All Forum Posts by: Jason Carter

@Cory Iannacone thanks so much for sharing!  If you don't mind sharing more, I'm really interested in learning more about the financing piece.  Do you mind sharing #'s about how you set up the $ from the private lender?  Was the 8% over a 20 year term?  When you refinanced did you hold onto that note?  (I'm assuming you paid off the hard money lender).  Also, what were the details of the seller financing?  

congrats man!! glad you enjoyed it and it's working for you!  keep it up

Hi All,

What types of contracts/agreements do you use with your RE agents when they help you find a deal?  I know commission structures vary wildly when agents find deals, what do you guys recommend when an agent finds a fix and flip.  How does each party hold each other accountable?

Thanks!
Jason

Thaks @Mindy Jensen this helps.  My buyer is all cash, so hopefully this won't be a problem.

Hi Joe,

I just spoke to my mortgage broker and he gave me a bit of insight I hope it helps. What county are you looking in? The limits for the mortgages vary depending on the County. For Suffolk County the loan amount maxes out at $598k with 0% down. It sounds like this should cover what you need? If you need more, you can raise your amount by putting down more $. For example, if you're buying a $700k home in Suffolk County, you can get a VA loan for up to $674k.

I agree with @Ann Bellamy The reason the seller wants and all cash close is key.  Do they want the fastest close possible or is there some issue that makes the property difficult to finance?  Has the seller previously accepted an offer but been unable to close?

Have you had success with pricing properties based on Zillow estimates?  My experience is that research recently sold properties and properties on the market gives the most accurate results.

Hi All,

Do "Hoarder" house have to pass the city's fire inspection before they can be transferred? I am dealing with a situation like this in the Boston area and wondering what potential pitfalls may be.

Thanks!

Jason

Hey Mike,

Have you found someone yet?  If not, I know an excellent group I can put you in touch with.

Hi Nick,

If you're goal is to pay of the loan and own the property free and clear, and you're gonna pay points to refi, why not just use that extra $500/m to pay down the current loan?

Hi Justin,

To me less leverage always means less risk.  Having enough income from your job to cover all of your mortgages would help me sleep better at night.  If you seek diversity in terms of # of leases in place you may want to consider a Multi.  I'm interested to hear what others have to say.

Good Luck!

Jason