All Forum Posts by: Dulce Beltran

@Rich Kniss Hi! I'm interested in this market as well to invest and will be visiting in Nov nd am interested in multi-fam units @Chris Carter. Sending you both messages.

@Christopher Phillips With a balloon payment, is the $100,000 due (minus payments) at that time? Or is it acting as a down payment to get to that 80% LTV?

For the Promissory note, I am inferring a RE attorney is needed to draft it or what type of attorney is required? Could a Title company or Escrow company create the Note? 

@Will Barnard thank you that definitely makes more sense for markets of $200K below!

Hi BP, I'm looking into a property and want to ask the Seller to do a carry back. The seller is the heir as the original owner passed away. The property has been vacant for years now and am curious how to structure a Seller Carryback as I do not have experience with this area. For instance, for simple numbers, the house purchase price at $100,000 with no out of pocket $/downpayment. House needs another $100,000 worth of work for a total of $200K seller carry back at 5% interest rate and no points (do they ask for points? what have you seen). Seller agrees, how does seller pull out the $100K to do the renovation money to lend me to do the work? I plan on refinancing it 6 months later. 

Also, the actual note, how does one create one and make it legally binding? e.g. they become the lender and file a trustee's deed or is there a need?

Is there anything else I'm missing? I appreciate all your help! 

@Guillaume D. amazing!! and very inspiring thank you for sharing, it definitely motivates me to keep going! I'm in the learning phase of commercial residential units. I am knowledgeable on 1-4 units and am more intrigued with commercial as it can help me reach my goal quicker just like you!

few questions: how did you finance your 5+ units, commercial lending? if not, what type of lending? I'm learning about commercial lending and how it's different then residential. I'm intrigued with commercial lending as it is dependent on the property not one's income. 

@Manolo D. thank you, I'm researching more info on wholesalers and the BRE. I inferred the additional 30% included additional costs and profit and didn't know the break down, thank you! 

@Brent Coombs for my business, i do all the work upfront, ethically, and legally; anything outside of that does not interest me, i enjoy doing things right! i do have my RE license and can broker/market properties when the owner hires me, definitely am researching more information. And yes, I appreciate everyone's response and experience/figures provided, it's helped clarify my follow up questions!! 

BP ROCKS! 

@Brent Coombs In one of the podcasts with @Sharon Vornholt, she explicitly uses the 70% Rule as a wholesaler, and am curious if it applies best for Wholesaling properties rather then flipping.  Also, I was unaware one needed their license to become a Wholesaler, what are the pros/cons?

@Dan H. That's another area of interest as well, Buy and Hold, thank you for the insight, so 80% ARV works in San Diego. Currently helping two clients find properties that will sustain themselves now or cash flow in a year or two as they plan to live in the properties.

@Manolo D. Agreed, definitely depends on the neighborhood supporting those large sums! 

@Manolo D. Thanks, I'm interested in Flipping and am not there yet, building capital and learning as much as possible. That is what I'm seeing since spread can be huge in our markets, 15-18% is low in percentage and high in actual cash made, averaging $70K per flip in San Diego in "A" neighborhoods. 

@Kirky Galt I agree, every transaction is unique, thanks Kirk!