All Forum Posts by: John Karg

Hi Dylan, 

I'm glad to hear you didn't get fooled by the mentorship program--all the information you need to be successful is available for free on the internet and through talking with agents, lenders and property managers. I don't personally think you need a formal mentor, I would recommend simply asking questions constantly to anyone in the industry you encounter, and with time you will formulate an appropriate plan and goals for yourself. I agree with Alecia that house hacking is generally the best way to get started, so for the moment I recommend working to get your credit score as high as possible and saving up for a 5% down payment. I would be happy to answer any loan related questions for you as well, so feel free to call or email me anytime. 

John

Hi Josselyn, 

I don't think there's really a format for such an agreement, but anything you write up and have signed by both parties is better than going off of a verbal agreement. 

That said, I see a lot of potential for things to go wrong and get messy here. What happens if she doesn't stage it to your liking or her husband doesn't complete the flood repairs on time? What about if the repairs in her unit are delayed and she doesn't move out by the time you'd like to list your property? I'd personally avoid making these types of agreements. 

John

Welcome Mary! Feel free to reach out anytime with loan related questions. 

John

Hi Mike,

Yes, you can submit an offer without a buyer's agent representing you, but the seller won't save any money as they already have an agreement to pay a certain commission to their agent, which that agent then splits with the buyer's agent. When there is no buyer's agent, the seller's agent keeps the full commission amount as they technically become your agent as well and will represent both sides in the transaction. 

Therefore, the only way this could help you is the fact that the seller's agent will likely push your offer more with the seller, as it gives them the chance to earn double the commission. The seller themself won't have any additional incentive to choose your offer however, so it's debatable how much this will really help you. I personally think it's more worthwhile to you overall to use your own agent. 

John 

Hi Lou, 

Great to meet you! You can always feel free to use me as a resource for any lending questions. 

John

Hello, it's something you'll need to disclose to the lender(s). It shouldn't be an issue but must be disclosed. 

John

Hi John, 

Having the personal loan is no issue, and doesn't disqualify you in any way. It will be factored into your DTI ratio however, so your payment amount will affect how much you can afford for a home. Feel free to reach out with any other questions!

John

Hi Vinicius, 

House hacking is a great way to get started, and just got easier with conventional loans now allowing only a 5% down payment on 2-4 unit properties. If you're only buying the property as an investment, the minimum down payment is 20-25%. Feel free to give me a call anytime if you have questions you'd like to go over. 

John

Hi Sejin, 

I would definitely be wary of any lender that tells you not to get a second quote, especially considering that the reason they gave is completely false. All hard credit inquiries for mortgage purposes that happen within 45 days of each other only count as one inquiry for your FICO credit score. This means that you can have your credit pulled by as many lenders as you want within 45 days of the first pull, and it won't negatively impact your score any more. Therefore I always recommend that my clients get a second opinion, and if I can't beat what someone else is offering then that's on me. 

John
 

Hello, as others have stated it will likely not be possible to get a HELOC on a property in an LLC. There are other options to get cash out however, such as a HELOAN or regular cash out refinance. Feel free to reach out with any questions!

John