All Forum Posts by: Joe Harper

Troy Eldred why the sass? Here is a hustler wanting leads. I didn't think it was obvious. Your comment was undeniably helpful

The first meeting is free for newcomers. It's about $100 a year for a single person and is prorated downward as the year progresses. This meeting on the fourth, the speaker is Milton De la Cruz. From the email: PCREIA Thursday, August 4th 2016 SUPER Real Estate Investor & SUPER SUCCESSFULL!! so the SUPER question is.... How in the world did he do that? In real estate investing we have all been beginners--they called us NEWBIES or Wanna-Be-Investors, right? them....hopefully, we buy some properties--graduate to being a "Real" Investor or "Experienced" Investor, right? ...well, listen to this.... One of our very own fellow PCREIA, Newbie or Wanna-Be-Investors went from owning 0 to 18 Residential Properties Plus 3 Commercial Properties AND Owner/Broker of a Full Blown Real Estate Brokerage Office With 7 Agents in just a few years! Yes!....that is why we are asking, How in the world did he do that? This Thursday night Milton De La Cruz will be here to share with us exactly how he did it... he is sharing his trade secrets... and goodies galore so that you, too, can incorporate any part of his success into your own real estate investing strategies.... Milton will share details of deals he did-- the good, the bad, the ugly and the PROFITABLE! How he created win-win deals out of thin air Learn what he has determined is the best entity to hold his properties in --- if it is long term or if it is short term What are the 3 ways he makes offers to insure he gets the deal done? Learn the specific clauses that Milton always puts in his contracts Learn what Milton replaced 80% of his income with in order to insure his family's financial future... How to make profit after profit with each property you find Milton's Step by step instruction on what to do right now to get results for your real estate investing goals Yep, Milton will even reveal all of his resources which have been time and $$$ money $$$ tested --- so you can use them to your advantage as well! plus more.... The main thing is you will learn how he went from Zero Investor to Hero Investor in just a few years and how you can too! We welcome you to join us this Thursday night and take it all in....then go out and use these tools yourself to make things happen...this is a NO Sell evening, just good ole' fashioned sharing of information... When? August 4th @ 7pm Where? Ramada Inn located in Lakeland, FL at the intersection of I-4 and 98N Meeting is Free to all PCREIA Members and First Time Guests. All others are to pay $20 at the door. Always Dedicated To Your Success, Your POLK COUNTY REIA Hope you are having a great SUMMER! As you may remember---every summer --so that you might be able to go to all your family, church, and community events or vacations without missing anything here at PCREIA....we only have one meeting per month for June, July and August. So with that in mind, we will NOT be having a 2nd meeting in AUGUST -- we will only be having one in August which is this Thursday night, August 4th--- our next meeting after this Thursday night's meeting will be September 1st. Have a wonderful time doing all your summer fun things....

@Ingrid Poole

It's $830 max for a two. 

Source: lakeland housing.org/housing/s8-payment-standards.aspx

That's top of the market, as you probably know, and would depend on the quality of the product and they do check the rent comps so have three that you can provide. 

You can bump the rent by another hundred. The market for rentals in Polk is white hot. If You were on the ground you could rent the house in one day, specifically the same day

I'm here to help with follow up questions or new developments!

I would share the whole report. It just saves the new appraiser so much time. Specifically measuring the house and market data. Also it can improve the new appraiser's business practices and product because so often they operate in a vacuum with no info on what other Appraiser's are doing - especially in compliance issues and industry trends. Appraisers are seldom thanked and often blamed. The industry has always been the scapegoat for bankers bad behavior. They make $300 to $400 per report, the same as 20 years ago. They have have very few options because there is always another appraiser willing to under bid the work. Not to overlook that there are incompetent Appraisers. The overarching problem is too much work for local shops, or not enough work and they have to go to surrounding towns where they're not aware of the neighborhood nuances. Some Appraisers welcome the assistance, others can't be told anything. There are few new appraisers and the other education requirements are more onerous every year. Remember that the bank is their customer, and their fiduciary responsibility is to them, not you despite the fact you paid for the appraisal up front and the deal may not close. Help the appraiser to help you. Don't react with emotion.

Edit: third paragraph should say if you do not have two years solid tax returns. Also, call at least three banks. They just might do this deal.

This is a cash out refi. Hard Money folks will want no more than 70% to 80% loan to value. And it's their value, not yours that they use. An appraisal helps but they usually discount that too. To turn around and refi with a bank, and pay off the HML is tricky because banks need full documentation on your ability to repay, regardless of appraised value or LTV (loan to value). So if you have solid tax returns for two years, with rental income profit (add depreciation back in), then a HML is your best bet when land rich cash poor, but some HML want a pre-payment penalty and always want points up front. So, using made up numbers: $100,000 value $80,000 loan - 80% LTV (Subtract existing payoffs and closing costs) Subtract two to four percent of loan amount - points = Net proceeds $80,000 loan at two points means only net $78,400 before closing costs and payoffs. So Borrow $78,400 pay back $80,000 if lender wants two points. If four points, borrow $76,800 pay back $80,000 Payment is based on the $80,000 not the $78,400 or $76,800 Face amount of mortgage is $80,000, so local recording fees and taxes are based on that number, along with lender title insurance premium. Payments are usually 8 to 12% interest only. Plan on 12% if your first deal. Payment is therefore $800 interest only. Principal of $80,000 never changes. But you have cash for your rehabs and or pay off higher interest debt. So cash flow very likely improves through new or higher rent, or a retail ready flip. Pre-payment penalty - some lenders require minimum yield, converted to minimum number of months or years that you must not refinance unless you cover the minimum yield (yield is used loosely here). Sometimes it's a percentage of the loan, sometimes it's a lump sum. I've had A 10% prepayment penalty and I've had a $2,000 prepayment penalty in the past. Deal size between $30k and $40k So, have a plan to refi with a bank, find out their requirements today so you can align your tax returns to make them happy. It's harder than it sounds so make that call today and continually ask questions. Check back with them in six months and show them your books just to make sure you're on track. Two years' tax returns is the common requirement. Understand viscerally the schedule E. I'm here to help with follow ups.

As a former residential appraiser I can say that yes you should share it. It just saves the new appraiser so much time. Downside risks are here though - if there flaws in the appraisal or there has been a downward trend in sales prices. Most banks want comps within six months, so know your market!! If the comps in appraisal 1 are older than six months, be aware of new comps and provide those. Think of the appraiser as a team member, not an adversary.

@Matt Tobin could you be more specific? What are you trying to accomplish and what are the dollars? What kind of property is it? Is it Danville?