All Forum Posts by: Nick C.

If you're on this website your investor class has already begun. Save your money and start reading. 

Multiply the principal by the interest rate then divide by 12. 

$100,000 loan x 11% interest = $11,000 / 12 = $916.67 monthly payment

You should speak to smaller banks beforehand, tell them your plans for the property and see if you can qualify on the front end. No sense waiting 6 months if you still can't qualify, it would be better to find out now. 

It is not necessary to have 2 separate LLCs, but it's preferable. One for buying, one for selling, the message should be totally different and geared towards each target market. 

Whether or not your business cards say "We Buy Houses" is totally a personal preference, I wouldn't think there's any data available proving or disproving which business card generates more leads. 

Try Nick Kolev as a real estate lawyer, very good, very professional, he is a member on BP I believe. 

BRRR or cash out refinancing requires you to buy the property with equity in it. I don't know pricing in your area but 300-360k and getting 1% gross rent doesn't sound good for a buy and hold. Will the rents cover the mortgage and expenses?

I would go for the lower priced market. 

Sounds like you're in for a rough ride. I'd put in my 2 minutes notice and find an office that's more professional. 

12 months of hard money will not work for rentals, but if you refi out before the 12 month balloon payment is due you should be fine. If you've got that much equity and can't get a refi either you need to improve your income or find a better bank. If 50 say no, you still only need 1 to say yes. Maybe you're not adequately explaining your plans to them? If they outsource their underwriting your chances go down significantly, find someone who underwrites in house. 

Your best bet is to find someone with the funds to partner on the deal or get a hard money loan for the full amount, which may be difficult unless you've got an extensive track record. 

Although if you're planning on moving in, neither of those options would work. 

You'd think eventually one of the gurus would try a different tactic, but it's a carbon copy every time, same schem. They all must have taken the same "how to be a guru" workshop. Hopefully they paid the same ridiculous prices they pilfer from the people they guru to. 

Am I the first person to use guru as a verb? 

Sounds like they had a sketchy one sided contract. Even if the intent is to wholesale, either perform as spelled out in the contract or forfeit the EMD. No need to drag it out for months, have some ethics, or at least a conscience.