All Forum Posts by: Dekel Saati

Hello BP's! I have a question, is there a way to help someone whos already had a loan modification settled? Since the mortgage payments are about 15% interest rate, after health issues and death in the family, they got into trouble again, and now they late on payments. They don't have a stable income, and they tried to do another load mod with no success, of course. They have the money to pay the new debt, they try to save the home, and now the bank keeps asking for more and more papers but never calling back. Do you guys think they may have a way to still save the home or maybe I can find them a private loan so they can have a lower monthly payment? It seems tough to me, but hey, maybe someone knows a way?

Thanks everyone!

Thanks a lot, @Jasen Medhurst. I'm leaning towards that option. I would love to get other feedbacks, if any, from others. 

Hello BP people,

I have a few houses that I am remodeling, and a couple of them just completed,

The area through the last year gained a lot of equity, and I questioning myself what's the best if to rent or sell, as we know many people always end up sorry when they sell their property and as warren buffet says HOLD IT FOREVER!

Here is an example of one of the homes:

Purchase price 35k

rehab cost 45k

rents are $950-$1000 (with a potential of increase in the coming years) Although it's maybe taught to find the perfect tenants sometime.

ARV 170K, when I first started the rehab ARV was more like 120k

Let's say I will rent and refinance the property (5% mortgage rate) and pull out 100k. Then, after all the expenses include management, I will net about $250 a month. $3000 a year.

Meaning that on the 70k equity (less 12k if I sell after agent and closing), I will only make about 5% on that money.

What do you think is best to do? Sell it and leverage my money on "subject to" deals or maybe a multi-unit? Or rent the property? since my final goal is cash flow.

I always wondered what people are doing in case their rental property gained a lot of equity, and of course, it also depends on if I have a better place to park the money. Still, if I rent the property, then there will be expenses to fix it again, and it might lose some value plus if the market will go down.

I have five properties with a similar situation, definitely a good amount of equity there.

Thank you all for reading, and I appreciate your opinion in advance!

Hello Elizabeth Wilson,

No, I decided to wait on that approach for now. Sorry that you can't find the right system. That's a great approach for years to come that I recommend using in any business (mostly service industries). If I will find a good CRM for real estate I would let you know, and I am sure it's just a matter of keep searching. If by chance you'll find something useful, please let me know as well.

Sincerely  

Hello BP members.

Hope you all had a great weekend!

I wanted to know if anyone is using Matt Theriault CRM? (called REI solutions).

 It sounds like a perfect software to stay in touch with everyone and create more leads, but the cost seems high to me 250$ per month. If anyone had an experience with that, please let me know your thoughts or any recommendations for other CRM software would be appreciated.

Thanks for reading and happy holidays!