All Forum Posts by: Chan K.

@Mike Hurney

Thanks, Mike - where do you usually go buy your biggest sign?

@Rob Beland @Aaron Montague @Rhonda M. @Paul Timmins @Wallace Audena @Paul Donoghue

Thank you for the feedback. This is plenty of resource, I will add them to my database and black book.

FYI: I called the Housing Authority. She also recommended another website if the target is section 8. http://www.gosection8.com/

-Chan-

Hi BPers,

I would like to find out where and how do landlords usually list their rental.

1.Place sign outside their rental

2.Place ads on http://boston.craigslist.org/

Are there other methods and sites out there that you are using?

Thanks,

@Jonathan Plair Need more information, is this a flip or buy/hold.

If it is a buy/hold, you won't be able to find any lender that will lend you 100%. Getting money from HML is suicidal at 12%. You might consider a partner if you have good credit. They put the down payment and you put in the credit.

If you are flipping, you can utilize HML, but you need reserve or income to sustain the holding cost.

Good Luck!

Where is the property located?

You might want to wholesale it, then pocket the different.

The equity looks very very good.

@Andy Collins I agreed with Andy to stay put for a while if you are making closer or at six figure.

While working full time, you can still work on real estate part time. You just need to find a niche that is cheap to get start to warm you up. Once, you save enough capital, you can start shopping for deal.

If your "xyz" salary is high, it is going to be hard to transition out, unless you snowball very fast with your real estate acquisition and the passive income from them far exceed your earned income from "xyz" job.

@Justin Tahilramani You mentioned that you and your wife have a job, you should be able to get conventional loan and unsecured line of credit.

1) The REO home - single family, you can get in with 10% down without renovation money. If you want the renovation money (up to $35k), you need 15% down. For multifamily REO, you need 20% down regardless if you want the renovation money or not

2) You should be able to get an unsecured line of credit from TD Bank for a very good rate like 8.5% compared to the credit card. I bit you, with you and your wife's income, you will easily get up to $50k. You can also try Wel Fargo for up to $100k, but their rate is more than 10%.

3) If you have a primary single house and second home (also single house), you can do a HELOC. For primary single house, TD bank offers up to 89% LTV and up 80% LTV for second home.

4) I also have home depot card and 3 credit cards ($10k each card) in case I have to rehab or end up buying a fixer up.

Now you are ready to go shopping after getting pre-approval for a 30 years fixed rate. I also like REO investment, because it comes with equity (after fixing up that is) which allows me to cash out and hold then re-invest.

@Bryan L. I were unable to find a lender that is able to give me HELOC on an investment property. If they are, the maximum allowable LTV is very low. Do you have some references?

Hi Tom,

I talked to a few banks, they were able to present me with a 80% LTV interest only option for the first 10 years and 25 years term on the second home. It is a good deal, but the interest is pretty high - 5.5% to 7.25%.

Regardless of the interest rate, if I take the money and re-invest it in the next deal, the next deal will out perform it.

I know TD Bank in MA is able to do 95% LTV for primary residence - yep you can thank me later. Go check them out!

Vote for me if you like my response. Thanks,

@Account Closed

Rob, it sounds like you did your homework. Unfortunately, I only studied 6 months which included reading a few books, forum and podcasts before I started buying real estate investment. At the time, I know enough to get in - find and analyze deal that cash flow. I also assumed that there are a lot to learn after I acquired the investment - street education, hand on experience. This way I don't have to wait and keep study for years before get into the investment.

You are so confident about everything and know everything about real estate based on your comment above. I have a few questions for you,

1) How did the assessor come up with my tax assessment value

2) If I don't agree with it, how long does it take me to appeal?

3) If they don't accept my appeal and lower my tax, can I re-appeal?

4) Regardless if I appeal or not, do I have to pay the new tax value?

So, I assume regardless if you provide the information or not, they can tax you with whatever they want and you have to pay it. I would imagine some of the investors will through this kind of request into the trash.

@Account Closed I do not have anything to hide. I am not a lazy person as I am pursing real estate investment part time, while working full time.

I believe it is that human instinct when someone asks for your confidential information, you tend to ask a lot of questions prior to give it. Once, the questions are proven to be a norm, then no question is necessary from me :0).

I am sure you were concern as well the first time you received such request.