All Forum Posts by: Brent Cullipher

T hanks to all who responded.  come to find out, the lady I was speaking with didn't know what she was talking about.  In coastal NC the homeowners insurance policies are split up into two different policies. The normal side, and then the wind and hail side. The wind and hail policy is collected from a pool of money and governed by the North Carolina joint underwriting Associationwhereas USAA just handled my other side of the policy. Turns out that because this went from a owner-occupied insurance policy to an investment or landlord policy, that somehow allowed USAA to underwrite both policies now. The lady who I initially spoke with was mistaken and left them on separate policies which jacked up for some reason. Now, USAA handles both sides of my policy. And its only costing me 96 dollars extra per year, or an added $8 on top of my mortgage each month. Poor me. Lol

I see what you did there, James.

Rahdia, 

You would go about finding a ride as usual.  Family,  friends , Co worker etc.  If they cant help, pay for a shuttle.  Is there more to this question that I'm not seeing?

Yes, Croombs, MAX arv is an overused term I'm seeing and should be ignored like their estimated rehab costs.  I just hope I am fortunate enough to find a few wholesalers out in my area who leave enough meat on the bone so that both of us may capitalize.  if this does become a trend, I will become a wholesaler myself. Of course, I wouldn't mind dabbling in it. As of right now, I am just trying to put the roots down but not totally sure of which way the branches will go.

I keep seeing wholesalers list their deals along with exit strategies.  Something that always rubs me the wrong way is when I see their asking price, then estimated rehab costs, then the MAX arv.  Why would someone list a MAX arv?  I'm sure they are not listing the max rehab cost.  Anyways, I tend to see the rehab cost and mentally add on 5k or so, conservatively, and by the time I'm looking at their MAX arv, there's only a $10k-$15 spread left.  Again, all I'm doing is being conservative by assuming there will be higher rehab costs and not expecting to see the highest arv.  What concerns me is this "predetermined spread" that's left.  Does anybody else feel this way?  Undocumented/unnoticed issues can ea up that small a spread easily and close the gap quickly. Thoughts anybody? Or is that the unspoken general rule of thumb in San antonio?

All the rates and points listed above look too high.  6 points is ridiculous.  Maybe if I didn't need to come to the table with down payment, closing costs, etc and they ate everything initially.

Hi Sheri, 

You can find other lenders with better points and rates.  I found one at 2-2.5 points, around 12%.  Check out Sherman Bridge, ISB, and any locals.  there are better deals in lending.

Thanks Jason.

I have, somewhat, a hands off mentor.  Problem is how busy he is with the day to day operations of his own business to answer any and all of my questions.  I get tidbits here and there, but a collective hive of suggestions and experiences is much better than one's own anyways.  

I would like to know from other new investors what they did just starting out to make sure they were good to go and ready to pull the trigger on their first deal.and I'd like to know from experienced investors what they wish they would have done in the very beginning in regards to getting all the footwork done.

Hello to the BP community!

First off, I'd like to say that this community seems to be one of the best real estate investing tools I've come across.  I am definitely a proud member! I thank you in advance for your replies.

I am new to San Antonio and even newer to investing!  At this point, I feel like I'm laying the foundation for myself in regards to getting everything ready to bang out this year.  I have taken my real estate courses and only need to schedule the exam now which will be within the first week of March.  I am trying to foster valuable relationships with those that can further my success.  I've contacted and met with a few wholesalers, other realtors, investors, contractors, private money etc.  Other than filing for an llc, choosing a broker for my license, what other preemptive steps would yall recommend for a newbie San Antonian  and aspiring investor?  

Hi,

I am new to BP and just started exploring.  This is the first novel I have read on this site.  All 21 pages.  Started at 4am and is now 630am.  Needless to say, it's a page turner.  I believe you are coming up on 4 years.  Very humbling experience, I'd imagine.  You've been very detailed in logging everything and for this shared experience I thank you.  Any other updates?  Soon to be yours again?  Plans with the home once it's all over?

welcome! I also would like information on your lending info as well. Thanks