All Forum Posts by: Mike Campion

Great feedback @Mike Delprete, thanks for the help!

Thanks for the feedback Jeff- do you have any area's of tow that you have found are working in today's market? How do you find the deals that work?

Hey all, I am looking for buy and hold in the greater Phoenix area. Any feedback on how to get positive cash flow properties in Phoenix without putting more than 20% down. I am having a hard time making the numbers pencil in this market and was hoping there are some of you out there having success in Phoenix with buy and hold that could give me some feedback :) Thanks in advance!!

Mike

I have averaged quite a bit of income over the last 10 years through real estate, starting, running and selling businesses and I have quite a bit of cash reserves. Income has never been the problem, income that the bank will recognize is the issue. 

Great insight- thank you for the contribution!!

Thanks for the response Gary- I have looked at hard money lenders, and I think they are a good fit for short term/ expensive money, whereas I am looking for long term/ inexpensive money as I do have good credit and good income (verifiable via bank statements), I just don't have good W-2 income as I sold my business and banks will no longer count income from a business I don't have. I don't mind paying a little extra as I am non conforming, but HML are hard to make work with buy and hold.

Will traditional banks lend on real estate with no income under the new Dodd Franks "guidelines"??

Like the title says, I have good credit, lots of liquid assets and no debt. Problem is I just sold my business and am going into real estate full time so I have no income. I have cash to buy some houses, but not enough to meet my cashflow goals and need some leverage- even if I can only get 50-70% LTV, it's better than all cash- any suggestions from the group??

Thank you all so much for the great feedback- there is no substitution for experience @Rick Harmon I definitely love the concept of doing everything over the phone, I just didn't know that it was a viable option- so glad to hear it is! Thank you for the excellent actionable items in your post!!

Excellent feedback thank you!! Have you found a big difference in the ability to negotiate and/ or your closing ratio face versus over the phone?