All Forum Posts by: Cody Krecicki

SO it's not final or is it?

The realtor fees will be about 6% total and their goes your YoY. When we bought our first house and almost had it paid off, we realized we were not allowed to rent in our neighborhood (even know it was going on.) 

So we sold it and tried to buy something else. Bad move. What we should have done...

We should have cash out refinanced the property since we had all the equity in it and bundled the house up into a new mortgage at a lower payment and gotten our cash. We did not do that though because we didn't know any better.

Fast forward 6 months later. We bought a townhouse with a backyard for $125,000 and fixed a little bit of it up with new appliances. The price of the town house went up to $133,000.

QuickenLoans is who we are using is going to give me a great rate on a cash out 80% of the value in a payment thats around $560 a month fixed for 30 years. Closing costs will be around $3,000.

For now, we will stay here as a primary residence. But, we are going to start doing what we keep reading about on here BRRRR. Buy, renovate, rent, refinance, repeat. The idea is to always leave at least 20% of the equity in the home and make sure the house price wont be hit too hard (look at historic pricing) compared to the price you buy the house at and look at historic rents and vacancy of the area to determine even in bad times if you'll be able to rent it out for what your mortgage on it is at least (this is going to be our strategy).

My point, I've learned once you have a property at a good price, you've bought a good note rate and you can rent it. Their is no reason to sell unless you want to free up your ability to finance something else and you can't pay down other assets with cash on hand in order to get the new mortgage, etc.

This is all from the little experience I have and what I plan to do the next few years. You cannot fear another market bubble because we all know it'll happen again. You just need to be positioned for the stress of the markets if it happens.

thank you everyone

Any leads on commercial loan providers? I have cash ready to go.

Well. We bought a place for cash and now live in it for $127,000 and it's now worth $145.000+. I don't want to cash it out or heloc it. Ive got two little girls and a wife and pets that I no longer need to worry about having a place for them to live, ever.

So we're on to he next ones. I just got my 2015 and 2016 taxes done. I show $65k in income for 2015 and $112k in 2016.

We own our corporation. Our company has great credit. I have none. I just started and have three cards rotating for gas etc.

Here is my question. We'd like to buy a few multi family properties or even a few condos. The properties were looking at are between $50,000 to $80,000 for condos and $90,000 to $350,000 for 3 to 8 unit multifamily properties. The condos we want to buy are in west Las Vegas. The multifamily are in downtown Las Vegas.

What are my options for financing now that I have all my taxes and business in order. FHA, how does that work now that I own a place cash? I am a very conservative investor.

Share your experience or financing ideas. Will banks be hard to land foreclosure and more run down multi families? 

We are investing here in Las Vegas. Thanks everyone for your interest in this post. 

P.S. -- the strategy is to just accumulate property, all or most of the rents will go towards the debt service for the next 15-30 years.

What do you think is a good strategy the next three years with the market corrections and appreciation not being a good play.

Its a condo/co-op that looks like a town house: big house split into two with a garage. They wanted $145,000 and we made a cash offer for $125,000 that was accepted. I'll do all the updates which should run $5,000 to $10,000 with high end appliances.

It's in Summerlin, Las Vegas in the 89128 zip code. The HOA is $190 and they take care of the roofs, exterior, landscaping and water. It's an upstairs unit with a spiral stair case off the back into a 20x20 back yard.

The plan is to get a HELOC on it. Get another deal for cash, fix it up and rent it out. And I'll keep doing that while paying the HELOCs down.

The goal here is to sell them a few years from now for $200,000 each and make sure to use the cash flows to pay down the principals. 

Well cash out 5 years from now with a million in cash, maybe more. Well take that money and buy an apartment complex with 60-100 units. Then live with that income the rest of our life's.

The current property we bought for $125000 can be rented for $1,300 with 4 bedrooms. The sq ft of the place is 1,400.

Any tips to help me accomplish my goal?

Now that's some good advice. Thanks a lot stranger. I found these awesome portfolio loans recently through a really conservative stand up company. I'm doing one for my personal property right now. Bank statement programs they call them.

What part?

Do you know any investors that fund money based on the collateral of the property being purchased and then act as revenue sharing partner on the wholesale deal? This would be a fit.

Assigning contracts has not been viable so far. 

Started calling a lot of real estate investment companies in Chicago and Las Vegas and came to find a lot of them are only buying MFR that are $1 to $5 million or $10 million plus.

Getting a real estate license is looking like the only way to secure deals without getting buyers and sellers to sign NDAs.