All Forum Posts by: Jeff Filali

Moving into primarily multi units & commercial now that I built up the equity to leverage. Will probably sell off some SFRs as I locate the right multis to roll into. 

Please read my latest BP Blog:

@Account Closed Check with local credit unions or banks in the area where the properties are located.  Sometimes they will.  The national banks won't touch them.

Read my latest blog:

You can learn everything you need to know on BiggerPockets, and other free or cheap resources like books, online search, youtube, facebook groups, and local REIA groups. Save your money until you educate yourself at first. Everything in any course can be learned for free. Some courses that are specific may be beneficial down the road if you want to learn more about a specific area of the business, such as scaling, or marketing, etc. But as a newbie, most programs are designed just to prey on newbies, and throw a bunch of information at you that makes you feel like you learned, and then they'll try to upsell you on more programs.

Its a Wells Fargo issue.  I've purchased many properties through Auction.com with limited issues, other then the typical to be expected with foreclosures, and bid approvals when there's an undisclosed reserve amount.  But every one I've purchased that was a Wells Fargo property I had delays and issues.  Plus they're the only bank I know who requires "wet signatures", no electronic signing, you have to print all 30+ pages, sign, scan/email or fax back to them.  Its 2018 not 1988!!

Great job @Vincent Townsend

I wouldn't ever recommend doing this with a friend, its business and could end the friendship. 

Another option is to require them to purchase a home warranty. Usually cost around $50 mo and covers a lot of repairs, there are additional servicing fees similar to deductibles, but at least they don't have to come up with $5K to replace the HVAC, etc.

I never check credit scores.  I care about NO Evictions, NO Felonies, Verifiable INCOME and employment, and references.  I do check online court records, verify the current landlord they list actually owns the property, and verify all other info.  If I find even one lie, they don't qualify.

My personal credit score dips to barely 600 at times during the year, because I may have $50K+ on credit cards while taking advantage of ZERO Interest offers, I like using that cheap money, but I could pay cash for most properties. Then within two months of paying off the CCs, my score is back up above 700.

Most important advice you'll ever hear... "BUY LOW!!  Wealth in REI is made at time of purchase."

NEVER GET EMOTIONALLY ATTACHED TO PROPERTIES!! It's either a deal, or not... A home is a stack of wood, metal, and other synthetic and raw materials... It's not a puppy!! The numbers are the numbers, don't get emotionally attached to properties & try to talk yourself into bad deals, or you will go broke.

Good luck!!