All Forum Posts by: Andrew Garcia

Hi @Adam Barakat, Pittsburgh can certainly be a great market to invest in.

A local investor-friendly agent will be able to help you determine which neighborhoods are hot and which ones to stay away from.

Wishing you all the best!

Hi @Seth O., I can refer you to a lender that can close in an LLC.

The loan would not be conventional, however.

Feel free to shoot me a message to exchange information.

Hi @DJ Hohman, welcome to the community!

This is a great place to connect with investors and educate yourself.

I wish you all the best. Let me know if I can ever be of assistance.

Hi @Aaron Snyder, below are some steps on what you would do.

1. Go to the county website, type in the address and get the name of the owner.

2. Skip trace the owner to get his contact info.

3. Call the owner and get him to agree to price and terms. Say that you have to check with your partners and you will get back to him in a few days.

4. Go to Zillow and search properties within a block or two of the area that sold within the past year. Find properties that were rehabbed.

5. Contact the listing agents on those properties and offer to be the agent on the sale of this $1m+ property once the rehab is complete if they connect you with the flipper that did the other property.

6. Contact the flippers and pitch the deal.

7. Once one of them agrees, get back to the seller with a formal offer.

8. Close, rehab, flip, cash your check.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jennifer Sovia, Raleigh is definitely getting more expensive in terms of home prices.

If you are thinking about moving, a primary residence would likely be the best way to mitigate this, however.

That way, you need a minimal down payment, still get all the benefits of appreciation, and are not subject to the high rental appreciation experienced there.

If you are priced out of the market and are looking for a fixer-upper, you can use an FHA 203k or a Fannie Mae HomeStyle loan to finance the repairs of the property while getting built-in equity.

Hope this helps! Let me know if I can be of any assistance.

Hi @Ashton Karp, rates have actually gone down over the past couple months.

In large part due to the fact that people are expecting a recession.

Historically, recessions cause rates to fall. Therefore, at least in the short term, rates have stabilized in the 4s and 5s on primary residences.

In the long term, it is highly dependent on where inflation heads. 

Only about 3-3.5% of the current inflation is caused due to the increase in the money supply. The rest is caused by supply chain issues, lack of inventory, and other independent factors.

If the independent factors wear off, we will likely see rates stabilize in the 4s, 5s, and 6s. If not, rates will likely continue to rise.

I hope this allows you to better educate and advise your clients. Let me know if I can be of any assistance.

Hi @Phillip Batten, there are a few ways to get a lower interest rate.

1. Pay points to buy down the rate.

2. Get an ARM. Adjustable rate mortgages have lower initial rates. A hybrids ARM would probably be best.

3. Subject-to. You assume their mortgage payments for them.

4. Interest rates have actually gone done from a couple months ago. If you are looking for an FHA or VA loan, you would be right around 4% with no points.

Hope this helps! Let me know if I can be of any assistance.

Hi @Tomas Engalla, you could do a quit claim deed so that you are only paying a few hundred dollars in recording fees.

If she is looking to do a conventional refinance, that could cause some issues, however.

We would need more information in order to properly give you helpful advice.

Hi @Terrence M Brannon, most of the numbers seem solid except for one that is way off.

Based on the information you provided in the spreadsheet and assuming a 700 credit score, you should be looking at a rate right around 4% for an FHA loan.

That should bring you to a cashflow positive scenario. 

I do not know who quoted you 6% on an FHA but they are charging an arm and a leg for that.

Hope this helps! Let me know if I can be of any assistance.

Hi @Taylor Smith, review the current lease agreements. If one is ending shortly, you can ask the current seller to simply not renew it.

Alternatively, you could ask the seller to buy them out of their leases. However, you might have to increase the sales price that way.

I am sure the others on here have some ideas as well.

Hope this helps! Let me know if I can be of any assistance.