All Forum Posts by: Brandon McMullin

@Nazeam Joseph

Personally I would allow pets, think if you were a tenant and wanted to move into a nice duplex. But had a dog that you’ve had for 14 years.

Aslong as you meet the dog and feel comfortable then I always let animals in the doors.

If the animal is not behaved and out of control then I say no

@Marvin Meng

I use Venmo also

Super easy and Convenient!

@Account Closed-Her bank did tell me they will send me some paper work to fill out, Im sure they do have to approve me to assume her loan. I feel pretty confident I will be approved.and okay that makes sense, it would be nice to use that equity, but I guess since I'm just assuming, it probably doesn't work to my advantage. good call!

@Basit Siddiqi- Yes I will have title to the property, and I think your right. it would be nice to be able to play with the equity, but it is probably unlikely. Who knows though, maybe the bank will let me.

@Matty Foley @Michael Ablan- The seller sent me a statement from her bank regarding information on her loan. "Federal Truth In Lending Disclosure Statement"

and on that statement shows her loan is assumable, along with interest rate, term,remaning balance etc.

Im not sure if it is FHA,VA, or conventional but along as her bank states the loan is assumable then Im just going to roll with that.

@Lydia S.-The owner is what I would classify as a motivated seller, she just wants to move away already. so yes she is willing to walk away without any profit/income. once I assume her mortgage, then its all mine, I will rent it out and whatever damages are done will be my responsibility just as any other rental. some banks would charge a down payment of 5% or so if someone assumes a loan, and some banks just charge a small fee. luckily I am just getting charged a small fee. Im pretty excited about it.

@Dennis M.-The seller and I have built a good friendship, she wants to move to Texas. this property is in Illinois. ill be a good sport and let her not have to worry about this house. she can live her life in Texas and ill take it off her hands. we are both helping each other out.

one main reason I want to invest in real estate, is to be a good landlord and not a slumlord.Ive experienced and heard many stories of horrible landlords doing stupid things. Im not that way I suppose. Ill be alright being liable, I have a duplex im liable for, soon this property and hopefully 5 more properties to be liable for next year. that's real estate investing and I'm having fun with it!

I met a lady selling her house, long story short. she wants to move out of state in a few months and I told her I would buy her house. I told her I would be okay with just taking over her mortgage. and she was just fine with that.

I talked to her bank and I've seen information regarding her loan.

she's had this loan for 5 years and she has 20k equity.

we are just waiting for her contract with her realtor to be up In mid January 2020 before she can legally sell it to me because its considered a for sale by owner transaction and that's against her contract with her realtor. 

so there's only a $150 fee from the bank, I don't have to put anything down. the house in turn key. no repairs are needed and I have a tenant ready to move in right away.

I'm guessing with insurance and all the fee's, I will probably spend around 

$2000. and my monthly cashflow will be $400/month and ill have the 20k equity right off the bat, that I was planing on using to get another property with.

anything to lookout for when assuming a loan? not much info out there on this and seems like a great way to get properties if you ask me! the ROI is around 300% if I did that right

Thankyou I appreciate it!

I have a duplex, I live in one side and renting out the other. it is in a flood zone and I do have flood insurance, im on an FHA loan. I put sand bags around the property about 4 layers high, and had a sump pump going. the water is just way to high now, it is record high. my duplex was even on the news, what do I do now...

is there any services or grants to help me pay for what insurance can't

what are the chances I could somehow get off of the fha loan and have a new building made?

is my flood insurance company actually going to be on my side here? 

this is my first investment property as I am new to this. I just need some sort of direction 

I bought a duplex with FHA about 6 months ago, I put $10k and my sweaty labor into it in renovations.

The place is simply way to small for me, It is 1bd 1 bath on my side and 2bd 1 bath on the other(I rented out that side)

I found a much bigger duplex I really would love to purchase, so I had my realtor look at my current duplex after the RENO to see if she thought I could get an appraisal and refinance over to conventional. She looked at Comps and really thinks It should appraise high enough to refinance ( my loan needs to be at 75% LTV to refinance, since I only put down 3.5% it was going to be hard to reach that since only owning the property for 5 months but hopefully my work payed off and I can refinance)

I want to refinance my duplex so I can get an FHA for this bigger duplex so I only need to put down the 3.5%. They are asking $185k

my ultimate goal is to get the bigger duplex on FHA, then get a HELOC on my first duplex and purchase a SFH to rent out using the credit to put 15% down on that(conventional loan)

After its all said and done I will have 2 duplexes and 1 SFH within 1 year. I would be very very happy if I'm able to do so. If I can jump through all the hoops.. my debt to income ratio is on my side, its very low. income tax season is here, so that will help me out. one issue is; my work has been slow the past couple months, only working 2-3 days a week. but we are finally picking up and should be busy for a while, my YTD income/income over the past 2 years has not been very good due to having 4 surgeries(work out injuries).... although I was collecting short term disability all 10 months off work. hopefully the bank see's how much money I make a week now and everything works out, wish me luck BP FAMILY :)

I made business cards and went door knocking on houses that were going through pre foreclosure, one guy was interested in selling me his house, I did some research in the neighborhoods prices before I started, this guy would sell me his house for 40k, worth about 90k after only 5k of repairs since im a handyman and can do a lot myself.

after I left his house after the deal was made, I was unsure of the next steps I have to go through to buy the house, do I contact a realtor now and tell him I want to buy this house and the owner agreed to this much? or can I do it without a realtor to avoid fee's 

do I just go to the title agency? help! just got the deal a couple hours ago

Im a newbie but trying to learn as I go so here I am lol

I Have struck a deal with a sweet old lady who's house is paid off, I believe the ARV is around 170-180k.

I would be purchasing the property for 100k, and there is about 10k of repairs needed ( I brought a very experienced investor with me to help me with that part )

now who's going to give me decent rates and funding? again this is my first time, completely a noob here, I really don't want to let this deal pass. 

anyone recommend a good hard money lender? or would want to privately lend me money and can keep in contact with each other every day, please help people

this sounds like to much to do that I do not know how to do... I wish there was a college course for real estate investing..