All Forum Posts by: Sonu Sharma

Thanks all. I see that Cozy comes up often in these discussions. I will investigate more into it. Btw, would it also calculate late payments ? I dont mind the 5 day delay for a free service.

Hi all landlords, What are the different no cost/low cost ways to collect rents from tenants ? Planning on kicking out my Prop Mgmt company and save some green !! I read about PayPal but for some reason am not a fan of it !! Any other viable alternatives please ? Thank you !

Congrats OJ. Hope your company gets you great deals and profits !!! Good lick !

If either side needs any kind of major rehab, you probably cannot get a loan from a bank. Cosmetics like carpets, paint may get through with a bank but anything major including foundation, roof wont qualify for a straight conventional from a bank.

It depends on the kind of property you are dealing with. If the property is an investment type that needs rehab, your only option is a hard money/ private lender. A bank loan is when the property can go straight into conventional loan (no rehab needed). You would usually use a hard money loan to buy an investment property that needs some work and convert into a conventional loan after the rehab is done. Hope this helps !!

Hi BP community, I am pursuing a foreclosure property for a flip and since this is the first time, I am partnering with a contractor to get the work done. Below are the details: Purchase Price : 215k ARV : 310-315k Rehab (including materials) : 30-35k Materials : 12-15k Time to rehab : 4-6 weeks Total planned holding time : 5-6 months Backend realtor commission : 3% The contractor is a friend of mine and wants me to finance the deal including materials and wants to come in with his sweat equity for the rehab. Question : he wants a 30% cut of the profits after deducting selling realtor commission and all holding costs. I am pushing for a 25% cut for him. Is this reasonable or am I being too greedy ? How should I structure the deal with him so I don't get burnt and anything else I need to take into consideration ? Thank you.

Thanks Ann Bellamy for the info - I will look around for that language in the contract. I asked around some local HML and they say that the rules are different in TX and it depends on the bank we deal with. Some of the smaller banks may be a bit more flexible in their language but its all new and exciting to me at this stage.

Thanks Gary Harris - should this mortgage contingency be put in even if it is a HM loan ? I thought that the banks think of hard money loans as a cash offer in their view. That is what I have heard wholesalers call it too - a cash offer even when I used a HML.

Hi BP community, I am pursuing a bank owned property and since this is the first time, wanted to know how the hard money financing works for an REO property. Do lenders require any special provisions or are there any specific things I need to keep in mind with regards to financing ? Thank you.

Hi BP community, Could anyone suggest a few successful and helpful courses/books on owner financing, education on generating leads and closing the deals ? I am thinking of reading/trying everything myself and testing some strategies before using any of the so-called gurus who charge thousands of dollars. I have heard Mitch Stephen's courses are good - have already read all his books. Are there any other courses that I can check out ? Can others share their experiences on who is genuine and who to stay away from ? Thanks as always you all.