All Forum Posts by: Westin Hudnall

Can someone please direct me to a forums Bri Scmidt from Podcast 78 is on so I can connect with her please. I'm new to the site and haven't quite decided to make the jump to the pro membership where I can search to connect with her since she is outside my zip code.

Thanks in advance :)

Thank you for all the responses so far

To answer the questions above:

they are single family homes built in the past 30 years worth 120k-150k. The first3 are fixed rate 30 yr financing at 4-4.5%. The next 5 are on 15 year notes at 5% that adjust to Wall Street journal + prime every 5 years. The fixed rate properties cash flow 400-500/month and the adjustable loans cash flow 300/month. They rent fairly quickly due to being nicer properties with nice amenities (all have new laminate and carpet flooring/stainless steel appliances/new fans & light fixtures etc)

My current financing plan is to convert the adjustable loans to fixed rate terms  with my business partner co-signing (She is a nurse anesthetist).

My main concern is finding financing once I quit. 

I've purchased 8 my first year and a half through a line of credit/refi process while working a full time day job on the side. What number/amount of cash flow is the magic number to leave my day job to concentrate full time on real estate if ever?

good stuff ... How do I search on here?

please respond if you are a wholesaler or have any advice on how to find

serious wholesalers in my market.

Looking for a knowledgeable investor friendly agent in Wichita Ks to help with buy and hold properties. Suggestions anyone ?

Albert ---

Your entirety too intelligent for me to keep up with :)

I feel like I'm going to flip on HGTV and you see on one of those "house flipping shows" buying a property on the courthouse steps lol

Albert makes some good points but don't let them spook any of you. The bottom line for all of us is that we each want to pay the least amount out of pocket correct ? Who cares if its in loan fees; principal; interest; whatever.

My point is without homepath an investor has to pay 15% or more down so Is the extra loan fees more or less than 5% of your purchase price? In most all cases it will be less. You can ask the seller to pay up to a certain % of closing costs --- 3.5% maybe ? (If I remember right) so in essence ; your only out of pocket 10% of a large portion of your loan fees as well.

here is a contact I used from AIM loans.

Janice Hulse -
NMLS# 45865
Senior Loan Consultant
888-411-4246 ext 237
[email protected]
Fax/Direct: 619-814-8237

The 2 I purchased were in fantastic rental neighborhoods. The 1st had just 15k equity for a property worth 135 but I didn't care because it needed absolutely no maintenance and my out of pocket was very little. It rented in 1 day for 600/month above my mortgage. The 2nd property I bought for 118k, put 10 in it and appraised for 150k and rented for 550/month over my mortgage. Some of their properties are available only for the homepath loan and some allow for the renovation loan. On the renovation loan you get loaned 15% of purchase price plus rehab. Example: purchase price 100k w/ 50k rehab you would only be out of pocket 15k (15%). This option is great for the homepath homes needing a lot of rehab

Manny --

Makes sense. I'm all about the "work smarter not harder" so this advice suits me just perfectly. Thank you for the studly advice ;)