All Forum Posts by: Wes Tuinstra

Hello TopRealtor,

And welcome to the forum! We're glad you're here
because we have lots of residential realtors, but for
the commercial side -- not so much.

I invite you to enter your details into your profile
(using the profile link at the top of the page) and
put in a signature block including your website
so you will get advertising every time you post
a helpful answer to someone's question.

We want everyone to make money on this board.

Well, Hello there! We're so glad you decided to pipe up
and speak out and introduce yourself.

Welcome to the forum.

Yunghova wrote:

Talking about licenses...this statement amounts to legal
advice, and in some quarters could be considered practicing
law without a license.

Let's watch what we say to each other on this forum. Let's
be nice and assume the best. We each mean well, and are
only trying to learn.

It is possible to handle multiple deals simultaneously,
but usually you need hard money to do it.

Hard money works because the lender looks just at
that property, and not at the fact that you have
5 others in progress at the same time.

If you find yourself turning down deals, or doing
quick flips because you don't have working capital,
working closely with a hard money lender can be
the solution...or not, it depends.

Sorry to sound like a commercial. But the original
question brings up a good point: why would someone
who stumbles upon a perfectly good deal turn around
and flip it off to someone else?

Why indeed.

Condo conversion is a topic all to itself. You have to know
your market to know whether condos are selling well and
whether there is a demand for them.

I would not assume right off that condo converting is the
way to go.

But...whether to hold your building depends on whether it
is cash flowing. Do your rents cover your mortgage, taxes,
and the like? If so, hold it.

Hard Money is a loan that is based on the property you
are buying, and not on your credit score.

It costs twice what a regular mortgage does plus
about 4 percent as an origination fee.

Developers and flippers use it to fund their deals
so that they can have more than one or two deals
working at a time.

Well, there is definitely risk involved.

Let's get that clear right from the get go.

To answer the question: "Do I have what it takes?"
may mean actually doing a flip and seeing.

If the answer is "no", you will know because you
will own a house with another mortgage and be
unable to sell it and then file for bankruptcy.

A harsh answer from the real world.

Hi Jo,

We're so very glad that you have joined us on this
forum.

Do tell us a bit more...we're curious.

Hi Eddy,

You are right! There are areas of the US that are
sizzleing and some that are...not.

Search on this forum for the threads that deal with
this. I think there is a thread about which areas
are hot or not.

In a homestead state, such as Texas where I live, they
couldn't touch the house.

But I don't know about California. So that's the question:
is California a homestead state?