All Forum Posts by: Laura Costello

I've not borrowed other than commercial and secured funds so I this would be a cash advance on my good name only.  My thinking was that it was a foot in the door to do bigger and better things.   Please feel free to challenge my thinking back...so far my portfolio is all with one mid size bank and I do want to branch outward and upward.  Thank you.

Happy to say that I have a friend/colleague  who is ready to invest $150K no interest for 6 months and we will be doing a flip.  The cash advance will be on a simple loan document, not secured by the mortgage of whatever flip property I find.  I will find the deal, manage the rehab, market and sell.  We have not determined how to split the profits.  This will be my 6th investment property and I am looking at flipping something closer to the 200K price looking to sell for 300K so I will also have my funds as well as all of the work into the project.  What I am asking from the BP community is what they see working best for splitting profits....usually 50/50...60/40...does it change based on the amount of profit, etc.  Please share your thoughts and experience with me.

Thank you,

Laura

Thank you for your insight Alexander.  Wanted to close on my next investment purchase this week but must wait until Monday.

Best,

Laura

Does a buyer or seller have the right to waive the 3 day wait period for closing disclosure documents?

Hello,  I am a fairly new investor, working on 5th single family income property (buy and holds).  I am thinking about obtaining my real estate license here in IL.  My questions are around the pros and cons...mostly thinking about what happens when I do a FLIP...will it be ok to sell by owner or are there issues with that?  One of the benefits I am looking for is easy/quick access to homes that come onto the market.  Are there any issues with that?

HI Jeff,  

Thanks for the response to my questions. I do have 1 HELOC open on an executive property that I am renting so adding another property to it is an option I had not thought of. Or...just do the BRRR with a traditional re-fi. Still have 2 months for this new property to season but getting the ball rolling so that I can do it again!

Have a good weekend!

Laura

Thank you Brent, I'll have to check that book out.  Going to get the full re-fi process started  :)

Thank you Matt, most likely taking that path but wanted to explore options.  

Best,

Laura

Thank you Larry.  Yes I do plan to do at least a few more.  I don't know that I necessarily need all of the money and it can sometimes take me 3 to 5 months before I find a property I'm interested in and get it under contract.  I'm assuming interest rates are equal but it seemed to me that closing costs were less expensive last time I did a heloc.  I've emailed the banker I worked with on the past few transactions to see what costs/benefits he can provide as well.   Appreciate your feedback!

Hello BP,

I have just finished the rehab and have my tenants moving in next week for my second BRRR property. Moving on to the refinance step and am wondering if it is better to completely refinance and cash out (did this the last time) or to create a heloc?

Please let me know your thoughts and experience, thank you.

Laura