All Forum Posts by: Patrick Daniel

Harjeet is correct, figure out your LTV, and then contact your current lender to see if they will help you out with making your terms better. Since it is an FHA, there probably will not be much they can do because the FHA mortgage is very particular on proper terms.

Another thing to think about. Look at what your Interest rate is currently compared to what you can get now. and then compare that to what you are saving by removing the PMI. Depending on how good of a percentage you got in 2014, there may not be too much difference when you calculate in the new closing costs and the potentially higher interest.

I am not of the opinion that they have to have a ton of investor clients. It would be much more important to me that they are investors themselves. This way they will speak the same language as you rather then just using the standard market buyer lexicon.

You forgot the part about the one-on-one consultation with an expert adviser to see if you are a good fit for the program. Then they will "allow" you to pay for the $50,000 program... we take credit cards! 

@Matt Jones That looks great! you did a lot of changes for 13,500 and all of them look like they were great choices for a rental (Especially the wood look tile). 

We have always used "first international title"  in Gregory St and have had a great experience every time.

Thanks for the info Kish! Are you looking for a money partner or someone to buy the deal?

There are a TON of ways to do it:

1. You can do a straight 50/50 split where money and work are equally split down the middle.

2. One person can bring the money and the other manages the project and the money is split 50/50 or 60/40.

3. One person can bring the money and just act as the lender and charge a percentage/points upfront as well as 25% of the profits.

Always make sure your are signing an official agreement (Something like a joint venture agreement) that details EVERY possible outcome.

1. Who will do what?

2. Who pays for what?

3. When will certain things get done?

4. What happens when the house sells or doesnt sell? (Plan for multiple exit strategies)

5. How are the profit and losses at the end handled?

Make sure that the terms are legal for your jurisdiction. (Use a lawyer to review and green the deal paperwork.)

@Michele B. Sorry, when I read the message before I read it as the hard money lender that you work with as a customer, not the one that you actually work for. Does your company provide hard money options nation wide or are you state/region specific?

@Jordan Hamilton have you thought about getting partners together on the deal once you know that the numbers work? There may be someone(s) out there that is interested in part of the deal and maybe they provide part of the down payment so you can get in there without stretching yourself too thin. 

I see the value of going big (16+) for sure, but If this is your first deal, I would make sure you had either A). A partner or B) a  good property manager and a good system for how you will manage everything.