All Forum Posts by: Gary Eaker

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Please PM me.

Thanks,

Gary

Thanks for the replies. My realtor went to make an appointment and found out that they want POF for an all-cash offer before they will even let us view the property. I thought that wouldn't be a problem, because I could just go to an HML and get a POF letter, but I found out my HML won't loan on primary residences. Technically, with 6 residences on the property I think I could use a commercial loan to cover it, but how to get a POF letter for cash up front has me stumped. I know there are companies that will purchase properties for cash and then sell it back to me on financing, but do they provide a POF for something I am not even sure we want? We just want to have a chance to see it so we can determine if it is something we should pursue or if we should move on.

Any ideas?

I was preapproved for a $600K VA loan, and we are currently looking for a house hack in central Florida. We found an 11 acre property that is on the market for just shy of $1M, but it has a SFR with an additional 5 mobile homes on the property for rent. With the rental properties cash-flowing $4-5K per month, it seems like a no-brainer, but lenders for a VA won't consider rental income as part of the equation. Is there any kind of hybrid loan that takes into account the revenue potential of a property (like a DSCR) while allowing me to take advantage of the lower rates I could get as owner/occupier with the VA mortgage?

So far it has bought me a lot of work in the classroom and access to non-MLS marketplaces. It has taught me different strategies for acquisition and long term investments using tax liens and tax deeds, and they taught me a LOT about how to properly analyze properties. Probably stuff I could have learned on my own, but I think you could say that for practically anything you go to school for. I would say the value so far has been excellent, but I haven't yet recouped my initial investment.

Right now I am just getting started, but I have chosen this as my full-time pursuit. After losing my job and changing location, we were about to buy into a franchise when I attended a seminar on tax lien investing. One thing led to another and we decided REI was much more appealing than any of the franchises we were interviewing, so we bought advanced training, paid for the Rich Dad Cashflow course, and joined BP. I have one deal in the works through a tax deed marketplace that I got access to through the company I paid for the training. Lots of other possibilities, but nothing solid. I haven't really locked down a niche yet. My goal is to get into large multi-family complexes, and I intend to start small - although I just started inquiries into a small MH park I found out is for sale near me. So I guess I am sort of all over the place when it comes to direction - just analyzing a lot of deals right now looking for cash flow and CoC ROI.

I have been approached through the company where I got my initial training about hiring a personal coach to help jumpstart my business. Does the BP community recommend hiring a personal coach to work with you? If so, how much would be a reasonable cost for a coach that would be available only by phone or video conference?

Any recommendations for a property manager and/or general contractor in Canton MS?

TIA