All Forum Posts by: Tucker Cummings

All these people encouraging me to REI Reply on a Friday at midnight. Is this how investors party?

Also I’m just stoked to be on the front page of BP #goals

@Susan Ishman as Ace Ventura says, well alrighty then. 

I think there’s a starting point. I’ll give a call Monday :) 

@Chris White, it looks like I’ve insulted you. If you go back to the beginning, I was the one who asked the question originally of if anyone had used it. There are no reviews or testimonials for it, but I liked the concept of it. So like any consumer, I was asking for others thoughts and opinions. 

Weeks go by and no one replied to this thread saying they used it. Until earlier today, in a span of a few minutes, several people commented saying almost the same positive review. “I used a ton of stuff, sunk a bunch of money, this one was a game changer, support staff is great.” Does that not seem sketchy to you? Personally I just don’t want to give my CC info to a company I know nearly nothing about regarding its legitimacy. But that’s me, and I shouldn’t be shamed and made to feel inferior for just asking the question and then subsequently forming a personal conclusion. 

@Dan H., @Isaac Rossum, @Jonathan Greene, @Andrew Gonzalez, @Will Fraser

Anyone else getting the sneaking suspicion that REI Reply hired someone in the Philippines to make several profiles on BP and try to promote their service?? lol If I wasn't suspicious before, I definitely am now.

Thanks @Account Closed. I'm getting back with the seller now to ask. I've heard some people doing the lease option for a price agreed upon by an appraiser during the time of exercising the lease option. Guess that would be the determining factor on this. Will report back once I get in touch with the seller.

@Andrew Gonzalez I did not, I didn't see anywhere on their site for a free trial (unless they've added one recently). Not to mention it seems like cell phone carriers are cracking down on mass texts and RVM for wholesaling, which seems to be this company's bread and butter. So I'll probably just pass on REI reply until its vetted out a bit more, I'm not in such a huge rush on this that I want to be the guinea pig for their platform.

@Greg Dickerson, @Odie Ayaga, @Evan Polaski

Thanks for the responses, I really appreciate the advice and input. I've at least got a pre-approval letter from a mortgage broker so I'll use that to at least get my foot in the door, then hopefully when I have a good deal under contract I can try to use the deal as a tool to get investors/OPM. Thanks again!

Just got off the phone with a gentleman who is wanting to sell his last 2 houses from a 55 house portfolio. I'm a newbie investor so I'm not sure what to think about it. They are currently on a rent-to-own lease option agreement with tenants in place. So I guess I would be buying a property that already has a guaranteed seller later this year for one property and next year for the other and no repair or holding costs since its already rented (which sounds pretty nice now that I'm typing it out). Seller just wants to walk away with 10k/property in his pocket and no ties to the property. I've run my own comps/ARV and looks like I could make a pretty penny by the end (numbers below). I guess my only question or concern is that I've never personally heard of this kind of deal (sale of a lease optioned house) and am wondering if there is someone out there who could offer some counsel.

Property 1:

---Remaining Balance: $80,000

---Current Rent: $890/month

---Purchase Price: $90,000

---ARV: $100,000

Property 2:

--- Remaining Balance: $110,000

--- Current Rent: $1,150/month

--- Purchase Price: $120,000
--- ARV: $160,000

Total: 

--- Remaining Balance: $190,000

--- Purchase: $210,000

--- Current Rent: $2,040

--- Sell: $260,000

--- Profit: $50,000
 

I haven't had much luck in attracting Private Money Lenders. I've tried networking with them, but most don't seem to have the time of day for a newbie investor who hasn't done any BRRRR deals or flips yet (understandable). My approach has been an organic outreach with an invitation to connect and hopefully a brief conversation to see what kind of deals they fund, criteria and if we would be a good fit.

However, I've got decent deal flow coming my way and have practiced analyzing deals daily, so I know a good deal when I see it. Problem is I haven't been acting on any of them because I don't have funding already lined up. I'm wondering if I would have more luck by locking up a deal, and using the analysis to pitch to PMLs. 

Thoughts on both side? Keep being diligent in reaching out to lenders or using deals as a marketing device?

Just thinking out loud here... Is it possible to put a down payment on a credit card? I wouldn’t be asking if I didn’t have the funds for the down payment in the bank anyway. But if I can get cash back rewards on a big purchase like that, I’d like to take advantage of it.

So for example:

- I have 20k in the Bank.

- My down payment will be 15k.

- I pay on a credit card with 1.875% cash back.

- I immediately pay off the card the following morning and collect $281.25 in cash back.

Anybody done something like this?