All Forum Posts by: Jim L.

I saw one the other day where Pace Morby had the agent agree to take their commission in payments over 8 months, and he was able to pay it off with cashflow from the property that way. I've had a couple sub2/owner finance deals like this lately and trying to figure out how to pay an agent commission up front was tough because I didn't want to sink any more cash into the deal. I ended up just selling them on facebook, but I really need to find a better way

That’s what I figured he would do but that really doesn’t sound too enticing to a realtor in my opinion.

0 Votes

Long Island, New York

I have been following and watching videos on creative finance lately. But one thing that isn’t talked about much is how they pay for realtor commission. Most creative finance is not using any of your own money so how do they pay commission fees?

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Long Island, New York

Quote from @Patrick Drury:

@Jim L.
Do you need the money for the next house? If not what would the house rent for? Just because you have good debt on it doesn't mean it's going to be a good investment. Without any background or info for all we know with tenants in there at the market it might not even be a good investment property relative to what you could get in your market or in other markets. In short, educate yourself on your market and assess if the property would make a good rental.

I’ve seen anything from 3500 to 4500 a month around me. My mortgage plus taxes and insurance is around 3150/m

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New York City, New York

I’m looking to buy a new house for my family, the current house we are in just doesn’t work anymore( location big factor so changes can’t be made). The problem I have is I have such a great rate 2.625 on my current house. I feel like the rate is so low I should hold on to the property and rent it out instead of flat out selling. Does this make sense or just take profit and move on.

1 Vote

New York City, New York

Quote from @Chris Tarpey:

We BRRRR using hard money. Only responsible for 10% down and some closing costs.

CASH is king in REI, but leveraging with a loan can be done!

So im guessing when you use hard money there is no waiting period for when you refinance?

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Long Island, New York

Quote from @Bruce Woodruff:

Well, all cash is the best way for sure...because it let's you snatch up properties that others can't get, Sellers always like a cash Buyer :-) I only did flips as a cash buyer....

But it can be done with a loan, you'll just have to be more patient and take a different house than your primary target. And make sure you borrow enough (or have enough reserves) to do the estimated repairs. You need to really have a solid renovation

do you recommend just doing the buy and flips until getting enough cash to buy house outright? Or still do brrrr method with using loan

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Long Island, New York

I just started reading the BRRR book and I have not finished it so maybe I am getting ahead of myself but it seems like this method only works if you are starting off or eventually use all cash to finance the deal? Doesn't really seem viable for most people who just got into real estate so wondering if there was something else I'm missing?

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Long Island, New York

Hey everyone looking for any advice as I am extremely new to real estate. Few years ago I was buying and selling my own home without a realtor and think I did pretty well but more importantly I enjoyed it very much. I want to get involved in some sort of real estate whether buy and flip, rental, air bnb, or assignment. I've always been worried about rentals and dealing with people who don't pay, but in any business there are always risks. Wanted to get an idea of what might be best for 1st timer getting into real estate, fees/money to prepare during certain deals. Any info would be great. Been listening to biggerpockets podcasts but sometimes hard finding specific info catered to me.

0 Votes

Long Island, New York

What is the best way to invest in properties without constantly using personal cash or best options for securing loans

0 Votes

Long Island, New York

All Forum Posts by: Jim L.

Jim L. has started 11 posts and replied 19 times.

Post: Creative finance realtor commission

Post: Creative finance realtor commission

Post: Looking for new primary residence. Should I rent out or sell

Post: Looking for new primary residence. Should I rent out or sell

Post: Brrrr method without all cash

Post: Brrrr method without all cash

Post: Brrrr method without all cash

Post: Looking to make first real estate deal

Post: Limiting personal funds used