All Forum Posts by: Chris Luksha

Thank you @Percy N. and @Justin Windham.  I was under the impression that you could not, but I had to ask, because I am trying be creative in refinancing my own.

I completely forgot about the 50% rule Justin.  I know I had heard it in a podcast and post or two, but completely spaced it. 

Thank you again!

Chris

This has been a great discussion to be a part of. Thank you everyone for the great feedback. I have been digging and can't seem to find the realtor notes in the back-end access to MLS which is fine - I like talking to my local realtor anyway. However, it brings up another question - is their another source of comps out there? There is a great opportunity for a programmer with some business sense or one of us who has the money to pay for a good one, and the ability to show the programmer where to glean the info from.

Chris

Thank you all for the added info. It would seem there is quite a plethora of reasons the NLS backend is worthwhile. 

It is great info for sure. 

Hi all. 

Lately I have been travelling a ton for my work and have had hours of listening time on the podcasts and my whisper-synced copy of Rich Dad Poor Dad. It has gotten me processing not only what could be my first multifamily investment but also my own money pit of a home.

I have a couple questions regarding my retirement monies and how I can invest them in real estate instead of who knows what. I have approximately $20k in 401 and SEP monies.

Question 1: Is there a way I can use my own 401 to buy out my second lien mortgage from the mortgage company and be paying my second mortgage back into my retirement funds? My guess is this might be frowned upon by government regulatory institutions - but I don't know. My understanding is that I cannot rent a property owned by my retirement account to any relative - but does this apply to a mortgage on a primary residence?

Question number 2: If I cannot do it - is there a way to form a corporation that I I can invest in with my 401 that would in turn give me a second mortgage?

The issue I am having is that I purchased my home 10 years ago with a stated income 80/20 loan. This in turn gave me a close to 8% interest rate. I will attempt to refinance conventionally if I cannot legally use my 401 for this. I would love to be able to refinance my own loan at something like 2 or 3% and gain that interest myself while shrinking my monthly payment. The second mortgage is just under $22k at this point and I could drop it to below $20k with cash on hand.

This is me asking "How can I?"  I will get into the potential first buy in another post.

Thanks for the help everyone.

Chris

Thank you all for the info. It makes sense that there would be more info. 

Being that I have developed websites for Realtors in my area, I too have had direct access to the MLS data but I have only ever been asked to get specific data for their public websites so never really looked at the other info and until a few months back, the sold days was in separate systems so not as easily accessable.

That all makes great sense.

Thank

Chris

But I wonder @Account Closed, is there hidden info or reports that only the realtor can view that is not generally available to the public on mls websites already?

Good day all,

AS I am reading and listening to podcasts and trying to learn all I can, I keep hearing references to "Use a realtor because they have access to MLS" or "Because I have access to MLS I can..."

Is there a special backend of some kind that I am missing that makes MLS so special? I can go to my local realtor's site or to mls.com or realtor.com etc. and see a ton of info.

What is so special about this "access to MLS" that I am missing from the front end?

Just wondering why it seems like such a big deal.

Thanks all.

PS - This week I found what looks to be a really dumpy mutli-family property near a local university that I am analyzing on the BRRRR Calc to find what the best buy price would be and it would seem I could potentially make it a worthwhile purchase. It would be a heck of a rehab for my first investment as I believe it would take almost a gutting to make it work.

I will be posting soon to look for advice testing my theory on this one. I am excited.

Blessings,

Chris

a simple solution that would cost about$10 a year would be to go to www.namecheap.com and register a new domain, something like www.yourdomainBP.com and make it a simple redirect to your real domain

Then all links from that source you know are BP referrals.

Not the best, but surely simple, and cheap. You can also make it so you can send people to www.yourdomainBP.com/rentals or /multifamily and then you would know what links were clicked where.

Hope that helps for the short term.

Chris

Hi All,

I was wondering if anyone knows of a good way to find the information for a trustee owner. My daughter and I were out walking and found a little SF home in poor shape and supposedly empty. The garage is in better shape then the house.  My guess is this might be an investor as the property was previously in the name Parch, George and was sold a few years back to "Parch Trustee, George" (Name made up.)

Anyway I would love to be able to find the owner and learn about the house and his potential plans for it. Is there a halfway decent way to look up the trustee info? 

Thanks all!

Chris

Thank you @Michael S.

Yes Michael, there is much I did not write.  IT was late and I didn't want to just make a long post for the sake of it.  I was just excited for the experience and wanted to share both the experience and the encouragement I got from the resources so far.

I plan on being sure to ask a ton of questions on my first attempt at a deal for sure, but even before that I also plan on being very active on the forums ahead of time.  Right now I am spending some quality time with the stuff I should be learning before I try to ask all the questions I should already have done my homework on in the site.  As much as people love to help, I don't want to be the guy that everyone keeps saying "Did you listen to that podcast? Did you read the beginner's guide yet? Did you....?" You get the idea. I want to do my due diligence before I start bugging people for help.

Hopefully that made some sense. 

Thank you all again for the encouragement.

Chris