All Forum Posts by: Alexander Robert Wondoloski

Quote from @Dave Skow:

@Alexander Robert Wondoloski- thanks - there should be no prepayment penalty on his Mothers FHA loan . interst is charged on the loan through the date its paid off ....she could contact present lender and ask for a " payoff statement " using a date in the future

 Thank you Dave! 

Quote from @Melvin List:

An FHA mortgage will not have a pre payment penalty.

Awesome, thank you! 

Quote from @Alexander Robert Wondoloski:

Hey BP!
I have a question for my lenders out there. I have a friend that I just taught amortization to as he is trying to quickly pay off his mother's FHA loan to remove a co-signer, then cash out refi (yes, I explained interest rates right now). How would I find prepayment penalties on the contract and run the numbers?
Thank you!!!

Ignore my last, I figured it out. Apologies on the wasted time to anyone reading. 

Hey BP!
I have a question for my lenders out there. I have a friend that I just taught amortization to as he is trying to quickly pay off his mother's FHA loan to remove a co-signer, then cash out refi (yes, I explained interest rates right now). How would I find prepayment penalties on the contract and run the numbers?
Thank you!!!

Quote from @Julio Gonzalez:

@Alexander Robert Wondoloski I think you'd find this book very helpful for evaluating potential properties.

https://store.biggerpockets.com/products/real-estate-by-the-...

Looks good! I’ll check it out! Appreciate it Julio. Hope all is well in Florida! 

Quote from @Victor Hernandez:

Hey Alex! thank you for your service! and congrats on working on your NC Broker license. Id love to help you get started on your investing goals. Are you you looking on joining a real estate firm soon? Where are you located? in Raleigh?

Hey Victor! Thank you for the support. I’m currently in Japan but will be leaving the Marine Corps in July. I have been constantly studying and trying to find connections. I noticed you are living in a duplex since you mentioned one side being rented out and you’re living basically rent-free. Sounds smart! I will be looking at calling firms here within the next 2-4 months to try to time it with when I leave here. I will likely be located in Raleigh. I see that you’re in Autryville, NC. Did you use an agent? If so, could I get their contact? I appreciate the reach out, Victor! Once you decide to start branching out your business, I bet I will be able to help! I definitely plan on taking that duplex or fourplex route in the beginning for my own investing journey as well!    I hope all is well and prosperous with your investing journey! 

Good morning fellow BP members! I am currently in the Marine Corps and will be EAS-ing in July (getting out). I'm currently working on my NC real estate license for provisional brokering. I am open to any advice or connections. I hope to be able to repay whoever helps, or repay in some way! I plan on mastering CRE, specifically multifamily properties.

Thank you to whoever helps!

Awesome! I'll make note of that. Keeping interest below the cap rate by 1.5-2 points sounds like a great idea! I'll also read up a lot on cost segregation and bonus depreciation. I appreciate the help, Cory! I couldn't help but notice that you're a real estate agent in Louisburg, NC. I've been keeping an eye on NC due to the growth in multifamily properties. I'm currently in the Marine Corps and will be EAS-ing (getting out) in July. Do you have any connections or advice that could help me? I'm trying to get my foot in the game as a real estate agent and investor in NC. Thank you so much for the help Cory! You're a lifesaver. Hopefully I can repay one day or help out! 

Hello fellow BP members! I've been dedicating a lot of time to studying commercial real estate investing and still have a lot to learn. Quick question: When you evaluate a property, what has been the fastest and most accurate method for you, especially for those who invest in multifamily or industrial properties? Have you used your own methods to evaluate a property that has worked?