All Forum Posts by: Alfonzo Roberts

Are there Bank/Credit Unions that would approve a $250k business loan as capital for a real estate company with no real estate? There is one revolving line of credit under the EIN. I was considering taking $8k from HELOC on primary residence. Pay off personal credit debt to increase personal credit score and apply for business loan for capital/first unit. Is that possible?

Ideally, I would like to purchase a $150k home/condo with an FHA loan. Live in it for a year while renting out my current primary residence. I expect to be in a position to apply for a FHA loan within 60 days. Are FHA loans even an option with the market the way it is? Meaning, do sellers go through the process of making a property FHA approved when most people seem to be paying cash for properties these days?

There are safe things you can do with $50k in RE - What are your suggestions to safely invest $50k?

Stephan - Congrats on HAVING OPTIONS! I really appreciate your question as I expect to be in the same position as you in a couple of months (with $30k). Have you considered buying the duplex via FHA, living in one of the units for one year (hear me out).....while renting out your current residence? A year will totally fly by, you will have two rental properties (nice surplus), cash to #1 invest another property #2 be comfortable for a year until you get your next primary residence. After a year you will have total of THREE 3 investment properties! Whatever you do, it won't be the wrong decision because you did what you had to do to do what you want to do and I trust you won't mess it up now! Good luck!!!

Is there any benefit to adding personal residence to LLC? I'm thinking perhaps sign property over LLC, to show business activity?

I have a FHA mortgage on my primary property. Is it possible to put my primary mortgage in my LLC name and then buy a HUD home as a 1st time home buyer (taking advantage of the $100 down)? Rent out my primary property for a year and live in the HUD home?

No prior deals. My goals are to purchase and hold. Early stages but planned to take off fast once started.  😃

To conclude this experience I'd like to share the outcome. The seller was asking for no less then $200k. As a novice, I walked through the home saw obvious work that needed to be done, did the comps and suggested $160K-170K. I also advised because I am new she get a realtor and put it on the market for her asking price and see what bites. She did just that and sold the property for $217k. Her realtor held her hand and helped her find a low-income residence. The rehab is now on the market for $399K!!!! I am happy for the seller as I built up a relationship with her. Did I blow the deal? Yes. Am I disappointed? Slightly. What did I learn - A Lot! I looked at the property as a buyer, what I would I pay for this property? And with the amount of cosmetic and structural work needed I would not have paid more then $170k because of the rehab cost. I estimated the rehab value at $250-$270. Never $399. The house is still on market (113 Cornwall Drive, Oaklyn NJ) and I am hoping it sells. I love real-estate and have been so excited preparing for my career. Wholesaling is awesome! BRRRR will my my retirement career as I expect to begin looking for my 1st property within 60 days. For those of you that share your knowledge and stories, thank you greatly. This novice will one day tell successful stories as well.

I am planning to view a potential wholesale property in Oaklyn NJ. My goals are to wholesale/flip a few properties until I reduce my personal debt by about $50k; thereafter I will flip and hold full time with full intentions on leaving my secured fulltime job (errr). I may be viewing my first property within a week if the current epidemic doesn't stop it. This would be my absolute first deal and I had intended on flipping my first job but this wholesale opportunity fell into my lap. Where is the best place to get a free contract? Also, should I pay to have a contractor go with me to view the property for repair estimates or overestimate my guess? Any suggested sites on the best place to post the job? Does paying sites offer more of an opportunity to close a deal? Is there a site where I can get a decent check-off list while walking through the property on what needs to be worked on. Thanks in advance.