All Forum Posts by: Mike Burkett

@David Ray  I have done several deals with Terry Beck.  He works the FW area.  Hard working and very nice.  He is not on BP, but I sent him this link.  Hopefully you can meet.  

@Dan Knight, I agree with everything everybody here has said.  Unless of course you want to flip houses.  Acquiring rentals only is a long term business plan that needs lots of cash and regular income.  Flipping houses requires far less cash and w-2 income is not necessary.  I have lots of clients that flip a few, hold one, flip a few, hold one.  

@James Yancy II  You should never pay anything upfront.  Are you buying in KC?  There should be no problem finding 2% origination fee and 12% interest rate.  If you have any experience at all, 10% interest is easily obtainable.  Depending on the program, you can get 80%-90% of purchase price + 80%-100% or rehab $.  If you like, connect with me and we can talk about your options.  

@Ian Whiteman 80%-90% of purchase price plus 90%-100% of rehab as long as those two don't exceed 70% ARV is typical. I can get 75% ARV with good experience and good credit.

@Bj Ayoleke  A decent rule of thumb is take 20% of the purchase price + rehab.  You will want that much available cash before you pull the trigger.  I've got a calculator I use for my clients if you would like me to send it to you.  

@Preston L'Ecuyer I'm happy to answer any questions you have about finance or borrowing money.  

@Jessica Wygal, yes.  There is a mobile app for CRM.  There is also an app that allows you to take a photo of the business card and it will load the contact info into CRM automatically.

@Jessica Wygal, Funny you should ask.  I came out of a company in January that used Salesforce.  Way too complex for small company needs.  I needed something cheap, easy to learn, agile, and powerful.  ZOHO.  Couldn't be happier.  It does everything.  CRM, email, email campaigns, social media, accounting, websites, its own Dropbox app, and a bunch of others.  No programs to buy.  All are on the cloud.  Accessible from anywhere.  Works across all devices.  You can pay for them individually by month, or you can get them all for $30/month.  When I started SFI Loans, I had multiple needs.  ZOHO has met those needs so far.  Check it out.  It's pretty cool.  

Yes!  You can.  Get a couple of credit cards and begin to build your credit history.  Don't run the cards up.  Use them sensibly.  If you intend on flipping a property you will need up to 20% of the project cost (purchase price + rehab) in cash before you begin.  Partner w/family or a friend if you are short.   If you are trying to buy a rental property, you will still need 20%-25% cash to buy the property.  With decent credit you should be able to get a loan without full employment.  You can't get a Fannie Mae loan, but there are other commercial lenders that lend on the property cash flow.  

Mark, I am also in Dallas.  I own a mortgage company that specifically works with investors.  I've been in the lending business for 20 years.  I'd be happy to share any nuggets of wisdom that would be helpful.