All Forum Posts by: Kyle Cabral

Hi All,

My partner and I met with our first private lender yesterday, he was very knowledgeable, successful and in general a good guy. We were throwing out questions about REI and came across wholesaling and he said that the strategy can work but has a potential flaw. The flaw he says is that if someone really wanted to get you in trouble, they could, because when you are providing your buyer with a P&S, you are essentially acting as a real estate agent/professional without a license. Was this a valid point by him? If others got wind of wholesaling, could they technically get you in trouble, etc.

Thanks,
Kyle

Hi All,

What websites/resources do other BPer's use when forecasting, predicting, and researching current market trends in the area.  What is the best housing market indicators? Any insight would be helpful.

Thanks,

Kyle

Hi guys, thanks a ton for this information!

Hi All,

When collecting rent from tenants, i've used the traditional method of paper checks.  I'd like to try automating the process with my new tenants.  What methods do others here on BP use for auto debit? I see clear now being one, etc.  I'd be curious and any recommendations would be helpful.

Kyle

These numbers look really good to me... Just taking the annual rental, and annual mortgage into play the numbers look to sit as follows using the 50 percent rule (which assumes coverage of the expenses).

$6,162/12 = $513.50

($31,020)(.50)/12 = $1292.50

Cash flow = 1292.50 - 513.50 = $779

Using the 2% rule, it looks like you are on the high end of the 1.5 - 2.0 range, which is great sitting at 1.73%.

I got this by monthly income divided by purchase price x 100.  ($150,000)/(2585)(100)= 1.73%

I think you're in good shape.

@Brian Rossiter thanks for the insight! Learn something new everyday.  Just as an FYI @Karen Margrave here is the letter I sent.  Posting it for more BP users who ever run into a similar scenario or end up fighting for what's right and not letting things fall by their side. 

The letter did ruffle some feathers as within a couple hours of receipt, they scheduled a meeting with me for 8:00PM tomorrow.  I'll let everyone know the outcome.

I threw in the tangible requests at the end because even if I do stay with layout, I think I should be compensated in one way or another.

Kyle 

Accidently added member invite text to this thread.  **REASON FOR EDIT**

@Karen Margrave @Deborah Smith I visited the site, had my realtor request that the housing placement on lot is adjusted, they said it couldn't be done based on elevation, so he requested an alternate method.  We will hear back from the builder whom is the VP of the company.  I am thinking of writing a letter and submitting a letter with my dissatisfaction and the poor communication that him and his team displayed.  Without us digging or doing research, the house would've been up and we would've known nothing until it was changed.  A major change in garage would warrant some sort of "sorry".

I plan on leveraging this dissatisfaction, coupled with the fact that there is a significant loss of grass area to attempt to either overall housing cost, refund of a portion of whats in escrow or to upgrade the second floor to match the first with respect hardwood flooring. (currently first floor is all hardwood, 2nd is all carpeted)

I think the request is fair and will write a professional letter.  Hopefully something happens and I get something out of it.

Kyle

@Karen Margrave thanks so much for your insight.  Exactly what I was looking for.  I will definitely press this issue more and speak to my Realtor about this and make the suggested requests.

@Wayne Brooks just re-read the contract in great detail and there is nothing specific that would surround a scenario like this.  Probably will have to dispute if I have to. @Chris G. will do.  I'm having my RA take the reigns initially but will continue to research and make my concerns known to the seller.

Thanks!