All Forum Posts by: Justin Razmus

I have used Choice Contracting on at least 20 properties, I usually just contract an entire house out to them at a time. http://www.choicecontractingonline.com Contact them from their website

Justin,

I frequently use commercial loans to refinance my residental income properties. I am currently seeing loans at about 70% LTV, 20 year amortization, and interest from 7.5-8%. Keep in mind this can change daily.

It is true that commercial loans use completely different guidelines. One issue I have run into is local lenders being reluctant to loan to an owner that does not live in the same state as the property that they are looking to refinance, so this could possibly be an issue for you. I am sure there are lenders out there that ar OK with that, so make those phone calls! I'll let you when I come across lenders that may be able to help you.

Contact me directly if you have any more questions that I may be able to help you with.

Justin,

It's been too long! I'm glad to hear you have things going in Alabama. It was a pleasure to work with you in the past, so let me know if you ever need a reference.

I look forward to catching up with you. Keep up the good work.

Much of this depends on the contacts you already have. If you know subcontractors that will give you a substantial discount, chances are you will save money over having the contractor complete the property.

You will need to do your research and see what kind of discount you will get for purchasing before construction completion, and compare that with how much it will cost if you get the repairs completed on your own. Don't forget to put a dollar value on your own time that will be spent hiring and overseeing the project.

I suggest getting the cost estimates by actually speaking with local carpenters, drywallers etc... I would suggest if you are not experienced with running a jobsite, try to use your negotioting skills with the current builder to get a great purchase price, and let him complete the work on the property.

Someone that has experience in investing.

Asking for proof of funds is to verify that the buyer has the ability to close the deal. You don't want to spend too much time trying to sell something to a buyer that can't buy it even if he or she wanted to.

Will tenant pay for all utilities, including water/sewer?

Mailings. The easiest best source of leads. Also the most effective use of time.

Create a "brand" for yourself. Use that on every mailing. You want to come across as a professional. Mail to everyone in your database at least every 3 months. The more names in your database, the more leads you will get. It works, and most top agents use this method. Of course this also leads to referal business, which is great.

I rehab houses in Michigan. I'd be interested to see what kind of deals you come up with. Email: [email protected]

Just wanted to introduce myself. I'm a Real Estate Agent and Investor in the west MI area. I've been rehabbing houses for a couple years now. I'm always looking for more deals, or to partner up on projects. Let me know if you ever have any leads in MI.

Thanks!