All Forum Posts by: Eric X.

Need proof of funds prior to making offer here in Illinois.  Think of it from the seller/agent's perspective. You could just be some guy messing around wasting their time. If they put it under contract with you, they are taking away the property off the market more or less.  If you end up not being able to get funds, they just wasted their time. 

I usually show a bank statement which is sufficient.  Retirement 401k account statements work well even though it probably shouldn't .

However, I have put a property under contract before with a buyer that has a great reputation before he had financing/hard money lined up.  Very rare occurrence.  Usually...you need to show you have the ability to pay. 

 If your rates are actually that different...you aren't getting quotes from the right lenders.  I rarely shop rates since the lenders I use are almost always within 1/8 of a point once you line up the fees.  

@Rick Oaks Technically your agent is not totally off base.  30 year note will give you better cash flow. Rates are low and the interest is deductible. rates shouldn't differ that much between lenders.  The change in rates for the same 15/ 30 year note should be fairly negligible.  a quarter point on a 100k loan is only about 14 a month.  And that 14$ is deductible as well so of course you want the best rate but it shouldn't kill the deal.  

He isn't wrong but he should of worded it slightly better.

Shop around for granite.  My granite guy is barely more expensive then laminate. Lasts longer an attracts better tenants. This is for B/A areas

 You should really talk to a buyer's agent.  It sounds like you can benefit from using an agent that can help you make an offer and put it under contract.  

I'm getting 30 year 3.95% for 4 plex or under.  for me the rate is the lowest at 25% downpayment. 5.5 seems high.

@Ashley Zhang

I would talk to the agent and voice your concerns...2 weeks to update info and photos? Unacceptable.  For something like photos and info, 24 hours max turnaround. It only takes 5-10 minutes.

Also keep in mind that number of showings requests is usually dictated by photos and price.  If you are only getting a few showing requests...the home is either too expensive or the photos/staging is not done well.   You mentioned taking photos yourself.  Are you taking good photos with a wide angle lens with some HDR (photomatrix type editing)? I usually use this combination when advertising my rentals but for sales I hire a photographer since they take and edit slightly better photos than I do.

If the price and photos reasonable, you should get more showings.  I don't always sell my flips in a week but usually within the first week we have 15+ showings. Your agent may not be great...but you need to take a look at your listing to make sure it matches what the market will pay. 

It all depends on your finances.  If your debts and assets exceeds what the bank requires to get another loan, you will be fine. Talk to some lenders and find out.  Only they can give you a better answer. 

Majority of successful investors have many many many loans. good luck

Go look at the actual Santa Clara county foreclosure posting.  Auction.com, while good, is somewhat limited and does not show all potential foreclosures. 

@Account Closed

I took a gander at your listing.  Is it my eyes or is the drywall work in the lower super patchy? It looks super bumpy/uneven almost like there was water damage at some point with a bad patch job.  For a flip, it needs to visibly look perfect.  Maybe it is just my eyes or my screen.