All Forum Posts by: Kyle Schlosser

 @Alexander Felice I'm reincarnating this thread. If I understand this correctly (and I'm going to go back and re-listen to #301)… your approach is genius. A few questions so I'm clear: 1. If I buy a house for $55k, it needs $25k in reno, I'll throw BOTH the $55k on as the Contract Sales Price and the $25k to cover the quote from my contractor for the entire reno budget on as Settlement Charges to Buyer, bringing the Gross Amount Due from Buyer to $80k. As long as the appraisal is $106,666.67 or higher ($80k/0.75) I'll be able to pull all $80k back out via delayed financing? 2. Any reason why, if you have a line of credit purchasing this (and no mortgage from the original purchase) that this wouldn't work? and 3. I assume this is regardless of state since it's Fannie/Freddie? 

Thanks in advance. 

Kyle

@Michael Kiley Interesting. Thank you. I’m curious (as I’m looking to do the same) and we can message offline if you wish, why is there still a 6 month seasoning required if the purchase is made with an equity line (ie, no mortgage)?

@Michael Kiley Solid numbers indeed. How did you pay for the initial purchase & rehab?

@Jed Devine Congrats!

@Mindy Jensen For knuckle draggers like me, will this be coming out on Audible and if so, is there a targeted release date at this time? Many thanks in advance. Looking forward to it...Thursday’s podcast was excellent.

 Great question. I've not personally encountered the scenario though the data could potentially be had within City/County records...possibly even within old (previous sale) disclosures as well, though that may be less likely. 

@Michelle Bulich Only my humble opinion, but, just see if you can find out if there were any deaths in the property.

@Cameron DeGeorge What part of town is this in?

@Payton Pearson Congrats on property #1 and an additional one in the pipeline. Was the second property an MLS deal as well?

@Joe Villeneuve Joe, I may have misinterpreted the context, but with roughly $350/mo in cash flow (though I didn’t see property maintenance figured in) how is this not a cash flow property? I’m still looking for my first property so my question isn’t being critical, I’m trying to understand what I may be overlooking.