All Forum Posts by: Mark Rocka

@Alan G., you nailed it. There’s no reason to ask a wholesaler what their profit margin is. Either the numbers work or they don’t. Would we want renters to ask what our profit margins are?

@David Lee Hall, III

Oh cool! I’ll check them out. Thanks!!!

@Andrew Ferris

So that I'm clear, does that mean if the home is already owned by the LLC, I'll have to transfer it out, refi with a conventional, then transfer it back?

It’s starting to sound like I need to start interviewing banks.

@Scott L. Said “And as far as the elusive “due on sale” acceleration on non-fnma mortgages, it seems to be a snipe hunt here on BP. Nobody seems to be able to point to a case not involving some “lease option” or other chicanery...”

Yes, there are very few recent cases of this happening, but back in the 70s when interest rates went to 20+ percent, it happened a LOT. When it becomes profitable for banks to call in the loans, they will. Our country has never seen rates this low for this long. It’s not natural, and it will end some day. A 30 year loan leaves a lot of time for something to change. I’m just trying to gather info on the front end to protect my investment and cash flow. I appreciate your input.

@Frank LaViola

Which bank worked that deal with you?

Thanks @Nicholas Covington! That's vital info. Does that mean an individual can go to Fannie directly to do the refi part of a BRRRR right before transferring the property to the LLC?

@Justin K.

Good to know. Thank you so much!

@Justin K.

And there’s no concern with the bank enacting the due-on-sale clause? Im really fuzzy on the situations that would cause that. I’d prefer to sign contracts that don’t even have it, if such a thing exists.

@Michael Corso

So what kind of loans are the folks doing the BRRRR method using? I think Josh recently said he's BRRRRing 2 homes a month.

Sounds like I need to figure this out and get that lender on my team.

Thanks for the reply!

@Wayne Brooks

Thanks for your reply! Did I read somewhere that the downside to a Fannie/Freddie loan is that you have to pay PMI for the life of the loan?

Been learning so much in such a short amount of time it’s all kind of a blur right now. :)