All Forum Posts by: Saravanan Saravanan

@Ayodeji Kuponiyi Generally it is challenging to sell an MLS property to another investor. MLS price is already open in many web sites and through a realtor. Unless; you buy way cheaper than list price and another buyer is not familiar with MLS and willing to pay a premium close to list price.

Afraid if agents and brokers would approve an assignment of the contract.  Transactional funding could be a better option in this scenario 

@Ryan Proffit

From my understanding of your questions; this would be treated as 1099-INT income; like bank interest income.

Disclaimer: I am not licensed planner or any other licensed financial professional. This is not to be treated as legal advice

@Nathan Schloff It is unfortunate to see how some folks learn to abuse the system.  Remember, "Tough times never last; but tough people do"

Keep pushing yourself for greater things through real estate.

@Simon Ruiz  Generally most private lenders give funds to non-owner occupied income-producing assets. In the event, you occupy the property as a primary residence; that situation changes.  

Maybe you can get an owner-occupied bank loan to start with as an option? OR use private money and then get a bank loan; before you move in?

@Dnyanrsh Mijagiri It is generally easier to manage when the property is within a 10-mile radius or 30 minutes from your home.  This is important for the first handful of flips or rental.  This way you can go there after work during weekdays or on weekends easily to manage. 

The farther you are away from the property; it needs lot of planning and help to get things moving 

@Mike Alber It is unusual when the seller has a contractual agreement with a broker; trying to sell for cheaper price outside the listing agreement.  Unless; the seller put that before entering the contract and forgot to remove it.  If the seller still wanted to sell for a cheaper price; be transparent to your agent (if they spent time with you already on this property or given your access to see the lists), and settle for agreeable compensation.  

@Robins Dorvil Usually the local credit union or bank should be able to give up to 10 single-family properties or below 4 units; without much issue. This also depends on credit history and job; debt-income ratio etc.

@Nathan Schloff Personally in this specific situation; considering a widow on social security; I would have them move out and let go of the payments. The person might have lied to you, but treat this as an opportunity to improve for the future. Empathy goes well in the long run. 

In the last 25 years of me doing real estate; I learnt more when I failed. I add them to my checklist and adjusted for subsequent projects.

@Clarence Browne The costs of money varies based on your experience; location of the property; risk factor for the lender; timeline of the project that is based on extensive or minor rehab; your downpayment funds on the project; any other liens outside of the first lien to the lender etc...  Based on your specific situation get 2 to 3 quotes from Hard Money Lenders or Private Lender terms and make the decision.

When I did my flips I would look into the reward I make; after paying off the lenders.  If the profit share of mine was acceptable; then I  moved forward to the funding; who is a reliable source.

Personally, I have seen some lenders take longer to fund; while few are more reliable and quick.

@Account Closed As a general practice it is good to get more than one quote.  Seems like you got one already and others recommended another company.  Now you have good way to compare and make a better decision. If appropriate; get permits to be safe and that has to be included in the price. Also, disposal of existing materials to be included.