All Forum Posts by: Spenser Harding

Hey David. I work with a couple of other RE investors and they do this regularly so here is a thought on creative financing:

-Get a HELOC one of your properties, cost is $200-500 and takes 4-6 weeks.
-take out the 6 months reserves needed and "season" the funds for 2-3 months in a bank account.
-Then do a refinance.

The down side is you won't be able to refi all of your properties. The upside is you appear to have cash reserves getting most of your properties refied. Hope this helps.

So excited to have my first property under contract! I posted a couple months ago about a duplex I was examining and decided to stick with a SFH in the Tacoma area. The property I found is a short sale and is in bank review right now, the only bad part is a 3k lawyer fee to negotiate the short sale. It a 3/2 1300sq ft and is located less than a mile from a Pacfic Lutheran University and also near JBLM military base. Here are the numbers I have found as to numbers:

List price: $125000
Down pmt: 20%
SS Fee: $3000
repairs/cleaning: $2000 (clean carpet/paint interior/landscaping)

Rent: $1295
PITI: $810
Vacancy: $100
Maintenence: $150

Cash flow: $235

Is $150 enough/too much for cap-ex on house less than 10 years old? Please critique!

Great job with owner financing and cashflow. I don't know Chicago at all, is it in a decent neighborhood?

@Stacey Olson great job getting a response, that is a good ratio already. I highly recommend before you respond listen to @michael quarles advice on podcast  show 77, he has great tips.  I'm in sales and voice inflection with positive/negative reinforcement is money, literally.  Where in T-town are the properties?

Hey Stacy! Who is your portfolio lender and where is your property? I am looking for a local one.

Janelle Scruggs when it comes to credit scores, the more you know the more you can grow. You can clean your credit up by yourself by filing disputes, just caution it takes decent amount of time. I used Wells Fargo identity theft protection and submitted their dispute form for 12.99/month for 6 months, brought my score from 660 to 740 by removing incorrect info. It is time consuming but worth it. If you don't do it yourself only use referrals that you can trust like Mehran Kamari 's. Also, take some time and learn about credit scores and what affects them.

@Brandon Turner @Tiffany Plovie I'm in! 

I emailed the listing agent of a bank owned today to request a showing. I do not yet have an agent I am working with. The listing agent forwarded me to a buyers agent at the same office. After speaking with him, he said he would not show me this property w/I an agency agreement so I don't waste his time. I absolutely understand that, I don't want to waste his time but I also don't want my time wasted stuck with an agent who to begin with isn't showing any courtesy show a house his office is listing. What should I do? I feel like to begin with I shouldn't but with someone who is so close to the listing agent, but does that even matter with a bank owned? If anyone has recommendations for an agent who works with investors in the Seattle/tacoma are that would be great.

Very interested to see how this turns out for you.

Any suggestions of where in Tacoma are good areas to buy? I know that Hilltop has a reputation.