All Forum Posts by: Eric Moore

@Devin ElderThanks for joining BP!  What are you looking for regarding fix and flips and rentals?  Any particular areas, price points, etc?  I'll keep a look out for you.

@Gonz TrevinoWelcome to BP.  I like that you have a strategy and are aggressively pursuing it.  Question:  Why be a landlord and rent your properties when you can could owner finance properties out?  You could provide financing at a 10% interest rate or higher, receive a down payment of 10% on a 25 or 30 year note.  Then you'd be Bank of America and not have to worry about fixing toilets etc.  I know this strategy is more involved and complex but I think it's more rewarding.  Just a thought...

@Christopher Williamsto clarify, the owner will be the bank. So it's not like they will be taking out a loan. The tenant buyer will be taking out the mortgage for the property. The owner will be Chase bank. 

@Christopher Williamsa RMLO can originate the mortgage for the owner. He or she will be in first position and you'll be in second. 

@Tyler MorlandWelcome!  I'm glad your starting out now!  By the time you're in your mid 20s you'll be a tycoon!  There's tons of info on here so have fun exploring!

@Tony AluniWelcome to BP!  International ambitions!  hahah.  This is a great site so don't worry about posting questions or comments.  Also great for networking!  Be sure to checkout the FilePlace too.  They have a bunch of free forms, contracts, spreadsheets, etc.

@Jake S.In residential multifamily cap rates don't affect the value of the property like commercial multifamily.  Single family props to 4 unit are valued base off the comps in the area.  Now if this property had one more unit, then it would fall into the commercial sector and that would be a sweet deal for you because if you increased the value that much you could refi and use that additional money to buy another property.

Also I would increase your vacancy rate and move it up a little.  5% seems a little low.

@Noah N..  It depends on your financial situation and also access to other sources of capital.  Can you borrow money from family for the down payment?  If so, that may increase your buying power.  Besides that, since this is your first property you want to make sure you double and triple check your numbers.  Then post them on BP for our review!!

@Christopher WilliamsWhy lease option it when you could wrap the existing mortgage, you be in second position, pay the seller off as you planned and then you'll hold the paper until it's paid off.  Now this option is more complicated but it will net you more money.  If you charge the tenant 10% interest on a xx year term for xx amount, that little $16k house will bring you a lot more money.  Now you'll have to use a residential mortgage loan originator and have an attorney look over it but it's a sweeter option. Jus throwing that out there!

@Shauna EarlWelcome to BP!  There's a wealth of information.  I truly believe that if you combine BP with a local meetup group you'll be just fine.  I just moved from Long Beach last year and I personally know that the Long Beach FIBI (for investors by investors) group is outstanding.  They don't do any selling or product pushing.  There are several FIBI meetings throughout SoCal (Orange County, LA, Pasadena etc).  I miss those meetings!  Best of luck!!