All Forum Posts by: Christian Weber

 I agree, the time was never to flip. This is my business partner who changed his prerogative on this game was always to refinance and keep it as a long-term investment and earlier in the year we had an appraisal done at 5:25, so we would’ve been fine but he wanted to sell it and kind of bullied the situation a little bit. I’m just concerned now the appraisal won’t come in and will be short.

I can come up with the gap money to close the gap but then I’ll have $110,000 in the property. He’s willing to take a loss on it so I might be able to get back some of that equity with him but I’m also probably gonna have to pay him off something as well. I just don’t really want to throw $35,000 or closer to 40 K per person down the toilet that’s a lot of cash 

 What do you mean by 12% loan? Current note on the property is 390,000 give or take if I was to close the gap on an appraisal I have to come out of pocket $50,000 which I can do but then I’d have 110 K locked up in a property that I overpaid for, the note would be covering itself 

So I have a question and im kinda stumped on solution 

I bought a duplex in S.Florida with a business partner hes also a GC-50/50 split with the aim of buy and hold (which was always the plan) for $375,000. However the Air Bnb didnt produce as much as we would have liked but an annual rental would still cover the note while rates and prices climb back up. Business partner decided he doesnt want to do the buy and hold anymore and would prefer to build - which had I of know this would be a flip I wouldnt have bought it for $375,000 initially. would have offered $325k max and walked if they said no

We took hard money on it and with all the renovations and fee's our break even point to sell including all selling fee's is $520,000 however the appraisal price is more along the lines of $470,000-$480,000. Currently costing $4500 a month in hard money interest only and we have it for sale but its coming in low so our options (if there are other options you can think of let me know)

1) Sell it for a loss which after realtor fees etc (we are agents so dont have to pay on the listing side) would be around $35,000 each 

2) DSCR it but im concerned that the rents would cover the payment but it prob wont appraise and I would have to bring $40k to the table

3) keep paying $4500 a month in interest only while waiting for a high DP financed offer that waives appraisal or cash

4) any other suggestions

I cant buy it as a primary as just switched to full time 1099 and wont qualify for it at the price so would have to be a DSCR loan (credit is 750 an I have enough reserves in my bank account). Aim would be a 0-2 year Pre Payment period

Advice please :( 

Florida

Advice -  Only a few days left before the Monthly Tax auction and I found a seller who wants to sell before the auction.

just wondering how that works regarding paying off the taxes as even with cash it would not close before the auction.

How would you structure it to cover the payment for the taxes and also the offer for the house

Thank you

 Florida*

Question as I want to make sure I am doing this correct

1) have list of homes on the tax deed website that are behind on property taxes - how far out should I be looking i.e if a home is set for auction 3 months out so I be calling further out?

2) skip trace the home owners numbers (use white pages premium and batch skip tracing 15 cents a lead + plus free google searches) any other platforms I should use?

2B) most of the numbers are junk and it isnt often I get hold of the home owner so I will look to family/relatives and call them. 

Is this normal that most numbers arent going to be correct and some properties outside of going and door knocking/mailing you just wont get in touch with - am I missing a step?

3) Try to get them to sell to you before it goes to auction so they get some equity etc

Did I miss anything?

Thank you

Need to find a way to umbrella a rental I have in michigan while my primary is in florida.

Suggestions please or agents please message me

Thank you

So I was watching YouTube and a "guru" mentioned you can take a loan out on your indexes/stocks as it is a secured loan at a fraction of what you would get on a regular loan (1.5% instead of the 3-4% on a regular conventional loan) and that you can borrow around 40-60% of your portfolio amount.

I looked online for info even close to this but couldn't find it, I have a sizeable 401k so wanted to look into this - any insight greatly appreciated

 I was all excited someone replied and then - Doh haha

Hi - Just a quick question. Does anyone have much luck finding off market properties in south florida (PBC south) - most of the wholesalers I am on lists are just reselling MLS listings and the few that do get properties dont wholesale them but flip them themselves and one told me it costs him around 15-25k in marketing to find a home.

Would like to get into the flipping market but also happy to move to another location to make it work

input and thoughts appreciated