All Forum Posts by: Alfredo O.

So o am thinking about buying a property off one of these sites, but can someone provide some input on this process? Can you buy with hard money? Or do they want cash right away and there is no way of making this happen? And will do these properties come with clear titles?

Great.  Thanks for the feedback.....

ok, I have to ask a newbie question.  How are others selling their homes above the asking price if the appraisal does not come near the offer price?

Example:

Listed property for 217k

Multiple offers came in at a high of 225k

Appraisal on property may not come in as high as 225k but we feel the house is worth every penny.

I know most banks will not finance above appraisal, so how do you get past this hurdle?

I am happy to say that we have purchased our first rental property. After rehabbing now nine houses this year, we feel that we need to upgrade our business strategy as we move forward. We are not looking to move away from rehabbing but I do see a great opportunity in buying properties in renting. I am at a lost as it relates to purchasing rental property and refinancing in order to get your cash back out so you could start the process once again. Any input regarding this topic would be great. I guess part of my issue is the 75% LTV issue as a relates to the properties overall value. Meaning if I don't buy the property at a heck of a discount then getting my money back out of the property after purchasing the property is extremely difficult to do.

 Here are my numbers so please provide input as you see fit. 

Purchase property for 100k

Value 130k

Renting for 1400 both sides 

Put 30k down 

Now trying to refi as we speak so I can buy another property. 

What am I missing?

yes

Get them!!!!

we use a company called capital title and a great fine Texas. If you need a number and a contact there I'll be more happy to provide a name. I have used many title company so my time and these guys are absolutely fantastic!

Welcome to the board and I wish you and your partners nothing but great success. I am curious as of how did you set up your partnership. I am considering bringing home partners but I am not sure what is going to be the best way to handle this part of the process.

We do an inspection on every property that we purchase just to give us a heads up that we are going through the process. We started not to do inspections as we are purchasing these properties but ran into surprises every term we took. By doing an inspection in front of the process it really does help along the way.

Welcome Justin....The market is certainly moving in the right direction.  My wife and I started our real estate business back in Oct of last year.....We played, hesitate and really took our time until 2016.  Since Feb of this year, we have now flipped 9 homes and last week purchased our first rental (duplex).  We took a few risks only because we wanted to get into the business and learn on the go!  As all rookies, we made a couple of mistakes, but we are happily part of this fun market.

Let me know if I can help or answer any questions from our side of the house since I believe we are still "rookies" in this business.