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All Forum Posts by: Kelly B.

Kelly B. has started 5 posts and replied 112 times.

Post: Refi mortgage from private lender

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

Do not forget about POINTS paid to HARD money/private funding (and early pay off penalties and penalties for extensions).  However they are a great alternative in the right circumstances.

Post: Refi mortgage from private lender

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

I don't think the commercial side of the bank will have a problem with the LLC or that you've had it for a short period of time.

Post: Refi mortgage from private lender

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

If your credit is decent and you have a day job, a small local bank should be happy to give you a commercial loan. Expect something like 70% of $200000 (assuming house appraises for 200k) gives you a loan for $140k for probably a 20 yr amortization @ 5% interest with payments @ 925/mo, so PITI would be about $1250/mo.

Post: Seller Financing, Subject To, and Wraps

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

True, wholesaling is a lot of work especially if you don't have systems in place.

Post: Seller Financing, Subject To, and Wraps

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

How did you decide after only 1 wk that direct mail is not for you?

Post: Tenant rights - Full inspection of house Georgia

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

As a renter what are you responsible to fix, or did you mean what they need to fix?  Usually, renters are not really required to 'fix' anything, check your state's rules.

Post: How transparent are you with people at your "day job" about REI?

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

I am open about it but yet discreet.  I don't brag about things but joke how this allows me to take 2 week vacations in the Caribbean for the last 6 yrs, help pay my kids college, or get me to early retirement.  They seem to respect me for it and ask me questions and pick my brain.  I give them my contractors numbers who appreciate the extra business.  As the old saying goes, "if you want something done, give it to a busy person".  I only make calls during breaks and in private.  Sometimes I go to closings at the start of the day or the end so as to minimize the impact @ work saying I have an appointment which they assume is a Dr. appointment. I even share it with my patients on occasion & although I made them literally radioactive, they seem to respect me more for my 'side business'.

Post: Newbie from Weston, Wisconsin

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

Hi Mark,

BP is a great place to learn & network. As Derek mentioned above, the local REIA is a similar place. I've found our banker & a contractor there & learned a lot.

Hope to see you Mon. nite!

It may help your cause if you have an idea of what they might want, like;

2 years of tax forms

Definitely, personal balance sheet, or called an individual financial statement, where you fill out what your assets and debts are, loan balances on properties, market value of properties, car loans or free & clear, bank balances, life insurance, etc

Profit & loss statements, perhaps a portfolio of your properties (before/after)

Last 2 pay stubs, if you have a job

Just a conversation about what you've done, what you want to do, etc.  and what 'programs' they have available that may fit your needs, sometimes helps to come from the perspective of interviewing them rather than them interviewing you.  If they are not interested ( it may be they just don't do that niche), go down the road & check out the next bank!

Just off the top of my head for starters.

Post: Un-cooperative Tenants

Kelly B.Posted
  • Investor
  • Wausau, WI
  • Posts 115
  • Votes 26

Robert, go to your municipalities website, they should have renter/landlord rules listed and it is usually also spelled out in most leases which they should have a copy of but, with the owners help, you could give them a highlighted copy of it.