All Forum Posts by: Daniel Mina

How do investors protect themselves from the liability of day laborer work? I live in TX and we have access to a lot of laborers who are undocumented uninsured immigrants who are trying to feed themselves and their families. If one if these guys falls off the roof or has an anaphylactic reaction to some building material, how do I make sure I'm protected? Is this covered under umbrella insurance? Do I need to get separate workman's comp? Do signed waivers hold any weight? Yes, I know you're not a lawyer and not giving me personal legal advice... just looking for general answers here. Thanks

Is there supposed to be a waiting period between when someone closes a HELOC and applies for an investment mortgage? I'm about to close on a HELOC to be able to make cash offers, but if the house can be underwritten conventionally, I'd rather go with traditional mortgage. Also, if I haven't pulled anything out of the HELOC, does it still get counted somehow in my debt to income ratio? Thanks.

I'm gathering conflicting information on if a real estate agent/broker can represent both buyer and seller in the state of Texas. I'm just trying to incentivize seller's agent to write for me to get both sides of commission. Anyone know how it works in TX? Thanks

@Alicia Marks

How to deep dive/ keep pulse on local market condition

For anyone who has BRRRRd houses, what property constraints do you know of that would prevent a bank from helping with the refinance? For instance does age of the property matter?

Hello, I'm ready to buy my first deal but I want to get a better grasp of the technical steps on how to actually purchase a property from a wholesaler. Granted that I buy right, what are the legal documents involved, what are the things I need to confirm or check off, what are the pitfalls I need to look out for in documents, how do I know I'm getting a proper deed, how do I make sure taxes aren't crazy, etc. Anyone have a comprehensive guide, book, video they can point me to? Thanks

 I second this on behalf of my unfortunate relatives. Maybe a detailed guest blog post for Biggerpockets? 

Anyone have any helpful resources on how to rent out Wyndham timeshare (or any timeshare)? 

My understanding is this method is probably more beneficial for paying off student loans especially if you have multiple accounts. You could even argue going after the smaller interest/principal accounts just to increase your cashflow position every time an account is paid. You'd probably save more money by paying towards the higher interest loans, but by using the LOC to pay in chunks that you could pay off in a few months, you could seriously speed up your cashflow positions. Kind of like Dave Ramsey's snowballing, but in an accelerated fashion.

If using this method for multiple amortized loans, this method works to save you money in the following ways (despite interest on a HELOC or any LOC):

1) By paying in chunks and paying off an account, you gain that cash flow that was used to make monthly payments. You gain it back quicker than regular monthly payments (towards the principal as well) from your monthly cashflow. 

2) By paying in chunks, you move down the amortization schedule towards higher principal payments. 

I could see paying off a mortgage this way as well, but you just have to be aware of where you are in the amortization schedule, and how much you save by moving down the amortization schedule as opposed to the interest you'd pay on the balance you transfer to the LOC.

Thanks Jim. So this means that in regards to my second question assuming the mortgage does not have any missed payments, my extra payment on the 15th of the month should fully go towards principle. If I am being told by a loan rep that my extra payment on the 15th would first be applied to interest in arrears (interest accrued from the 1st to the 15th) then there is another cost outside of a prepayment penalty that is in play correct?

My goal is to get a loan with the lowest to no cost of prepayment. I've heard stories of people being told their loan has no prepayment penalty only to find out that their loan is actually subject to a prepayment cost. Things like the rule of 78s causing them to pay towards unpaid interest before principle or balance is paid down. This would even affect refinances potentially.