All Forum Posts by: Mary K.

@Scott M. Fletcher Love it! Thanks for posting.

@Xavian Rimmer FHA is a government backed loan so you won't find much change from bank to bank. I like local, mortgage banks because they are faster and can work with you on any issues like bad credit etc. Big banks are more strict. Just goggle "mortgage bank near me" and start calling.

One thing to note, at this moment in time PMI stays on for the life of the loan. Something to consider when you run the numbers.

Hope that helps :)

@Daivis DeJesus Liability and property are both absolutely necessary :) 

@Marcus Cannady It's going to be hard refinancing on a mid-rehab property. I personally have never heard of that being done.

How much will you need to complete it? What about an unsecured line of credit through a bank? Suntrust offered me a LightStream loan at 6%, and minimal fees to open. Definitely cheaper than hard money. 

Another route is private money. I would actually post those details here and see if you get any takers.

@Account Closed Go to Tools at the top of your screen and click on Rental Calculator

@Lee Prado I am not familiar with that program so I can't say.

I do think most of these programs are BS. Connecting with others doing what you want to do and reading books on the topic is all you really need. If it's like $150 then sure, why not. But if we are talking about a few thousand dollars...I think doing your own research and using that money as a down payment on a mobile home is waaaay wiser.

Hope that helps :)

@Collin Vosburgh

Great plan! 

I am not a fan of pools for rentals (sounds like a lawsuit waiting to happen). I think that is a great idea to sell it and move that cash to another location so it can work harder for you.

I like the idea of getting the inspector and appraiser license to make you a more educated investor. I personally think the agent license is too expensive and too much work but it may be worth it if you start to buy several a year.

@Daniel DeSurra what are her loan terms? Is she charging you interest or is no interest or payments taken?

It sounds like she is also providing experience and business knowledge which are actually worth their weight in gold. If you think she is good at evaluating deals and running the numbers side that is a pretty key contribution to the success of the flips.

You could do one or 2 flips with her and then reevaluate what split is worth it to you. 

@Jared Coffman

Wholesaling and Flipping are jobs, much like a real estate agent or a property manager. I personally think becoming a successful wholesaler is the most difficult job to have, you have to be good at everything.

Buying commercial or residential properties is investing. I would start with "house hacking" aka get roommates so you can save a ton.

I think posting/connecting with others and reading are the first steps in figuring out what interests you.

Hope that helps :)

@Marichelle Lao Can you afford to fix the foundation? Are you pretty sure the issue will only cost 17-20k? What other repairs does the house need to get it looking great for a sale? Are you in a position to get is ready to sell- ie time, financing?

If I could afford it/figure out financing, I would fix it with a fix and flip mindset. Otherwise you are just giving a deal to someone else.

Another option is to partner with someone that can project manage for you.

I do think that if something is just way to emotionally draining, it's totally fine to sell at a loss and walk away. I think it really is up to how much emotionally you can deal with it.

Hope that is helpful :)