All Forum Posts by: Adam Wigdorski

@Akeem Moreno

And if your not flipping there is no need for private or hard money. It’s a waste for you. You can do way better at a bank. Someday you’ll need private or hard money. But get established. Don’t spend the cash flow just keep saving it and live for free. Then watch your personal bank account grow and your rental account. I’ve bought all my stuff on the mls. Always rolled in closing cost with sellers concessions. Buy the house fha. Live in it for a few years. Cash out refi to a conventional. And then buy another 2+ unit again. Rinse and repeat. You don’t have a lot of capital so buy something with absolute minimal repairs.

There’s no difference buying a house for 50k and putting in 100k then just buying a house for 150 if it cash flows. Except you won’t get a mortgage for 50k on a house that needs 100. And you don’t have the 150 to pay cash. So use the best strategy in real estate investing. Leverage. Everyone will say you need a deal. Well a house that you can buy day one that cash flows, no repairs, and you live for free is the best deal in the world.

@Akeem Moreno

Buffalo is great and I also live here. For your first house I’d find the best 4 unit that needs minimal repairs. Roll all your closing cost into your mortgage and run the numbers to make sure the house can cover the note , cap ex, and some in your pocket. Your going to need some of that 8k for 1 st year hazard insurance and in my county first 8 months of taxes prepaid.

To move forward after your first one cash is king. As in save that **** because on your next purchase the bank is going to look for 6 months of mortgage payments in reserve for both your current house and next one.

@Akeem Moreno

Clear your credit debt.

Save the 8k

House hack with an fha loan

@Lee Haenschen

If your trying to do one or two of these why are you looking for a commercial loan?

You ever think to buy say 1 house at a higher price that needs less rehab , juice the rents, and then refi.

I have way better look at properties over 200k. And the most exspensive rehab I’ve ever done was like 20k

@Andrew Frishman

Yes I tell them that I’ll be refi but they don’t really care.

I work my numbers out also so if the refi doesn’t happen I can pay back the heloc and remodel with the cashflow.

@Andrew Frishman

Last one I did.

40 Carmel rd Buffalo NY 14214 2 unit

purchase nov 2018

Purchase price 219,000 with 2% in Sc

Down payment borrowed from my heloc at 6%

43800

Mortgage

5/5 arm 30 year amortization 3.875 interest

Rehab 16800 put on Marriot rewards credit card and because of military orders it’s 1 year at 4% interest.

The day my guys finished the rehab i sent in my buddy who is a professional photographer to take photos

Took 3 days to rent both units.

https://rental.turbotenant.com/properties/102338

https://rental.turbotenant.com/properties/102340

1500 lower and 1350 upper

The day I got it rented I called the bank to do my refi. I use bank of Akron. I like the 5/5 arm product because it’s 80% ltv even on a cash out refi. Not scared of the interest because it adjust every 5 years and the house can cover the max and 10.875 and it’s a steal if rates go lower. But if investor rates drop again into the 3’s ill term and rate 30 year it. And I can also play the scra card to where when I’m on military orders the bank can’t charge me more than 6% total on the note while I’m orders. And I average 200 days or orders a year.

Appraisal can back last week at 300k on the nose. So I’m doing the full 80% to which gets me back my down payment , rehab , closing cost, and like 800 for my pocket.

@Tony Boullosa

Find a portfolio lender. I haven’t hit the point yet but they said I can keep going under a couple of conditions

Must cash flow positive at purchase

I must have sufficient reserves for all properties

They will let me get loans until I hit 6 million loan balance total. After 6 million they would just have to sell some of them off and let me go again.

As of today I’m up to 4 loans and ~ 1 million in loan balances. I bought and cash out refi’d with the same bank on each property. So far I’ve been able to recoup the initial down payment, refi closing cost, and 100% rehab on each property if tackled. Big banks in my area wouldn’t touch it. Try credit unions also.

@Mindy Jensen

@david greene

So I ordered the ultimate book package. I was very interested in reading this. Greene’s charismatic attitude makes the podcast. His strategies have helped me be where I’m at today with real estate investing. That being said I listen to audiobooks while traveling for work. Dude who did you hire for a narrator. He’s missing everything you bring to the show. No emotion. No charisma. No enthusiasm. Legit straight up boring. Took 3 mins to turn it off. Also syncing to iTunes is a royals pain in the butt. The chapters no matter what stay out of order. You’d think for 50 bucks you could have streamlined this like Brandon turners in a try audiobook. Don’t want to sound like a douche but how can I apply for a refund and just get the paper copy.

@brandon turner

@david Greene

So I ordered the ultimate book package. I was very interested in reading this. Greene’s charismatic attitude makes the podcast. But I listen to this audiobooks while traveling for work. Dude who did you hire for a narrator. He’s missing everything you bring to the show. Took 3 mins to turn it off. Also syncing to iTunes is a royals pain in the butt. You’d think for 50 bucks you could have streamlined this like Brandon turners. Don’t want to sound like a douche but how can I apply for a refund and just get the paper copy.

@Cameron Riley

I’d strongly recommend rentprep for one solid reason. They actually call the employers , references, and past landlords. All included in the report. I’ll use them for life.