All Forum Posts by: James Ritter

Can I ask how many mailers you sent? Absentee? Did you use listsource or something else?

Awesome man. Keep up the good work

Sweet, what is your estimated rehab cost?

What are the numbers?

Awesome, thank you

Ideally I would not use my personal credit as I plan to have all properties owned by a Corp (which I have yet to file).

Are there options to take equity against an asset without personal income verification or credit?

Anybody have a place that actually provides phone numbers? I want to supplement my direct mail campaign with phone calls. Kind of bummed out they dont supply phone numbers.

My question is really not about buying the property but potentially hooking up with a local real estate broker that I refer listing leads to.

Would it be a good move for me to call local real estate agencies in my farm area and refer people that want retail to these places maybe for a small finders fee or even just to get on their good graces in case they came across something that fits my investment box?

This would be for people responding to direct mailers FYI

Thank you for the input. So most places have a "seasoning" time before you can take out any equity?

I am currently interested in Buy and Hold investing and would like to do this by buying distressed properties, rehabbing and renting.

I understand in a fix and flip type of situation (ideally) I would be buying a home for say 50% or ARV, putting in X and hopefully making, say a 30-40K profit (in the market im looking at right now)

My question is, say I buy a home that is in bad condition for 30K, put 20K in to the property which is now worth 90K retail. I rent out the property for $850. How can I then take equity out of my property to help purchase home number 2? Here are the options I think I have

1) HELOC- I have read conflicting information about how banks will not provide a HELOC for investment properties. Is this true? Does it depend on the bank? 80% LTV would mean I could take out $72,000 which would allow me to buy another property and pay for rehab while the first one pays the mortgage and still gives me a small cash flow. Am I missing something or is this a viable strategy?

2) Business Loan- Assuming my credit sucks (though it is about 700) can I take a loan and use the property as collateral to make it easier to be approved?

3) Conventional Mortgage- Take a mortgage on first property? Does rental income count as income? Can I get a mortgage on an investment property?

If anybody could answer any questions or point me where I can get some answers I would love you forever lol.

Thanks