All Forum Posts by: David Miller

hey BP amigos, 

i'm looking at purchasing my first investment property using a cash out refi for the down payment. i've been speaking with a few different ppl, and wanted to know if anyone had experience working with 'first direct lending'?

the rep below is the loan consultant. if anyone has any input i'd really appreciate it. 

Khashi TabriziLoan Consultant | NMLS # 970487

@Hai Loc

i'm contemplating something similar; i can get 80% LTV. i bring in a cash partner for the downpayment on an investment property we turn into a vacation rental.

let's say the pp is 100k.

1. partner puts in 20k (and has this as lien on mortgage)

2. i manage the vacation rental over the summer.

3. we split cash flow (with property management fee considered).

4. then we split equity  .

is this essentially what you're outlining above?

any simple alternate solutions you can think of?

thx for yr time. 

thx for the thoughts y'all. 

hey everyone,

after just a few weeks on BP (and serious time on the podcast) my knowledge has gone up 10x...which means i now understand 10x how much more there is to learn! :)

thx all of you who've helped give your time and advice. 

what i realize now is just how hot our market is here in asheville, which makes finding anything that even comes close to passing the 2% rule very difficult, or just about impossible unless i can find a truly motivated seller. 

i've noticed on zillow that country records will state when a home is in default. i'm sure there's a lag time there. is there a way to get this information faster? is it obtainable directly from the country recorders' office...and if so what would i do to get it?

pls forgive the noob question...i'm sure a million ppl have already thought of this but i'm not seeing this exact question here on the forums.  

hey everyone,

after just a few weeks on BP (and serious time on the podcast) my knowledge has gone up 10x...which means i now understand 10x how much more there is to learn! :)

thx all of you who've helped give your time and advice. 

what i realize now is just how hot our market is here in asheville, which makes finding anything that even comes close to passing the 2% rule very difficult, or just about impossible unless i can find a truly motivated seller. 

i've noticed on zillow that country records will state when a home is in default. i'm sure there's a lag time there. is there a way to get this information faster? is it obtainable directly from the country recorders' office...and if so what would i do to get it?

pls forgive the noob question...i'm sure a million ppl have already thought of this but i'm not seeing this exact question here on the forums.  

thx for all the perspective y'all. 

thx brian, will do!!

hey BP community, 

i'm in the process of building my first RE investing team. i've identifed a strong local attorney (http://www.thehartlawgroup.com/maryhart.htm) who also happens to be an active RE investor. 

i'd like to know the most efficient / least time-wasting way to approach her. my goal is to have her eventually draft lease option agreements, purchase contracts, memorandums of agreement, etc.

how do i help her help me and not waste any time? 

another way of asking this (especially for all you attorneys out there): what do you like to hear when a real estate investor client contacts you?

dm