All Forum Posts by: Joe Liu

Welcome Garold! Would love to know what formula's you use in Oregon! I am still looking for my first MF.

Joe

Hi Minh, on the HELOC, whats the rate your paying? Those are up in the 6% right? Can you do a cash out on a normal conventional style one around 4-4.5%?

Also, where are your investment properties located? In California or out of state? Lastly, when you partner with a friend on an investment property, how does that work exactly? You and his name on the title, but just his name on the refi loan?

Thanks!

Joe

Hi guys, I am looking at buying a couple of buy and hold rental single unit properties with all cash. With that, I want to use mostly family and friends cash. If i were to borrow 80% of it with terms of 9 months, because the idea is to buy, fix it, rent it out and refinance it (which I am being told must be under my name for 6 months) and then pulling out the money on the refinance to pay back my family/friends. What kind of a contract do you guys use? If anyone has an example one, that would be much appreciated. Also, besides the contract, how much % do you pay them or if not on %, how much can you pay them or make this enticing for them? Lastly, at which point will I start having a problem with a bank not wanting to refinance me (after 2nd one, 3rd one, etc) and what is the bank looking at to determine this? Both my wife and I work full time steady jobs.

Sorry for the loaded question!

Thanks guys!

Joe

Hi guys, thought I would revisit this topic. Do any of the real estate agents here have a buyers assistant by chance? I am looking to pick one up, but they must be licensed at my company and basically work in our office, so no virtual assistants. I basically work a full time job in the corp world and have been working full time in real estate and have been picking up a lot of clients. So while I'm at work, its pretty hard to show houses, so without quitting my job quite yet, I have found someone new in my office who was a realtor and moved here from Alaska to be a realtor here. He is new and is looking for make some more money. I only need him to show houses maybe 4-14 hours a week. Probably more on the 4 hours side. How much would you pay for someone like this? And do I pay for his gas? Is $15 an hour to low, or should it be $15 an hour plus some kind of commission cut should he take my buyer to a house that they actually buy, making him some what more inclined to do a good job and show them good houses.

Any tips would be great as I am just used to running a one man show.

Thanks!

Joe

Which lead site are you guys submitting these to? As more of a realtor then an investor, Id pay for those leads. Listing a house right now in this market is almost as easy as wholesaling since there is a low inventory of houses on the market and its a great time to sell.

I've listed a lot of houses and have seen quite a bit of tactics that all haven't really worked that well. People would say they have a lot of kids, single mom, war vet, etc. but in the end, just highest down payment, best offer and highest eagerness or chance of not being nit picky, meaning, a client who would probably take it almost 'as is' has helped a lot. If you are doing it from an investor stand point, then one tactic that might help would be to just put in "buyer accepts house 'as is'". You can still have your inspection, but basically you'd have to take it as is or walk away from the deal. Cash helps if they are motivated sellers, but if you are low balling with cash and there's an offer with 20% down that's a decent chunk higher then your offer, then you might still be s.o.l if they aren't motivated sellers. Right now, its a sellers market with low inventory.

Welcome Nick! I am actually out in the Beaverton area. Have done a few flips in the last 2 years but working a FT job and have been getting pretty busy with normal real estate buying and selling for clients. I have been trying to make that transition to full time, but haven't quite pulled the trigger. Maybe when I get a solid pipeline going. Good luck in your search!

Hi Junior, were you able to find any realtors at your REI meeting? Maybe a hybrid realtor (realtor and investor)? You might even ask around at the REI meeting for a realtor that they use and how they compensate there realtor. Might be your best bet for a good fit.

Thanks for all the tips! For the tins, I was thinking about putting on the college football schedule on there for the 2 college teams in Oregon. That way, the tin pretty much never gets tossed and maybe gets re-used along with my company logo, name, etc. Wanted something to stand out and not be sort of a 5 minute snack that gets eaten and tossed and forgotten about until a while later. Was thinking the tin with the football schedule could be something they talk about when they have people over to watch the game, etc. since they could also put popcorn, chips or other cookies into it. I could be reaching, but I haven't heard of anyone going this route. Have received a similar thing in the mail in the form of a fridge magnet. I think I might go the route of using a local bakery that I like a lot and filling the tins up myself so the total cost would be $5 for the tin and maybe $9-10 bucks in cookies + shipping or delivery.

Not really sure where to put this topic, but I know there was a podcast about someone who mails cookies to just about everyone as a "thank you". I just started doing this as well which has gotten great responses. However, I am wondering if anyone else does this and what site they use? I just randomly picked Davids Cookies. Its about $53~ bucks to mail a 4lb tin of cookies to someones door. That's pretty much $6.99 at a Costco, so I figure there has to be other places with services like this at a cheaper price. Also, does anyone know of a place that will custom make the cookie tins where you can put your company logo on it? I found a place that does 100 of them for $500 dollars on the 4lb tins.

Any tips on websites you use would be great!

http://davidscookies.com/

Thanks!

Joe