All Forum Posts by: Heather Pelletier

Does this credit only apply to primary residences or will it apply to investment properties as well.

Great points,

Somthing I was pondering, not one of my greatest ideas:)

Good advice,
Thanks Steve:)

Thank you Vikram,

I have to agree with you...not all attoryneys are bad. I acutally have a good friend whose husband is a real estate attorney and I would certainly consider approaching him. I'm having a hard time trying to figure out if it would save us any $ in the long run. If anyone has any input how I could possibly structure a partnership that would be great.

Nick, as far as up front costs go. I see you focus on subject 2. That explains the no out of pocket for you. We primarily focus on buy and hold and usually seek REOs. We are just starting out so we have limited amout of cash. We usually put 20% down, refinance and pull out our initial down payment so we can turn around and do it again. This is were closing costs become expensive because we multiply them x 2.

OK, thanks for the advice. Just trying to figure out ways to minimize any upfront costs.

Just wondering if any of you have formed a partnership with an attorney in exchange for upfront closing costs. I'm trying to think "outside the box" and need help determining if I can create a profitable partnership for myself and an attorney.

IE: Mortgage 100K 7% 30 years $665.30
Mortgage 106K 7% 30 years $705.22
I used and additional 6k for 2 closing costs, the 2nd closing is to refinance to pull out our initial down payment to reinvest in another property.

If we do not pay 6k in closing costs our cash flow would increase by$39.92/month.
What do you think...is there anything here I can work with? I'd love to hear your feedback.

Thanks:)

Nevermind, did a search and got my answer. As I expected, it's important:)

How important is title insurance? Just wondering if it's one of those things like assumable mortgages when the risk outweighs the reward.

Rich,

That's a great piece of advice, thanks for sharing. I never really looked at it that way. Now that you put it in such simple terms it seems obvious! :oops:

Heather

Thanks so much for your replies, that's what I assumed but wasn't sure. Cash flow is cash flow and that's my long term goal.