All Forum Posts by: David Soest

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Tamara Deering Thank you.

Almost every deal I'm offered from wholesalers has about 30K in profit after the purchase price and their estimate of rehab. After paying closing cost when buying and then selling, holding cost, then commission when I sell it how do they expect buyers to make a profit? I have about seven sending me deals and there all about the same, 30K max. I use hard money so I have to pay 2.5points,12% while holding, appraisal, builders risk ect. Am I missing something?

Yes of course. If you have someone to help you get into your first rental you could use the cash flow to pay down the note and build your credit.

Yes of course. If you have someone to help you get into your first rental you could use the cash flow to pay down the mortagae and build your credit.

It takes time. My wife came here from the Philipines. She had no credit file at all. I bought her a car and put her name on the note. At the two year mark, she was able to trade it in and buy aniother car at 0 % interest, we looked and her score was in the 700s. 

Find someone to help you buy something, car, house whatever, and put you as a "co-borrower" on the loan. Do not have them co-sign, make sure your a co-borrower. Within 12 to 18 months of on time payments you'll be good to go. Keep in mind you'll need to have an income to support the loan your looking for on your own.

Have a flip that’s done. Supposed to close this coming Monday. The city came by and put a stop work tag on the house since we had no permits other than the roof. We were there doing final clean up and the inspector just walked in without saying a word and started taking pictures. I went and got a general permit so we could keep cleaning and my electrician went and got a permit for changing the lights and outlets. We added a bathroom and I don’t have a plumber. What happens if I just sell the house on Monday without trying to find a plumber to sign off on it?

I'm closing on another house I plan to flip next week. I'm hearing a lot of talk on the radio about going to war with Russia. What do you all think will happen to the real estate market if we do? I would hate to get stuck with this house. Thank you.

do you lend in Texas?

On a 30 year with a mid 700’s credit score what would be the interest rate?

Thank you so much. That explains a lot. 

Good points, thank you both.