All Forum Posts by: Lear R.

I would like to close on a very affordable priced property in close vicinity of a property I currently own. and would like to close within a month. Is their a hard money registry that I can use for free.

Just completed an excellent real estate refresher course which often leads to more questions. Does anyone know of or have any experience with the following, and are able to pass on a resource?

1. Lenders that do HELOCs for rental property

2. Has transactional funding source that they are willing to share and teach about the process.

3. Has experience creating an Nevada LLC with properties in a land trust, that feeds a Revocable Trust. If anyone has any experience doing something like this please share the initial cost to set this up.

Thanks HNYE all.

Hey great experience share Frankie. I'm currently in the military and invest in real estate via house hacks. I have a methodology that has helped me cash flow on all my properties since my first property acquisition (85k property, aquired for 67k, total closing costs 950.00)

Before making an offer on a property put it's address in www.rentometer.com to get the market rents, cross reference that info with a conversation with a highly successful area realtor and let that data guide your purchase decisions and you will always cash flow. What helped my education on real estate at that time was an intense infomercial king of the night at least in my area, Carlton Sheets. His guidance was so simple if people can live in it and will pay over your costs to live there buy it! If you're not going to make at least a dollar in profits walk away. Then Mr. Sheets would sternly look in the camera and say "because no one wants an alligator" He called non cash flow property an alligator since it ate your profits.I hope this strategy helps

I'm considering adding my properties to a series LLC, however two of the properties have VA loans associated, and one has a Fannie Mae mortgage associated with it. Once I have the properties put in the LLC does that remove the properties from my name? Does this allow me to start fresh showing zero properties allowing me to exceed the caps on the number of VA or Fannie Mae property I can own?

@Hattie Dizmond she is looking to pay off mortgage and/or keep her credit in good standing she has no desire to be a landlord she wants out of the house free and clear, the mortgage is up to date so she is a motivated seller but won't be looking for anything less than the mortgage that is due on the property. 

@Brian Gibbons ok, now I think I understand now a wraparound would only be applicable if I did a Subject To transaction with my friend and a new loan is wrapped around her existing mortgage and the new mortgage I would get. That's how I understand it is that correct?

@Brian Gibbons , thank you for the resources, when is  a sensible situation to do a wraparound?

@Hattie Dizmond she is moving from TX to Colorado for work, in military, it's a PCS move. 

I'm looking for ideas to help me obtain a friends property who simply wants out of her house.  The situation is the following.

1. Both her and I are veterans and one Vet can assume another Vet's property, ( from what I have heard I am not certain how true  this is.

2. I am currently capped on my VA loans, I currently have 2 VA loans one for 70k, one for 155k.

3. She owes 207k on the property and is under a time crunch, she has to move in two months .

4. I have a FHA property and owe about 70k on that one

5.  According to my research her property can cash flow about 150 per month which is ok, especially if it helps a friend as well.

So far I had her contact her bank BOA to let them know that another vet wants to assume her property and to give us direction on how to get qualified. I also contacted my property manager in the area to verify the rental market for her property. 

Based on the scenario I have described, are their any creative financing options I am overlooking?

Also I have heard of mortgage wrapping, is it possible for me to wrap both my VA loans into one so that I am under the two VA loan cap in less than two months, and how do I go about doing that?

thanks! BP!

@Franklin Romine I currently have three mortgages, looks like i am going to have to start using portfolio lenders