All Forum Posts by: Account Closed

@Jeff McRitchie, A lot depends on what your goals are @Jesse Gonzalez and @Chris Mason both have good ideas. It's clear that you are looking to acquire more. Cash out refinancing, portfolio loans, loans in one spouse's name are all good ideas. You could also use the accumulated cash flow to pay off one property at a time while acquiring new properties. Obviously, this is where your situation and goals come into play. Maybe you rely on that cash flow. Or maybe you're looking to start buying at a faster rate.

 I think they did. YOu quoted 10% for maintenance as a low number considering the full rehab. I assumed you were lumping maintenance and capex together. He did put 10% in for maintenance. I would guess $1200 a year for insurance in your area. But you probably have a quote. If you're afraid of a softening rental market, lower your rent expectation. Do you still have a return that exceeds your interest rate? I think you can get great renters if you have the best place at the best price. Better to be picky than rent to just anybody. Good luck on your deal!

 I like hearing great success stories with actual numbers. This is a GREAT deal. You were able to get excellent terms. You're insulated against lower rents in the future (no sign of that right now!). I'm jealous! Way to take a big step investing out of town. Who is handling your property management? Why not you!?

I haven't seen any deals from wholesalers that were better than what I find on the MLS. In fact, many of them are from the MLS! However, I do agree that without putting a lot of real effort into pursuing these opportunities, you never know what's out there. Clearly wholesalers are finding a way to add value for somebody. I have met with 4-5 wholesalers and reviewed quite a few deals. I won't throw in the towel. I'm always hunting for my next purchase. I hope I can find a great wholesaler to team up with some day.

Hey Marcus! Good luck on your adventure. Your profile mentions that you are looking to wholesale properties. I'm always on the hunt for deals in West Houston. Keep me in mind if you find deals. We pay cash and close quick.

Is it insured!? Just sayin... Maybe it rolls down a hill into a lake. 24%?? Who was the friend that gave you that loan!? Maybe they were in the trunk when the accident happened. Just sayin...

For active real estate investors, what were your goals this year? Where are you on your progress? Are you exceeding your expectations? Or spinning your wheels?

 Usually banks are pretty specific. However, let's be clear. If you're buying a home for $100,000 and putting no money down, someone is scratching a check for $100,000 to the seller. I'm sure that somebody expects you to pay them $100,000. I'm not aware of any finance deals out there where the bank covers your down payment...

If you were to borrow 20,000 against your personal home. Than you would have a second note. I use equity in my home to buy homes for flips. But I wouldn't use it as a source of long-term financing. That's what a mortgage is for.