All Forum Posts by: Account Closed

Have an applicant that meets our criteria but has cockatiels and sugar gliders. Never been faced with these before. Anybody have experience or thoughts with this?

TIA

@Kyle Altenau Thanks for the reply!!!

So, new to this whole financing thing. We’ve only used conventional mortgages up to this point. Got this from a local bank here in OKC and looking for thoughts if this is good or bad deal.

TIA

Here’s what I would propose: we set up what we commonly call a “guidance line of credit”, which is just a pre-approved amount and terms that we commit to and make available for an initial period of 12 months. Proposed terms (subject to credit approval) would be as follows:

$500,000 limit to purchase rental properties, with each acquisition financed on a separate note

15% down payment required on each acquisition, Loan-to-Value not to exceed 80% of appraisal

20 year amortizations with 5-year fixed rate of Prime + 1.25% at the time of closing (4.5% currently)

½% origination fee on each acquisition, plus actual out-of-pocket costs such as appraisals, title insurance, etc.

Thanks guys!!!

Perfect  Thanks!!

Working to find our first deal. Are there any contract contingencies you wish you would have known/thought about when you first started REI'ing?

Just wanting to make sure we have a good escape plan if necessary😉

TIA

Working to find our first deal. Are there any contract contingencies you wish you would have known/thought about when you first started REI'ing?

Just wanting to make sure we have a good escape plan if necessary😉

TIA

@Jeffrey Edwards Awesome!!! Thank you!!!

Really new investors here. We’ve looked at several properties but have no idea what we’re getting into cost wise, for updates and general fix ups. Is there any good rules of thumb or tools out there to help calculate what we’re getting into?

TIA