All Forum Posts by: Account Closed

@Zack Niemeyer Awesome info! Looks like you're doing just what I'm looking into..living in while doing the rehab. I'll send you a PM!

@Alan Grobmeier Thanks for the honest advice! What I don't want to do is overly assume and find myself in a worse position that anticipated..thats why I'm here :)

Do you avoid buy and holds in the Tempe area for now then? I did see that purchase prices were much better even 2 years ago to fit the buy and hold model.

@Alan Grobmeier 

Thank you! My goal would be to buy at 150k plus the reno rolled into a 203k. I'm sure you have more expertise in this area, but I did see a 2 bed sell for 98k in Tempe very close to ASU.

Of course, this doesn't quite fit for what I'm looking for (really want a 3 bed 2 bath). In your experience have you seen any properties go for around 150k that need a renovation? 

@David Faulkner Thanks! I'll definitely look into it and see what comes of it. I like the idea of incentivizing sellers...especially finding a seller that for whatever reason cant, or doesn't want to wait for that escro closing time!

Thanks again

Wow! Awesome episode, what an inspiring guy..You just let him go and he dropped an hour of amazing advice. 

Also you did awesome!

Congrats!! inspiring for those of us starting out

@David Faulkner Great info!! I really appreciate it. For the business line of credit, are there certain requirements a bank likes to see, such as successful previous buy and holds or flips? Would you say its difficult starting out to acquire a line of credit like it?

Thanks,

Hey all, 

Just wanted to ask a quick question that I had while listening to to most recent BP episode!

The guest mentioned that when he makes an offer on a  property he is much more successful making a cash offer over those who are typically doing a 20% down 80% note from the bank. He said he is ready with a line of credit to move forward on a property if they are to accept. 

I'm interested in how a person would do this. Does that mean that the guest has a hard money lender willing to loan 100-200k? What are some other ways of obtaining a line of credit like this?

It seems that a cash offer and a short closing time would incentivize a seller to take a lower offer.

Thanks!

@Charles Worth In your opinion what is a better percentage to estimate with in a tight market, college town - median home around 200k?

Also Thanks @Russell Brazil Good info, makes me more interested in 1% deals

Thanks!

@Charles Worth

This is why I love this forum. Great point! I will definitely consider this looking into future properties