All Forum Posts by: Rijm D.

What about before 2000? I get that it was free roaming about 2 or 3 years before the crash in 2008. Just read that Trump started a mortgage company right around 2006, amazing that Mr. Knowitalldouch could not see it coming either. All that is still a mystery to me, cause I feel like if you had your finger on the pulse just partly even one should have seen it coming, considering I worked in timesharesales back then and even the dumbest people had houses, even pizza delivery boys with 20k incomes. Anyways, people invested for way longer before that and the interest only loans. How or what kind of loans came before that predatory lending period? If they go back to those kind of high interest loans, could we still make deals happen? Or at what point if ever, is there a chance that it will be difficult or impossible to make deals work? Or is the system set up for investors to always make it work to keep the market going?

So 30 years is better than 15 since you can pay off the 30 faster if you want too anyways and have a lower payment. Rack up all the good debt weapons now since the rates are at such a historical low, have a lower payment to afford more loans. 

My question is, how did people and investors do it when there were 80/20 loans just before the recession? What were the terms then, 20% at 12%, the 80 at 7% i think it was. How were and had deals to be structured different then they are now, what were the margins for profit and mortgage handled? Interested if someone could talk about that, since these rates now can not stay that low forever, what could we be looking at in the future judging by the past. How did you veterans still make a deal work back then? Knowing that people had invested for centuries even at those high past rates, I wonder how this can be a long term game when rates go back to these 80/20 loans. 

Thanks. 

Would like to come by there during my brief visit to Indy 7.6 to 7.9. I am meeting an agent around 4, will see if I can make it to come by there at 6. I do not know anyone there for my stay, just meeting people who I can set up a meet. Looking to invest in Indy, any contacts, info, suggestions for my stay there professional and fun would be welcome. 

Thanks,

RD

 Just looked at her website. So that's a 2 hour drive though, dont think I can make it for this trip. On her site she talked about the economy there. Sounds good. What are the stats on properties there, price and rent range. She is TK as well, how does she have her business set up. All in house? What's your take on the company and the market there? Rent steady, equity,... since you seem to have done your research already and vetted her. 

Thanks, another playground to investigate. If the concept proofs to be right, though some speak against it being feasible for the long term, there are multiple markets in the midwest to look into. Another company I'd be interested in is Smartland in Ohio I think. 

Well, will see how Indy turns out. 

 @Tyler Jahnke what did you learn from your trip out there. I am going there this weekend. What do you suggest I should try to accomplish and who to meet or see. I set myself up with Jeff and his TK, and independent agent I met on here that seems to have connections. Maybe a local  RE investor meeting, a wholesaler and a PM. Rental car and will be driving around. What else?

I have listened to Morris too for a long time and my analytical mind and careful slowness saved my behind here not having jumped on the ship with him before I got my first warning as a comment by a viewer on a show with Morris on Mark Ferguson podcast. In the meantime I have done my research and will certainly not give him the opportunity to take my money. A local Vegas lady contacted me too that she got taken with a Morris crack house. She now bought 2 on her own there.

So I'm flying out this weekend to check out the market, drive around and meet people and all. As a thank you to this community I would like to offer to anyone interested to give me your property address and I see if I can make it to pass by and take pics for you and forward you the info. I understand I probably will not get to see the inside unless it is vacant or under rehab, but if you would like to see updates on your house, let me know.

Thanks all 

R

You Vegas residents, I just posted about an awesome HELOC opportunity with nevada state bank, lock it in at 3.99% 85% ltv and 10 years. Check my recent post. Not sure why selling is the first option for you Kurt.

good problem to have. Well done. Hope you make the right decision for yourself. 

Just talked to the bank now. Updated info is excellent credit on primary residence is up to 85% LTV. First you qualify for their regular HELOC at 20 years and Prime plus 0.25%, so essentially 5.25%. Then you can borrow up to 3 times, now extended to November 30th 2018, with their EquityLock Structure at 3.99% for 10 years. Now that you did that, you changed your loan and that means you do not have the money available on a revolving line anymore when you paid back some of it. So in my case if all pans out, $120.000 borrowed, would cost me $1230 a month in P+I. So over 120 months at 3.99% I would pay $147.600, or $27.600 in interest.

I could pay it off earlier and save myself some interest in an amortized loan, meaning more interest paid upfront, but that does not mean that the say $20.000 I paid down is available to borrow against again. Would need to reapply for another loan at that time with whatever new equity I hope to have then by market going up and money paid down and new LTV applied again.

Either way, this product seems to work for my purposes, and I could not do anything with my home equity right now and just talk big and brag about it, or I can put this money to work for myself and invest it in a performing asset some 3 properties in the Midwest, and have them paid off with this loan in 10 years by the tenant and then own 3 properties free and clear. 3 x $420 Net Income = $1260, which is a wash towards the Equity loan. 

That is how I see it. Any input on that logic?

Hey there Kurt, very German name, speak any? Welcome to BP and taking the leap to comment. I'm in a similar boat, also in Vegas and interested to invest in midwest. About to fly to Indy this week to see the market for myself. I was about to get my license here, but fell behind with time to study, plus I realized I would not need it to invest out of state, which I would rather do for buy and hold. 

Congrats on your little one and spending time with her, and enjoy your awesome road trip, always wanted to try that. 

Let me know if there is anything I can help with, or just being a like minded local here bounce ideas around. 

Enjoy