All Forum Posts by: Account Closed

Hey Michael - I'm in Philadelphia but just wanted to reach out and say good luck! You've come to the right place to get up and running on the RE investing. Even though we're not in the same area, please reach out if you have any questions or there is something I can do to help.

I also forgot. Some libraries provide the service called ReferenceUSA. It's free if your library has it. I have used a few times to find people and it has worked.

Hi Everyone -

I knocked down 1/2 of a wall in the kitchen and wanted to install a 52" x 16" granite piece above the 1/2 wall. With my luck, the same granite isn't available anymore (see picture). Lesson learned...I should have checked for the granite piece beforehand! The original granite was installed over a year ago.

Has anyone ever run into this? What have other people done in this situation?

The granite co. is saying my options are buy a different shade (which will be noticeable), buy a solid color (which will be even more noticeable) or call as many granite places and see if the exact match is out there.

Any feedback would be appreciated.

Thanks,

George Sarianos

Hey Cashmere, you can probably hire a freelancer on O-Desk to do the skip tracing if you can teach them. You can find freelancers for $4 to $5/hour. Once they have scrubbed through the data and given you the phone numbers/contact information, you can then call them. Any properties the freelancers can't find contact information, you can look into a skip tracing service (which I think charges about $24/lead). Just a thought. Good luck and I'm interested to see what others say.

Hi Lindsey - The main ones for me are direct mail marketing (probate mostly) and driving for dollars. I also exploring cold calling FSBOs to see if I can identify opportunities that way as well.

@Troy Sheets ; have you reached out to First Trust Bank? If not, I can connect you with a banker I know that works out of the Cherry Hill and Horsham offices. They have some pretty good programs for buy and hold depending on your situation.

Hi Tom - In terms of a conventional refinancing, each bank will have its own criteria. The key questions:

• Seasoning requirements - how long do I as an investor have to own a piece a property before a bank will do a refinance? The bank we are looking to work with in the Philly area doesn't have any seasoning requirements. Rather, they would only lend on a rental when it is fully occupied.
• Maximum loan to value (LTV) - How much of the appraised value will the bank be willing to lend up to? Our bank does 65%.
• Term of the loan - How long before the loan has to be paid off? Our bank does 5 years.
• Amortization - What period does the bank use to determine the monthly mortgage payment? Our bank uses a 20 year amortization period. So the mortgage payments are structured in a way where the mortgage would (theoretically) be paid off in 20 years, but in reality, the bank will want the outstanding principal balance paid off on the 60th payment (year 5). This is the structure commonly referred to as a "20 year amortization loan with a 5 year balloon". Most investors look to refinance at that point and get into another similar loan.
• Interest and points - self explanatory. We are currently paying 5.5% fixed and 1 point at closing.

I've heard of others cashing out by selling a % ownership in the property but I've never done this.

I hope this was helpful. Good luck!

Thanks @Joseph Ball !

Hi everyone -

I'm looking to put an animated whiteboard video on my website. It is a really nice feature to quickly deliver a message.

I've looked into a number of paid resources. Some of these services disclose their pricing but many do not:

• Videoscribe - $13.50/month
• IdeaRocket - no price
• GoAnimate $39/month

I only found one free resource (PowToon).

Has anyone used any of these? Or better yet, what have people used (if any)? I'd really like to get an animated video but wanted to know what kind of cost to expect.

Thanks,

Hi Albert -

Welcome to the community and good luck in your adventure!

A couple of suggestions:

1. Read all the "Free How To Guides" found on Bigger pockets (BP menu bar Learn -> Free How to Guides)

2. Start listening to the Bigger pockets podcasts from episode #1 until you are caught up...maybe a goal of 2 podcasts a week?

2. Join your local REIA & network with like minded people

3. Identify others in your area from Bigger pockets and network with them

Since you probably are more comfortable on the construction side of the business, it probably make sense to learn about

• How to identifying potential properties (MLS, direct mail marketing, online marketing, driving for dollars etc. etc.)
• Communication skills for interacting with sellers 
• Analyzing a potential investment

I think you can find everything you need on this website. Good luck and keep us posted!