting with LOC offers and they are going to want 680-685 credit and equity in a property to provide a line of credit. You might be better off with a credit card buying and paying off to build a history, but you would do well to ask a credit counselor for advice.

@Alex T. Some "hot" neighborhoods are up to $220 per square, like Avondale. Its all pretty hot here. 

@Account Closed I always factor in at least 3% of the loan amount for closing costs. Lenders tell you what you want to hear when chatting with them, then once you get the HUD, they forget to tell you about all the "fees". So I use 3% as my factor. I learned that from my wife who is a Realtor. Hope it helps.

@Nghi Le So many options for funds without having to be tied to personal guarantees. I can get non-recourse loans, pay 6-7% on the notes, and be able to refi for 30 years. Its awesome! I don't care if the % is higher than conventional, the PITA factor is much less with non-recourse than the conventional side. 

We all know you have to have money....to make money. Its so true in the world of real estate. 

@Peter MacKercher Have you looked on LinkedIn? There are a boatload of VA services on LinkedIn, they are always trying to hit up my wife to do tasks for her as a Realtor. There are many services with pricing all over the place.

Or you could use this as a training tool for a newbie realtor to lead them into a career in your office. Training is something that is VERY valuable these days, but few "new" agents ever get all they need.