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All Forum Posts by: Dustin Tucker

Dustin Tucker has started 4 posts and replied 173 times.

Post: 90% Equity and 50-50 Split for Cash Flowing Properties

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

Hello, I have a partner looking for deals to partner on 50-50, and he will bring 90% of the equity needed for the project.

These must be cash flowing properties, any type of Cash Flowing Property. $50,000 to $20m. 

NO New Construction

Email me, [email protected]

Post: Wholesaling questions in Az.

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75
Quote from @Doug Teasdale:
Oh my gosh Dustin thank you so much for your guidance, those are the final 2 pieces of the puzzle I was looking for. It’s really weird up here, I tried reaching out on Nextdoor app and no body knew what a “wholesale” is. They thought it is a new term lol. Again thank you!

Quote from @Dustin Tucker:

Hello Doug,  Here is the Arizona Association of Realtors Forms page.

https://www.aaronline.com/manage-risk/sample-forms/residenti...

You will probably need to use the Residential Resale Contract.

For the Buyer as an example use "Doug Teasdale and/or assigns" This allows you to assign the contract to your wholesale buyer. You could also use "Doug's LLC and/or assigns" where Doug's LLC is your hypothetical company.

As for the assignment contract, you can get one from an attorney for probably less than $1,000, you can also make a friend at a title company, they probably have a template they could give you.  

If you are looking at Property Values, use zillow.com, that is what we use to fact check properties values.  Zillow's Zestimate is a good litmus test for the property value.  If you want to get involved with a great training program, try Lifestyles Unlimited, they have over 55,000 members nationwide. 

In the future, either get your Real Estate License so you have access to the MLS, or make friends with a realtor so they can get you comps to get an ARV.

For purchase price, use this formula,  (Arv * .70%)- Rehab = Purchase Price



 Anytime, reach out if you have question.

Post: Young guy (25) looking to relocate to a market where I can start investing

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

Look in the Midwest, there are thousands of opportunities, in Milwaukee, St. Louis, Toledo, OH.  These properties don't have the Coastal Appeal of appreciation, but they will cash flow over 20%.  Also, financing for 1-4 unit properties is heavily competitive vs looking for financing for 5+ unit properties. Let me know if I can be of assistance.

Post: Wholesaling questions in Az.

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

Hello Doug,  Here is the Arizona Association of Realtors Forms page.

https://www.aaronline.com/manage-risk/sample-forms/residenti...

You will probably need to use the Residential Resale Contract.

For the Buyer as an example use "Doug Teasdale and/or assigns" This allows you to assign the contract to your wholesale buyer. You could also use "Doug's LLC and/or assigns" where Doug's LLC is your hypothetical company.

As for the assignment contract, you can get one from an attorney for probably less than $1,000, you can also make a friend at a title company, they probably have a template they could give you.  

If you are looking at Property Values, use zillow.com, that is what we use to fact check properties values.  Zillow's Zestimate is a good litmus test for the property value.  If you want to get involved with a great training program, try Lifestyles Unlimited, they have over 55,000 members nationwide. 

In the future, either get your Real Estate License so you have access to the MLS, or make friends with a realtor so they can get you comps to get an ARV.

For purchase price, use this formula,  (Arv * .70%)- Rehab = Purchase Price

Post: Broker compensation for Lincoln, Nebraska

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

This probably has to do with the new rules that went into effect after the NAR Settlement that went into effect this summer.

https://www.nar.realtor/the-facts/what-the-nar-settlement-me...

Post: Condos that allow short term rentals?

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

Yes, look at properties in Galveston, 6102 Sea Wall Blvd, Galveston, this complex allows STR's, we can do STR no seasoning DSCR loans if you are interested.

Post: Newbie looking to take action

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

I think #1 is its good to be a little scared, until you have successfully completed your goal.  From the loans I am seeing, the midwest has lost of opportunities for cash flowing properties.  Obviously being in Denver has opportunities for upside appreciation.  If you are looking for ways to find people to network with, I would suggest joining a real estate investment club such as Lifestyle's Unlimited, they have over 55,000 members.  They have a saying in the club, "There are those that want to work, and there are those that want let others work" I think this would be a great way to find your gap lenders/partners that you are looking for.  Also, to make your money go farther, cutting down closing costs is a great way to do that, We can help with that, which is why we offer 1 point Origination Fix and Flip loans.

Is sounds like you already have a portfolio, you may want to look at refinancing your existing portfolio to free up cash for future purchases, the buyer's market is only going to last so long as these interest rates are being cut.

Post: How can I buy with no money down?

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75
Quote from @Gregory Wilson:
Quote from @Daniel Myers:

Thank you very much for your reply Gregory Wilson ,I think they will except a 2nd position because it’s only 30% of the price. Any advice on where to get the best commercial loan? Traditional banks , online lenders or? I’m use to residential loans and have the best loan officer around but she doesn’t do commercial so I’m searching for someone who knows what the doing and how to work around problems that arise.

Apparently in Texas which might as well be the Moon as compared to Cincinnati, commercial lenders do not permit subordinate seller financing. This is true in Ohio as to residential owner occupied but not commercial. In fact, in Ohio one can do a cash out refinance where not only does the owner have no cash invested equity, only loan to value ratio of 70% met, he may have cashed out more than he paid for the property. Loan to value and reliable source of payments is what matters. This lending environment is local so just ignore people from 1500 miles away when they tell you what a local lender will do. Just get a loan broker residing in Cincinnati, pay the extra origination cost (those fees are usually buried in a lender's origination fee anyway) and find the right lender for your situation. You can learn from what he does for you and next time maybe DIY.


 I have had this situation come up several times this year, in multiple states, Lenders want to have the borrower have skin in the game at this point in time.  If you are buying a commercial building and occupying 51% of it, you can use SBA financing, although SBA financing is currently 11% Interest on a 10 to 25 year amortized schedule.  The advantage of the SBA financing is that you will only have to bring 10% to the table, but you will also have to show with the existing building and your Adjusted Gross income that you have the capacity to pay for the new debt.  I have some SBA lenders that have no minimum FICO requirements, DM me and and I can send them to you.

Post: How do i get access to NYS MLS data automatically?

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

You will have to talk to your Local MLS, they should have a feed that you can provide to your database engineer, pretty much the same way Zillow gets all the MLS data. The feed you want to ask for is an IDX data feed.

Post: Dry wall access between the two units of a duplex

Dustin Tucker
Lender
Posted
  • Lender
  • Savoy, TX
  • Posts 183
  • Votes 75

Hello Mona, I assume you are living in this house.  If the separating wall is a load bearing fire wall, it would have 2 sets of framing material on either side, essentially you have 2 completly independent houses joined by the roof, you can go in the attic and see if you see sheetrock going to the ridge of the roof.  Most likely once you cut open a hole in your sheetrock you will se the 2x4 wall framing, and more sheetrock, which should be doubled 5/8" fire rated sheet rock.  

As for load bearing you should be able to install a double 2x12 header, for openings under 36", If you can DM me, with pictures I can provide further feedback.  I am not an engineer, so please consult with an engineer or licensed GC in your area before proceeding, but this should be a fairly minor change that should be completed in under 1 day.