All Forum Posts by: Dave Kush

Congrats!

Something I learned early on is, "there's always a better deal out there." All and all though, sounds like you made a decent deal.

Hi Rob, I think something is missing in this question (would sell for 4k). How much are you buying for?  Have you had a chance to look at what comps are selling for? 

Nearly any house in any market can be a good deal....if the right price. To judge whether it's worth it, try to estimate arv if you fix it up to be a nice property for the market in which it's located.  

Or do you plan on wholesaling and 4k is the fee?

Hi Brandon,

Totally understand that situation. I have a property that I would probably rather sell except for the fact that I have the money borrowed at such a cheap rate. 

Just a thought, is an equity loan or equity line of credit an option on either of these? It would allow you to get some of that cash out, you could use that to invest, and it sounds like your existing cash flow could still cover everything. If there's enough equity there, that would allow you to continue investing without giving up that great rate.

Another thought would be to take on a partner who has some cash, which is something you could also utilize if your existing equity isn't enough.

It's a good question. I'm interested to hear what other experienced investors say, particularly along the lines of private money.

Dave 

Good afternoon, happy to help, but are you able to be a little more specific with the kind of advice you're looking for? Do you need to know how to find private money? Are you looking for what those lenders seek in a deal?

I know real estate is a lot of work, but MLM is a whole different level. No thanks!

That's a good point. I think what I'd like to hear is a guru admit that instead of trying to t say that they're a full-time real estate investor that "just wants to help other people!"  Also though, the way these people talk, you think they were making millions in real estate. They certainly promise us we can. 😂

I agree 100% that the BPP content has been solid, and even when I've paid for it, I found it to be well worth it. I have also found the referrals through the site to be quality individuals, without exception.

This comes up often. The answer is yes and no.

The reason I say no is that most mortgages will have a clause in there allowing the bank to call in the loan if you transfer your interest in the property.

the reason I say yes is that most of the time, they don't bother with this. They may not be aware or even be checking up on it. I have transferred properties into an LLC while I still have the mortgage. I always tell people that I think one thing to consider in this environment is whether you have a high or low interest rate loan. If you were sitting on a 3% mortgage from a few years ago, I would not transfer that, because if a smart banker saw that they realized they could call in the loan and get that money back out there at around 7%. Since you're getting the loan today, not likely it would get called in. It is at your own risk though.

Good luck. I personally find this to be one of the most frustrating parts of starting out.

I was just having this conversation with an apprentice I took on. You need to get educated, you need to learn, and sometimes you may need to even spend a little bit of money on a book or resources, but beware the guru. Their knowledge can be found in other ways. The thing that always throws me about them, is if they're so successful in real estate, why they are coaching.  I totally understand people who have succeeded and want to teach others, but when they start a whole new biz and become gurus it's sus.

 Hi Jon, Would you mind providing an update?  Do you regret or not?

Thanks!

Dave

You can probably get a bank account set up that will allows your tenants to make rent deposits.  You may need to call a bank or two, perhaps smaller ones, more local. I haven't done this personally, so maybe somebody else can chime in with tips or advice, but this seems to be an established practice among investors.

I don't take cash or collect in person, and it's $50 extra if I have to do either.  Rentredi has been working for me lately.  Used paypal in the past but the fees are too high. Both require some sort of method for funding though.