All Forum Posts by: Korey Rowlson

Another thing to remember is that they do keep more of that 15% in their pocket by not paying their old agent his 3%. Depends what number they had in mind and how close they were to it.

If it is a competitive market, you can expect that you have to be in the house the day it hits the mls for example and ready to make an offer that day. If its a hot market and good deal be prepared to have that then turn to highest and best scenario.

Now if you are sitting back waiting for your realtor to send stuff and you are not satisfied with what they are sending, shop around yourself on zillow and realtor to see if you are seeing better deals than what they are sending. Send a list of what you found to your realtor to find out if they are active or pending sales. If nothing else comes of this, your realtor now knows more of what you like, and that you are very serious about finding something. Nobody will work as hard as you to grow your business. You can use a different investor friendly realtor if yours is not making the grade, just verify if you signed an agreement with them.

Good luck.

I am looking to do all of that just locating the private money seems a bit daunting. From what I am seeing some of the places may offer 7 to 8% interest rate for the rehab timeframe and then you switch over to a rental 30 year loan at a 5ish rate. I am just curious who offers for my price range as some say minimum loan of 75k, and that has to be say 70% of the home cost, meaning i am in a bracket above what I am looking to buy and hold. 

most definitely go with the house hacking plan. Check hudhomestore if there is a steal in your market maybe you can take advantage of the owner occupied time period and really have an advantage.

Good luck, its a good time for you to house hack. 

We have been flipping homes in michigan for 5+ years and would like to add in some rental properties through financing. We have strong credit and this is our income source. Debt to income ratio is not as good as we want at this time.

When looking recently I have reviewed and compared LimaOne Capital, Bridgewell Capital, and ground floor funding. I was wondering what others would recommend based on experience, market area, and the fact that most of the homes i would target would be around 50 to 90k purchase price, 12 to 15k renoovations, with arvs ranging from 70k to 110k roughly.

Let me know your thoughts or if I forgot something.

Thanks

Phenomenal deal by appearances Jason. Let me know if it goes through and you need leads on roof work or furnace/ AC as I have some very good and well priced people for that in the area.

I would look at having someone present, preferably a lawyer, realtor, or someone that helps you both feel comfortable with the contract being that the situation is new to you both in some ways.  I cant speak to what the township would allow, but I am sure you have already tried asking them, beyond that it is unknown what would be given if anything.  Maybe she will allow for you to enter abd do inspection while she decides.

I am wondering what the DTI requirements are for doing this and how long you have to have these rented out before pulling out equity? Any feedback is appreciated. Thanks.

James, 

The option of doing real estate to speed up your income is a great one that I used as well.  With two littles about the same age I know where you are coming from. 

What i would recommend may vary depending on further information. If you are comfortable with the risk and can make the expences work out with the real estate plan then have at it as it can pay off well.

In a scenario where you are a little more risk averse maybe you study from your friend and find a way to make some extra money doing this- finding deals, handyman, advertising or whatever you find to help get into the business while paying down debt and building up savings.

My avenue if risk averse and you can break down some of these other bills would be as follows:

What is monthly payment for sweet minivan and student loans?

If you have multiple student loans and some have higher interest rates clearly you want to pick these off.

Pay off your smaller loans of choice to reduce amount you need to make monthly and take that extra you are used to spending and apply it to paying off other loans. This can reduce the amount needed monthly and make a loan to get into real estate easier to qualify for and easier to swallow.

There are also other avenues i know too little about that you can research such as reits and crowd funding.

Best of luck to you and your family.

Awesome story @drew eldridge 

My wife and I intend to do similar plans once our children get older. Nice parenting and I like the follow through on the reading for money plan.

Thanks Chad. Good feedback. I had heard on podcasts the importance of being top of page for direct marketing, and some of the search terms... Just never thought of using that to locate wholesalers.