All Forum Posts by: Account Closed

Hi everyone,

Been doing a lot of reading lately and want to pick up a couple of books on sales. Not sure which ones I should start with, so I'm asking all of you brilliant men and women to make some suggestions. What books have changed the way you approach selling?

Nice work. Was just moving into my new apartment and found a complete leather sectional on craigslist for just $50.. some old lady just wanted it out of her living room. It's a magical website, that's for sure.

Completely agree with everything Justin said. I am 20 years old and in a similar position.. I highly recommend you go and take a real estate prelicensing class. I just finished mine and it helped me understand real estate and the market so much more, not to mention I now have the ability to search and go look at properties on my own time.

I am in your same exact position. I live in NH, where the prelicensing classes to become an agent are inexpensive ($350) and not time consuming (40 hours). I decided to take the class and get my license as a way of learning a lot more about the ins and outs of real estate as well as the obvious bonus of being a licensed agent. Now I don't know how intensive the process is in Oregon, that could be a good way to have a huge head start when you do decide to start investing. Also, go right now and listen to every bigger pockets podcast. Listen while your at the gym, playing video games, mowing the lawn, whatever. You'll be amazed how much more comfortable you will be when it is time to invest. Oh and although house hacking is a great method to get your feet wet, if your living at school that makes it a lot harder. If you don't however, that could be a great way to get started.

I think you made the right decision renting to them. I almost feel bad that he got pegged for a felony just from stealing some golf flags.. Lord knows many of us have probably made some similar stupid mistakes too (and didn't get in nearly that much trouble). He passed every other part of your screening criteria with flying colors, why wouldn't you rent to him? My .02

Have any of you (or anyone) had trouble getting a conventional mortgage when using an LLC to buy a property?

Wow 168 hours? That's a lot.. Here in NH we only need to do 40 to get a license.

@Kyle Penland

In my area it's harder to find deals that cash flow that well, especially sfh. I'm aware 267 on that isn't a very good deal, it was more so to use as an example. And I'll start to focus on my credit, I understand that's probably the biggest way to alleviate these concerns 

@Brent Paul

Thank you for your response. I agree with what you said, and that is my concern. Maybe using a six unit as an example was poor, but lets use a duplex as an example. Do you still think I would have the same problems?

Hi everyone,

I'm starting this thread to get a better understanding on the limitations of refinancing out of private money.. I'm very close to making my first deal and through a fortunate connection I have found someone willing to lend money at a generous rate. However, I feel I need to be more comfortable with the refinancing strategy before I pull the trigger. So, to all of you who have done this, what was the conversation with the bank and the outcome? Keep in mind that I am younger (20), have no credit (not bad credit though, which obviously is worse), and this would be my first property. I'm concerned that whichever bank I go to would be hesitant to refinance because of my age/lack of experience, despite the fact that they would be refinancing a performing asset. I'd like to hear your opinions..

Here would be the numbers, and if you see a problem with my analysis, please tell me.

6 Unit, Purchase Price 290,000

Monthly rents - 4200

PI - 1738

Taxes - 491

Insurance - 266

Maintenance (using 10% of monthly rent, property is recently renovated) - 420

Vacancy - 420

Property Management - 420

Cash Flow - 267.00

Obviously the cash flow is very low for a 6 unit. However, I'm using this as an example. Let's say I refi'ed in a year at 4.5%, the cash flow would grow to $637.

Like I said, my concern is that I would have a hard time refinancing because of my situation. This was a deal I was considering, and I'm more than okay with a low cash flow until I refinance. Basically just looking for the communities thoughts. Thank you!