All Forum Posts by: John Ratigan

i feel like you get liquid by flipping, then you get rich by renting. like do some flips to get some cash, then use that cash to invest in positive cash flow rentals. then you can refi those rentals in time and use that cash to buy more. 

Just curious, what is the 25% fee of? (The first rent plus deposit)? 

Sounds like a pushy realtor that obviously has no class. But it seems like what is frustrating you more is that you are not properly screening your perspective tenants. If you're getting dead beats or weirdos, you're not doing your job on the phone. 

Do they make 2x the monthly rent? First question I ask. What is their job exactly and can you speak with their employer? If those 2 are correct, you're likely talking to a qualified person. Though, I can't vouch for their 'weirdness'. Rental game is tough. 

Another option might be to work directly with this agent, maybe he's pushy, maybe that's a good thing and could help you. I know the more houses I get, the more I like having a realtor to help me. 

 Hey where are you seeing 6.79? 

For 'other loan or refinance' i see 

this is an awesome discussion, thanks to everyone. I am always looking for ways to get capital. some great resources here. I'd like to learn more about Lightstream too from Justin S. 

Credit unions will loan up to 25k a lot of times. If you took out 4 of them (I don't know if that's possible and what kind of rate they'd hit you for), but, you could get the 100k. 

A lot of times, at least up here in the north east, 100k doesn't get you very far. But, if you combine it with a HML as a down payment (assuming they don't mind if your money isn't 'seasoned' for 2 months), you can do damage with that 100k.

dawn, 

it seems like you need have a few options

1. save up

2. heloc 

3. partner up with someone who has the income (over 2 years), that combined with yourself, will get you lending (50% debt to income ratio w. traditional lenders) 

4. hard money flip (some offer 90% towards purchase, so you would only need 10% plus closing) 

man, those cabinets look dated. 

sure you could buy some wood putty for 5 bucks, get a color match from the paint store for your cabinets, and do some touch ups...you could solve the problem for under 30 bucks if you can paint them yourself...but, I would replace the knobs, paint them a cream color, and change the counter top/sink, and tile a quick backsplash. if you're handy, your costs would be limited to the counter top and sink and tile, you could do most of this yourself. you could take the kitchen from what it is now, to a beautiful appealing spot, of course, it's a matter of budget. 

if water is a concern, you want to put in some porcelain. they sell wood-grain tile that is made to look like wood, but you will never warp the boards like laminate. 

as far as glue, all the products are called 'floating' floors now, they click into each other, installed over a water-proof sheet. any water will ruin a piece or 2, and the idea being you can rip the piece up and put a new one back in. 

it's actually easier to just install it without glue. they click in, no nails or screws. 

investment loans start @ 20 percent, industry wide conventional lenders.

i'm not sure where you heard any different. i think you confused first time home owner deals @ under 5% when you declare you plan on living there, however, a lot of people are actually saying they plan on living there just to lock in the extremely low down payment, and then renting it out. this is mortgage fraud but it's hard to prove and banks don't care as long as they get paid. so it's kind of like a win win for each side. you could say, "i planned on moving in but x and y happened, or i just changed my mind, but i did INTEND on moving there when i bought it", ect...look into it if you want to get a home...it's a lot of peoples only option to secure loans. 

i dont think it's right or wrong, it's a fact though. 

doubtful. if not impossible. i talked to a lender yesterday and they would lend on auctions that didn't require full payment for a couple weeks, POSSIBLY. next day, that's not happening. 

paul, it's a top school district in the country, every nice area has one not so nice area...but it's safe! i don't think the house will appreciate but the land will.