All Forum Posts by: Rich Ferradino

Ron,

How did you land development deal workout?

Can you property manage other people's properties without having a PM license or certification? Is there mandatory training required? I would like to get into PM, and know several people who are in the military PCSing to another state and want to rent out their current homes. I told them I could manage their home for them for 8% (10% is the avg in my area) and they seemed rather satified with it.

Hello BP! Has anyone heard of any updates to VA Vendee loan program and when or if it is starting up? All the posts on this topic are rather old, and from what I can gather from the VA website and VRMCO there is nothing new to report. Thanks.

Thanks Henry M. Very nice beak down. Do you frequent any of these clubs/associations ? I am a LifeStyles member, but have yet to check out the other ones you've listed.

Henry M. What area has been most successful for you for flips? Searching for homes with equity. Thanks!

Hey Wendy, I'm also an investor here in San Antonio. Best of luck to you; the SA market competition has gone up alot as there are A LOT less forclosures and inventory on the market. Good thing your moving to Multi-Family. Henry M. Do you concur? I read your profile and you seem to be alot more experienced than I.

Hey Wendy, I'm also an investor here in San Antonio. Best of luck to you; the SA market competition has gone up alot as there are A LOT less forclosures and inventory on the market. Good thing your moving to Multi-Family.

My 2 cents on LifeStyles:

I have been a Challenge member (costs $5,000 + the inital $500 for Freedom) for about 6 months and I have learned quite abit, but dont think it's worth the price you pay; and beware the deals they show at the case study are cherry picked and are the best of the best deals. You do learn a lot from the mentor, and the agents are good to have to find you deals, but you WILL NOT find a deal for under $5,000 out of pocket. Realisticly expect to pay $15,000+ Cash Out Of Pocket (COOP). If you really want the best deal you need to find it on your own and bring it to an LU agent or Mentor and have them analyze it for you. If anyone wants any specific examples or seriouly considering the Challenge membership please message me first before purchasing. I'd hate for anyone to spend that much money without knowing all the facts when you could use that cash to put down on an investment to start making money.

@Joe Gore No.. I can only borrow 85k and I'll hit my max DTI because I just bought a home to live in and I can't count my cashflow on my rental bc I've only had rentors in the home for 1 month and it would be my first investment property.

@Wayne Brooks The home is a VA loan. I thought you had to live in the home to assume a VA loan. Is that correct?

Joe Gore mentioned "bank might have a clause in it and they will find out as soon as you record the deed in your name and you get insurance and the lender could call the loan due." How do you get around this and make sure they don't call the loan due?

I know someone who is willing to do a subject to, and he is up to date with all his payments. His willing to do is this transaction because he is in the Air Force PCSing to another state and wants the house off his hands.

Question: How do I make sure the bank doesn't call the loan due or try to take back the house as we change the deed and insurance in my name?

Thanks!