All Forum Posts by: Mike Berlay

Hello, everyone and thank you for spending some of your time checking out my problems and questions.
To make my story short, in 2009 prices and deals in my market told me that I will not save for down payment for primary residence and I need much more income to fill safe going to flip or buy and hold property. So I went the route to create more income first.
In the end of 2011 I started a business, I still do not have spare money to invest, as business is another thing you have to learn for years same as real estate.
And now I'm asking everyone I could: "what to do?", as last 6 years I spent reading books and trying, by still in the same place before financially. As I do not want to spent another 6 years running around and realize I was chasing my tail.
As I understand I need a customized plan to follow, but do know how to make one.

George P. Ha, HA :) I do not thing I will ever make it. If you count NYC prices and my poor job

That would be very interesting topic to follow.

Dylan you should check J Scott website, I was amazed when were reading his blog and put him as example. I wish to have opportunity discuss deals with him.

Did any one use this service to fund deals?

Who is making this repairs for you? I mean how do you handle property purchase, repair, renting in FL, if you in CA?

I got pre-approval for 203(k)(primelending, maybe someone worked with this guys before?) and I found agent who dealing with foreclosed properties. For 203K they asking for 6 months mortgage payment reserves, that's another 10k. after all down and closing. money have to be on account for 2 months, gifts not acceptable. Is there any ways to include anything (fees, ect.) in loan?
Was thinking to get some money from private lender 15k for 2 years @10%. property can be used as security.

I got your point guys. Already contacted with another lender about 203k loan. I hope to get pre-approval. Let you know..

Thanks Scott for reply and all work you do on your blog. Was reading it for a long time already.
I will ask my lender if they do 203(k), but for me it was a problem to find lender who can qualify me for regular FHA.
I know that bank do not want do or pay for anything. 5k due taxes whos going to pay for it?
I need to know what to put in contract, so I will do all work.