All Forum Posts by: Stanley Okazaki

@Lauren N Sellers 

Yes, yes & yes...find the HML first & get qualified with them before hand so you can move fast when you find a property.

Questions to ask:

Terms & rates?

LTV amount?

What the LTV amount is based on- ARV or current appraised value?

How fast can they close?

Minimum -Max loan amount?

Pre-payment penalty?

Min Length of loan?

Up front points?

@Marcus Squires Wells fargo College card. Not sure if you have to be a student to have one. 500$ limit

@Chris Simmons 

hardie backer. Takes paint very well, easy to replace

@James De Silva 

1) If this is true, why would anyone who is in the property investment business buy from a realtor?

Investors can still find good deals via realtors aka the MLS. Everyone that lists their property on the MLS is motivated to sell, some more than others. Buying property through a realtor is easier & less expensive because they don't have spend time & money on marketing to find these "extra motivated sellers". Banks also use realtors to sell their foreclosures- investors want to buy foreclosures. The same applies with a short sale.

2) Can landlord investors profit from wholesale purchases or is it only those who rehab and resell?

Yes, landlord investors can profit from wholesale deals. Wholesalers market properties as rehabs as well as cash flowing buy/holds.

3) I'm sure wholesalers can be found at REIAs, but what's the best way to determine who is worth doing business with? (Note - For anyone who wants to give referrals, I'm in the Metro Detroit area)

I find the best way to find good wholesalers is by being patient & building relationships. The best wholesalers who have the best deals only really market to the same few people. Find an ambitious up & comer & be by their side as they grow. 

No. Wholesaling is all about the numbers. Since the addition is illegal you'll have to include the estimated costs to make it legal (assuming that's possible). If not then you'll have to include demo costs when coming up with your whole sale price. 

Use the bedroom/bath count & sqft. from the appraisal district when advertising the property to investors.

@Dylan Swanson Full price from prospects that want to do a lease option?

If it's been listed on and off for the past 5 yrs there's motivation. The question I would be asking myself is why hasn't he been able to sell it. Definitely look into this before you end of wasting your time.

I'm not sure if agents are allowed to handle lease options without the seller talking to an attorney first? Maybe that's just in Texas. If the same applies to your state then you'll have to speak with an attorney before you can sign off on a deal.

Depending on how severe & whether or not you have the warranty from the foundation co. a lot of home buyers will over look the issue. If feel the type of buyers attracted to whatever neighborhood the home is in will a factor into how accepting they'll be as well.

First time home buyers in a C+ neighborhood may be more lenient as opposed to a growing family that is trying to size up in a A or B neighborhood. 

@Justin Howe Nice man. Keep posting them up that way you can grow with the BP community. 

@Kevin Wright yeah, that's the same agreement I had. 

Like I said, the only real trade off is that they're less involved in your success but that's the joy of working for yourself!

I can see why you're divided now. If you don't mind the split, I say go with a traditional split broker. You'll be surrounded by agents that will be much more willing to help you out. You'll also be passed down leads much more than you will in a 100% office. They'll essentially be giving you business; probably a lot of leases. I know leases are huge in NY.

Hope I helped...

Engelo Rumora 2.0 

Joking aside, I don't know what restrictions there may be because you're a non resident.

...if you don't have 20% to put down HML can definitely help. I'm not sure how they loan on multi-family but for SFR most will finance 60-70% of the ARV. If you buy right you can see how 100% financing would be possible. I assume the same applies for 1-4, but there's a good chance I'm wrong.

Once you purchase a property via HML you can refinance after the "seasoning period" is over. Usually 6 months but I just spoke to a HML whos seasoning period was 30 days max. After this period, the idea is to do a cash out refinance for a 10, 15, 30 yr.

HML are all about the subject property. Most of their decisions are based on the property you present to them. If you have assets that you're willing to pledge, you should be able to negotiate for better terms, but pledging your assets as collateral can be dangerous & I wouldn't suggest doing it if this is your first HML.