All Forum Posts by: Mike Bargetto

Sam LLoyd to lessen the potential burden I would personally attempt to decrease the overall time they are requesting. How about just two 2-year extensions? That equals 6 years, instead of 10. I would say AT LEAST 3% annually but I don't know your market. My markets see rents increasing substantially more than 3% annually. I am in residential though and not commercial.

Sharon S. Consider getting plugged into the podcasts and read, read, read. You'll learn everything you've ever wanted to. Then, if you're in Charleston, start looking at specific neighborhoods/cities in that area and search to find what units will rent for on, say, Craig's List or Pad Mapper. Next, find listings for sale in the area on either the MLS, Realtor.com, etc. once you learn your own parameters on what a cash flowing property is you'll be able to narrow down what would work for you. Don't forget about maintenance, vacancy and Cap-Ex! This could lead you to multi families, SFR's, condos, etc. Have fun! Mike

Shawn Q. My apologies, I read 11 days ago but it was months ago this happened. Sorry! Good on your for sharing the lows and not just the highs. Have fun. Mike

Shawn Q. It sounds like you have a good attitude about this which we know is key to success in the end. Your next win will be so sweet. Keep moving!

Marque Walker from my personal experience most institutions will loan up to 80% LTV minus your primary mortgage. In a few scenarios they will go higher up to 85%, perhaps higher than that but I do not know. An important note, and already mentioned above, is you don't have to go to the bank that you have the original loan with. Originally I didn't know that and I went through Wells Fargo which is known throughout the industry for moving at a snail's pace. Hope this helps you.

Originally posted by @Bryan C.:

@Ray Peslar, thanks.  Tell me more about Cozy and how it works?  What is needed by the tenant to submit payment via Cozy?

 Bryan, we use Cozy for 3 of our properties and it works fantastic. We have never had an issue. You send applicants a link to your profile account and they set it up on their end. Cozy runs a credit check or a background check or both, it's up to you. The full cost of that <$50 goes to the tenant applicant. It doesn't cost the owner anything, ever. We are alright receiving the rent a few days after the first because we can float the mortgage for that amount of time. We do get verification that rent was indeed paid on time on the first of the month. We can't say enough great things about Cozy. 

Hope that helps. 

Mike

Thanks Joseph Caracappa I appreciate the insight. I think the listing agent would probably frown as well. I guess I'm really looking for a way to get into wholesaling! Thanks for the time on this post.

Tina Ferrier ⬆️

Hi Tina, thanks for the great and quick feedback! This is very helpful. I may just purchase this and keep it as the cash flow is surprisingly really good. The seller isn't interested in a carry of any kind. Nonetheless, a great reminder of how many different ways there are to skin the cat. Mike

Hi BP, has anybody ever wholesaled a property they found from the MLS? It seems counterintuitive as most deals aren't on the MLS to begin with but I have found a potential home run in Charleston, South Carolina in the West Ashley part of town. Any pointers would be much appreciated. Mike