All Forum Posts by: Scott Wolf

Located north on Boise, ID

$600k

Thanks I will look into Kiavi.

 Thank you for the reply. I know everyone touts the economy of scale in buying larger properties, but it seems like 2-4 unit properties may actually make more sense given you can get cheaper financing plus 30 year terms and 30 year amort. What am I missing?

Hi all, starting out and partnering with my two long life friends. Trying to figure out how to structure a partnership, how to split profit but mainly how to finance and share tax benefits. We will be buying small multi family and forming an LLC so if anyone is on the same boat I would appreciate your input, thank you!

Hello, I invest in C class multifamily properties in South Carolina. I am currently looking for private money brokers either locally or nationally. I seem to be having a hard time finding some. Does anyone have any experience with any reputable ones? If not, any recommendations on private money lenders?

@Ken M. Totally agree. No bookies, no soda. Best advice ever. 😆

Long-term, buy and hold rentals. Family business, now it's my turn. California is crazy overpriced, so I'm investing in my home state of Florida. Nice to meet you all!

My husband lost his job 2 weeks ago and it was his W2 we were using for the loan (30yr at 6.625 percent). We were supposed to close on Tuesday but on Friday afternoon I got a call from my loan officer that the underwriters had found out. (His job officially stops May 28th so we assumed there was no way the they'd know about it.) 

I really don't want to give up the property. It's a quad and there are four tenants paying under market rent. Our plan was to get those tenants out, do some light improvements and then rent two out at the market rate of $1500 a month and turn the other two into MTRs at $2400.

To save the deal, I have a couple of options (I know about): 
1) Do a securities backed loan and then refinance into a conventional mortgage asap when he gets a new job

2) Liquidate our stocks and tap into our cash reserves and pay cash and then do a cash out refinance when rates are better (which I doubt will be anytime soon)

3) Do a DSCR loan at 7.725 percent with 30 percent down and then refinance in 6 months or whenever he gets a job.

What should I do? Are there other options I'm not thinking about?

Thanks so much for the help!

Thanks for your perspective. I completely understand that in order to be successful at something, you have to put your heart and soul into it and doing anything part time will not get you to be successful.  However, i was initially only trying to break into the business. Learn the basics, and then perhaps venture into it full time.  Walking away from your 20+ yr old career isn't always the easiest, and would be quite reckless if you ask me !!