All Forum Posts by: Able Waller

Wow man...checked out some of your vids / intel Brian G...very glad I did.

Understood, and I thank you for this feedback. It seems like it probably is not the right move for me to become involved in this deal. It is an opportunity that found me as opposed to the other way around.

I guess I'm having trouble getting away from thinking of it as if it's a "free rental". . . but with no spread btw loan balance and value it just doesn't come out.

Being new to the business and without the funds to chase down more of my own deals this jumped out at me, briefly.

Thanks again for the feedback.

I'm wondering if the group here would see this as an opportunity, a loser, or a break-even headache.

Subject property is highly updated (electrical, central AC, etc.) 1928 build wood frame home in an undeniably up-and-coming neighborhood, currently retails in the $130k range.

Currently rented to mutual friend for $1100 month

Current owner is offering me a Lease Purchase agreement and is committed to structuring deal in such a way where there is no profit, but rather a break-even exit strategy whereby they do not have to deal with maintence, management, etc. Balanced owed on their mortgage is around $155k.

Terms have not been discussed beyond stating that ALL $ paid within the agreement would go toward purchase price (as opposed to whatever portion is typical).

My experience is limited: I've flipped a few houses and currently co-own and manage two rentals.

My financial: currently live in a condo (reo purchase) which holds %50 equity and have a private undocumented high interest loan on that. Mid-to-low credit score and very little personal income. Included this to show that I could view it simply as a way to purchase a personal residence where I could not "conventionally." I'm not in LOVE with the subject property but could be happy living there. But would rather it make sense more as investment first, with residing there being a secondary option.

Many thanks for any input.

I own only one property in my personal name. Everything else I am partnered on various LLC's for flips / rentals. On my personal taxes, how do I report and how will I be taxed for my rental income? Also, anyone have a creative financing idea for a guy that shows virtually no income for one of the two years' returns that would be requested. This would be a cash-out refi on the aformentioned one property (condo) and at the time of the application I have the choice of being either rental/income property or actually living in the property as owner-occ. Thanks in advance for any input.

I know this probably sounds like too general a question which google would plaster with results. . . but I'm looking for the more 'investor slanted' take on what my options are for this situation. I've purchased a condo at %50 LTV using an undocumented private loan, and now I'd like to either REFI or HELOC to both pay back the private loan and produce funds to push towards new investments. I know some of the basics regarding condo community qualifications/questionnaires, but I am hoping to discover more detail about who might do higer LTV % in Florida, and who is most likely to approve me without a co-signer. My credit is fair, my debt is minimal but my income is not showing very high as I've only been investing for a year. Any fresh ideas about where I should be looking to apply? Thanks in advance for all you do!

Steady job with low income and a healthy side business which provides a good income but doesn't translate well into personal. Options involve other units owned by partners so yes, I can keep expenses way down in the meantime. Would prefer to have my friend's high interest loan paid back asap for all of the obvious reasons plus that's what they would prefer. Would look to cash-out refi on as much of the property's value as possible at a lower rate. But the issue is not legally occupying the property. My understanding is 6 months minimum to "season" or be considered established occupant, and my understanding is the difference b/w owner occ. vs. rental loan terms (if I even COULD get a loan on a condo rental) is monumental. Thanks again for feedback.

I could boot the tennants but don't want to unless it makes sense. Their lease is up end of July, but property won't have marketable title for maybe 6 more months (tax deed purchase). So it's nice to have carrying costs paid for by rents until such time as I can refi. Friend lent me the $50k and yes they are selling quickly at $85-90k cash. My goal is to live at the property for at least 2 years if not 5. But to have either/or/both as low a monthly payment as possible and/or a significant amount of $ to play with on investments (deposits, downpayments, carrying costs, or repairs, etc), after paying my friend back, of course. Thanks for the attention/time and thought.

I should add that the one option not really available to me is to sell for the profit...long-winded explanation excluded, but that is not really an option.

Help! Bought a condo a month ago in FL ffor $50k....it currently sells for around $100k. A. Friend loaned me the $ on high interest loan which believe it or not is still being negotiated - very good friend - but it'll be something like %10 I/O 1 yr balloon). It's currently rented by good, responsible paying tenant at market for $1,000 month and they'd like to stay for another year, but will take 6 months. My concern is that trying to refi (to pay my friend back and catch a lower montly payment and ideally also a pocketfull of $ to use for further investments) will be impossible or very difficult unless I establish occupancy asap. I have options (can stay in another unit for half-price, etc.) and I am having trouble thinking through this scenario - very new to the business. I've been told - with my terrible credit - that even with a cosigner financing won't happen on an investment property (unless maybe terrible terms). . . any suggestions / ideas / creative solutions are deeply welcomed. Thanks in advance!