All Forum Posts by: Christopher Lane

@Account Closed   Talk to Rocco Policare, he's in A-town, I'm working with him now.  Great guy.

@Roman M. Also, what are the average hard money rates you've seen lately?

 I agree, but I'm not sure I want to put all my money into one deal.  I want to have some money in reserve.  Or should I buy it, and turn around and refinance it next month?

Hey there team,  So I've talked to some lenders and want to get pre-approved for 100k.  

Long story short I found a duplex with each unit being sold separately by the same seller whos asking $60k each. Each unit generates $1100 a month each and are currently occupied. I want to offer $75k and negotiate from there but I am a reservist in the military and only take 6 month long deployment orders and cant "hold a job longer than 6 months" according to a certain lender. Even though I make $12k/month while overseas they still want to see 12 months of solid employment. I have a HELOC for $35k and $11k in a retirement account I'm willing to use also.

What should I do?

Is this the time to seek a hard money lender, or maybe private money?

Thanks!

Hey lovely people!  

I found a deal that is listed as two single units but each one is half of a duplex.  They are listed at $59,900 each (recently lowered from $74,900) and have been on the market for 160+ days.  

Now, both units are currently rented at $1100 each and have about a year left on each lease.  There is obviously money to be made in passive income. Additionally, there is some room to add value, not much as they were renovated a few years ago, but not fully.  

I want to offer $75k cash But All I have is $30k. 

I don't know anything about hard money loans, but I'm looking to learn!  Would this be an appropriate time to use hard money? Would that be an appropriate initial offer to negotiate from?  

I would like to buy them somehow, then once some value is added REFI them and continue stacking more properties into my portfolio.

Thanks for the help in advance!

@Victor S.

No. It’s going to be reinvested into more properties and I’ll likely lease the car completely separate. But the reinforcing action of the logical thought process for her to understand that a house pays us is what I’m after here.

 I am unable to walk the properties myself as I am out of country, however, I can have my parents do it. A reason I'm offering so low is to maximize cash flow, BUT it will leave me with a big reserve for contingencies.

Hey team, curious about a situation I've found myself in.  Found a duplex selling as two singles, each as half of a side by side.

Properties are the same seller, and each is listed at $59,900 making it a grand total of $119,800.  Both have been on the market for 160+ days.

How would you all go about this? 

My initial thoughts are to offer $75k for both. And negotiate from there.

@Tim G. Each CC is about 4k and dropping fast. I have plenty of opportunity to mobilize again at $98k/year pre tax. The loan for the ring could be paid as early as April, but its a 3 year loan and I don't have many accounts over 3 years, would it hurt if I closed it two years early? No student loans or any other outstanding debt.

Hey all, Thought I'd share an update - forward progress.

So my wife and I are talking about having kids and getting a car for them. I have a C class and she has a small hybrid. Well, oddly enough her dream car is a Honda Pilot.  I asked her if I could get her one, she said that's the perfect car to drive around kids, I'd love that.   I asked her how much she makes a day after taxes, her answer was about $450 a day, honestly never knew because it never mattered.  

I gently told her "if you want to get this, we can afford it but just to be safe you need to work one day a month more".  She said, "why don't I just start saving up for it and we can look at it at the end of the year?" And here's where the magic happened. "what if I could buy it for you and you don't have to worry about the payments? she said, "where are you gonna find an extra $400 a month?" I said "If I can figure something out, would you want to go for it?"  she said Sure...  

Thanks for the advice guys and gals.  I'll keep you posted!