All Forum Posts by: Jason Eyerly

 Face to face if possible. Most people are non confrontational and will find it much harder to say no in person. Plus, it makes you seem more credible and legitimate.

I have heard that counting it as income only takes 6-12 months with a copy of the lease and payments received. However, I would think that even if you still owned the previous house, you can pledge it as collateral to the bank for $X amount to get the additional 30% you need. I don't know if that's how they work, but it's worth asking. It seems logical to me. Hell, you may even be better off taking a HELOC against your current residence or something of that nature to get the extra funds. This all depends on your equity and what the property is worth and how much your additional 30% comes down to.

 I'm not sure who I heard this from on BP but quoting them "I never let a potential deal die on my side of the table." Hope that helps!

I'll tell you from experience that with that same $5,000 you can get your Salesperson License, and start a huge campaign as a wholesaler to get started. Better yet, the information on how to do both is available right here on BP. For what it's worth, My first campaign which went above and beyond what most people start with was $4,500. License included. 

Hello Everyone, 

I was wondering what the possible financing option would be for someone who found a short sale and they wanted to hold it for cash flow. With the exception of subject to, as I need to go back and gear those podcasts. Can you get a conventional mortgage for them? 

-J

 Does this mean he is making payments to pay off all 4 homes in 15 years with 4.5% interest? That sounds like it would leave very little cash flow, or like a vacancy would put a much bigger dent in your cash flow, provided you don't have vacancy insurance.

Hello BP members!

One thing I use a lot in my field is leverage, and I've noticed that it's used a lot in REI as well. So how do you calculate your leverage and know when you are over leveraged? For example, how do you calculate whether or not you would survive if the market took a big hit and instead of paying cash for your properties, you used conventional mortgages, HELOC, etc. After a certain point I know it's common to use a portfolio lender, so is there less risk or greater leverage with a portfolio lender?

Thanks,

    Jason E.

I am considering cheaper areas, that is why I mentioned Las Vegas and northwest Indiana, two places that I am familiar with. Is it unheard of to pay FMV or slightly less on a property that needs minimal work and you just want to cash flow?

Hello BP,

Now that I'm in The Big Apple, my girlfriend and I are looking to get into REI and build our future here. As a professional trader, I am expecting to have a pretty good salary, so most of the REI business although a joint venture, will be on my fiance's part full-time. We were planning on saving $50k to use as down payments towards some mortgages to obtain cash flow properties. However, being in NYC 10% down is probably more like $75,000-$100,000 for a small apartment in the city or any houses in the other boroughs. So this all leaves me wondering:

1) Should I consider investing long-distance where I can use family/friends as PM in Indiana or Las Vegas?

2) How do I calculate debt:income and whether I can qualify?

3) How many mortgages can I get?

4) Are the standards the same on down-payment for a multi-family unit? Ideally, I would like to snag up some multi-family buildings in the boroughs outside Manhattan, and perhaps something I could get an FHA loan on and live rent-free.

Perhaps, @Albert Bui or @Darren Sager could chime in here. You are both experts in these areas, respectively. 

Thanks In Advance.

 Regardless, if they default, in the end, it's nobodies fault but their own.