All Forum Posts by: Chris Vasquez

Hey Del,
Just a little clarification. Do you mean wholesaling (Tie up a reo with a deposit and assign to a flipper) Or are you closing on it yourself and then flipping to someone else to rehab? Terminology in here gets a little confusing sometimes. Thanks

No problem Mitch,
Just a little disclosure on my part for you guys.
I have no idea if they truely are allowed to do that on my loan. I was so pissed when I spoke to them. I bluffed telling them they can't. It seemed to work. I doubt a CS rep is really going to search through the loan agreement. Hehe. This was almost a year ago. If they do come back with it again, They will have to prove it to me in writting or point it out on my loan. Let them do the work.

Hey Andrew, In my opinion. Starting from scratch. Go to a class. Most instructors will steer you in the right direction of what has to be learned for the state test. Do your post licensing stuff online or through what ever Broker you decide to hang your license with. If your an investor?... Go with a smaller Brokerage and tell them you want part time. You may have to pay a desk fee but they won't expect you to be there for every meeting. As an Investor, you are really only looking to get access to the MLS. As a Realtor? Go with one of the bigger Co's. They have tons of training and people who could mentor you when you first start out. I hope that helps. Good Luck!

On the subject of escrow. Heads up! Keep an I on you payments. B of A recently decided to charge me a little extra each month for what they claim is future escrow increases. They tried to add another $50 a month. I like how they claimed it was for my protection. I told them there was nothing in mort agreement that allowed them to do that. They immediately removed it. UnFreaknblvble.

Here's the way I see it. If you look closely at what has happend with the new credit card act.
The gov put these new regs on the banks. Now to make up for the loss of interest rate increases. They now charge unbelievable fees. Late fees... higher, new transfer balance fees, shorter interest free periods and so on. And all the banks are doing the same thing in lock step.
There isn't any real competition any more. You can get the same bene's from most of them.
So, if they go private with the mortgages. I'll bet the banks will set a standard between themselves with fees that will be the new norm. Changing the future costs of buying a house for ever. "It's not personal. It's business" Just my .02.

Thanks guys for your input. I do like the idea of including PITI in my main residence. Let the bank deal with it. Out of site out of mind. I guess it all boils down to accounting preference and convenience. As far as #2 of my original question. I realize I asked it backwards. By subtracting PI after NOI. That gives you your Before Tax Cash Flow. I gotta go back and study the Stack formula. Thanks again.

Thanks Steve.
One thing I'm a little fuzzy on. Why isn't debt service included in the total of operating expenses then subtracted from rental income. Is it just a matter of figuring cap rate?

Rookie question here. 1.When financing a rental property. Do you favor Principal+Interest or PITI included together in your payments when the mortgage is set up.
2. Using PITI. Why wouldn't you figure in the tax and insurance into the side of debt service? Or does it really matter in the formula?

Like Oh My God, Becky. Chad reminded me of the movie Valley Girl. I know, I know Sir Mixalot reference. It's all relative. Thanks for the replies and thanks to everyone on this site for sharing your knowledge. I have learned more on BP than all the guru books I have read over the years. I'm still lmao.

Chad is the one with the girl friend and the dog.
Just plain creepy.