All Forum Posts by: Account Closed

I own a property free and clear that we just moved from 5 months ago. It is currently rented out. I have contacted a few lenders who say I am not able to obtain a HELOC or 2nd mortgage because I do not live there anymore.

Is there a way for me to tap into the equity? The home is worth about $150k and I am looking to obtain as much as possible for an investment.

Thank you!

If I wanted to do a cash-out refi at 70% LTV, how do they value the apt complex? Is it NOI/ Cap Rate? Or do the banks find the valuation a different way?

For example: The purchase price of the apartment was $1.7Mil 5 years ago. We have raised the NOI from $182,000 to $201,000 in 5 years. Assuming the Cap Rate is the same, at 9%, the new valuation would be $2.2Mil. Does the bank use the $2.2Mil number, or do they find the valuation a different way ($1.7Mil plus appreciation for 5 years so roughly $1.8-1.9M)?

Thanks!

Thanks for the help @Bill Jacobsen and @Jared K. ! I learn new things all the time and this has helped me a lot!

Disclaimer: I have want to start investing and have listened to many podcasts. I have not actually invested yet but want to start. I am a REA and have access to our MLS.

I have heard of the 2% rule and think I understand it. The goal is to rent a property for 2% of what you have invested in it (Purchase price + Renovations) if I understand that correctly.

There is a deal for 9 condos/apartments that someone is trying to sell. The price is $265,000 and Gross Rent is $61,380 and NET is $44,492. 

Is the 2% rule on Gross or NET and does this seem like a good deal based on the few details I have provided? Most of the are already rented out. Thanks!

@Curt Davis  I was looking to sign up soon with them soon, actually. It looks like they always have get-togethers and meet-ups. Thanks for the input.

I am looking for a mentor to help 'teach me the ropes' of investing. I would like to learn about wholesaling, tax deed sales, learning how to find pre-foreclosures and flipping. I have my real estate license and would also like to start investing. I'm a hard worker and fast learner. Thanks in advance.

@Jeremy Hale 

Thanks for the reply! That sounds like junk considering the price of it! I thought it sounded a bit fishy considering it's an algorithm and a program vs. people finding these deals. It sounds worse than I thought because the suggest a ridiculous price. Thanks for the help.

From what I (think I) know, Tennessee is one of 5 states that have Redeemable Tax Deed sales. It looks like to me, that the winning bid is the highest amount of money which needs to be paid within 5 business days. The tax deed holder is now paid 1% each month for up to 12 months. After that year has gone by, the tax deed owner now owns the property and can evict the tenant. 

If I buy a property then I will get 12% annual interest, or will get the property. What am I missing?

FlipComp is a service that supposedly helps find the 'best' deals around. I was wondering if anyone uses it. It has limited to certain areas but if it works I am interested in it. Thanks!

Hey @John Mirles 

I am starting out as well! I have less than a month as a Real Estate Agent. Fortunately for me I have a friend that wants to buy AND sell in the next month. After that I am in the same boat as you. At my brokerage, established Real Estate Agents don't have time/ don't want to do Open Houses. They are always asking for someone to do it for them. My advice would be to tag along to 1 or 2 and help them with an Open House if you do not feel comfortable to do it alone. Then when you feel ready, hold Open Houses for Agents and pass out business cards at the Open House to attract clients. 

Good luck, Charlie