All Forum Posts by: Robert Lorenz

The Phoenix market is pretty hot right now, so many of the rehabbers I've spoken to about this are paying much closer to 80%.

@Jacob Kelley I think what @Brent Coombs is trying to say (please correct me if I'm wrong) is that you won't likely have enough equity after only 1 year in the 203k rehab to refi AND take enough cash out to do it again, and if the bank knows you plan on turning the property into a rental with your refi $$ they may want to keep it leveraged 75/25 to reduce their exposure.

Now if you refi into a conventional and have SAVED UP enough money for another down payment, you will have an easier time with it... Also Fannie Mae has a similar program in a conventional loan product called HomeStyle that is 5% down that you should look into.

lol agreed on my best days I'm just hitting 500 calls using Mojo 3-line. Also, that line Marc uses "calling because..." sounds like it came right off a Mike Ferry script ;]

I'm thinking this should be state-specific, but realistically you're not supposed to engage in any transactions that are not your own without a license. You can sell your own property(ies) but not someone else's if you're expecting to get paid. Wholesalers are either closing on the property themselves first or selling the CONTRACT as an assignment, which doesn't count as selling real estate without a license in most (or all?) states. My current interpretation is that if you're not being compensated at all, you can sell peoples homes all day long, though I may be wrong...  Everything I read referring to this mentions "for a fee" "..commission" or "compensation". Strangely, none of the other agents I know could answer this question.

Super duper big fat NO. If you don't have access to MLS or an agent who can run comps for you, there are ways to find closed sales similar to your subject property using the big 4 (Zillow/Trulia, Redfin, Realtor) if you know your way around the sites, but never count on the automated price estimates. There's no way they can account for details like finish, construction quality, condition, repair work needed, etc...

Hi @Olivia Darling, Arizona Real Estate Investors Association has affiliates that specialize in all things real estate, including a great attorney. I'll PM his contact info, but you only get a discount if you're an AZREIA member ;)

@Marc Valencia cold-calling homeowners is absolutely a viable strategy! Many very successful agents and wholesalers make cold-calling one of their primary lead gen spokes. Look on YouTube for videos of wholesalers and Realtors (and various other business/sales people) cold calling prospects for business.

disclosure: this (cold/warm calling) is my primary lead gen spoke, second only to door-knocking and networking.

There's enzyme-based pet mess products that would be my go-to.... check out any of the various floor/surface cleaners made for this purpose, such as this product.

If you're buying a home to live in, you can look into renovation financing such as FHA 203k or Fannie Mae HomeStyle, though unless your friend is licensed as a general contractor he won't be able to any major repair work. Navy Federal should be able to help with a loan like this, though you're always betting on the safe side when you shop around for the best terms. VA loans and standard FHA loans have strict guidelines for the condition of the property, so if you're buying a fixer-upper with one of these it needs to be very light rehab work (basic cosmetics, cleanup, etc).

IMO, yes you should approach multiple lenders (at least 3) and at least have the conversation about rates and terms. Getting your credit in order is also a great idea, if it isn't already >700 (for best rates/terms, 720+). You definately want to be pre-approved before talking with an agent or offering on properties (unless you're wholesaling/assigning)

about 2 hours, from 6pm-8pm