All Forum Posts by: Jon Reed

Yeah.... I don't think you will find a seller who is willing to take actual silver coins in exchange for real estate. Unless they are some kind of prepper who is hording gold and silver for when the world ends.

Your time is better off spent researching more practical real estate methods.

Where did you get the $5K rehab cost? Are you accounting for all three units to move out and have to back fill due to increasing the rent? Why didn't the ARV increase after the repairs are done? Are you planning on covering the water, sewer, and gas? Are those expenses estimated are known from the listing? Is the home on three different meters or will you have to handle dividing those expenses up among the properties?

Overall your figures are on the right track but seems to be some big assumptions in the math.

I would recommend creating an LLC and getting commercial loans when you refi. There is not max number you can have. There are also a ton of other benefits of using an LLC vs Personal loan but just search the forums. There are a TON of discussions already out there.

Just tell the bank what you are doing and you need to cash-out refi your first property to cover the renovations on the second.

I would always say do it all through an LLC for the protection it provides, separation between your business and personal credit, and tax advantages.

Have you looked into refinancing one to get your cash out to finish the second? 

All depends on how much fire damage you are talking about... it can be someone as small as redoing a kitchen or something as crazy as gutting an entire house and redoing framing. 

Find a contractor to bid it all before buying.

Sounds like there are a hundred easier methods of getting some capital to invest with than trying to leverage the system of life insurance. Also, you honestly sound more like a snake oil salesman/scammer when you phrase your idea like you have.

So, I would say work on how you present your idea (because it very well may be an option for some people) and try it yourself first and see if it works for you before trying to get other people onboard. 

YES! 

No offense, but I trust a Realtor as much as a used car salesman. Every time  a realtor says "we have multiple offers" or "bring your highest and best" a part of me believes that they are just blowing smoke in order to make a buyer feel like they have to up their offer. I really believe that technology is going to hit the real estate industry very hard in the next 5 years. And when it does, buyers and sellers will be the winners... and Realtors will be the losers.

Just think... with every next generation they become more and more accustom to doing everything online. Amazon is killing brick and mortar stores... Uber made a splash and totally upset the taxi services.... AirBNB is still taking big chunks out of the traditional vacation rental market. How easy is it going to be for a new company to come out and say "we will sell your house online for just 2% through our site/app *Insert Made Up Word Here*. I would switch to using a tech company to buy/sell houses in a heart beat if they offered me transparency, selection, and the ability to view a house (which Realtors already use an app to open lock boxes on houses). 

I got a soap box for days on this topic... but I will step off it for now