All Forum Posts by: Greg B.

OK, @Shaun Reilly , fair enough. I say 30% because its more appealing to the seller than $5k. The lower the better. Thank you for spending a little of your time to school this newbie. I'm not fully ready to jump in the game but when I do I don't plan on getting out so I'm here to learn from you guys for a while.

Just to let you know, they are going to need you to break down the numbers and a lot more details to give you their best answer. Good luck. Hope it works out for you.

@Shaun Reilly So the problem is getting the two loans paid off all at once. BUT getting the smaller private loan should be cake by putting the bank in a situation where they are in first position with a low risk LTV.

I'm not sure about the area @Matthew Marshall plans to invest in but my area has lower than average prices with average to above average rents. We have duplexes in C/B neighborhoods that sell for $70,000 with monthly rents of $1400. I feel there is room for creativity. The problem is getting into the game with only enough in the bank for soft costs and reserves.

Thanks for your input. I do appreciate it. I'm just trying to get in the game without dealing with guru hype.

A ton of replies on this post but what happened to @Jessika Perkins ?

You're selling for $700k but what is it contracted for?

What are the renovation costs?

What's the after reno value?

Are the buyers you wholesaled to before capable of paying that price?

-or will you need to find others?

If so, how long is it under contract? Are you buying then selling, taking it to close, getting an assignment?

What's the plan if there aren't any willing buyers?

etc, etc, etc

I'm new here but I think @Matthew Marshall wants to go this route, and so do i because down payments are hard to find when your not sitting on a ton of money. A lot of investors tell me to ask friends and relatives but for some of us that's pointless. My friends and relatives are broke! I have good credit and its getting better but good credit doesn't fund down payments.

If getting a private loan of 30% and carrying the seller second on a property that cash flows and refinancing the private loan and the seller second (or not the seller second) increasing that cash flow, what's the issue? What am i missing?

Thanks a lot @Christopher Schmidt . I'll be around this site for awhile relearning this game. Hopefully we can make a go at this.

Thanks @Jenna Stonecipher

Are auction houses regulated? If you ask me and I'm no pro this should be illegal or close to illegal. They are falsely raising property values. A property is supposed to be worth what someone is willing to pay for it. If the price is being inflated for the sole purpose of getting a bigger pay day then the worth/value of the property is inflated. How is the property going to appraise? Isn't this how "we" got in trouble before? I'm no pro but I find this disgusting on the bank's/house's part. I mean at most auctions the bidder cannot see the insides of the properties, correct? So it's ok for the auction house to take advantage by faking a bidding war???

Thanks Larry. I'll look into building a strategy along those lines.

Thanks guys! I have the skill set to reach my goals I just need an environment that understands what I'm attempting to accomplish