All Forum Posts by: Matt P.

Why not do it in the thread so everyone can benefit Joe? I like your posts by the way, sometimes they are a little cryptic but your investment philosophy seems pretty close to what I'm trying to do myself.

Hey James, thats a good question. I guess it depends on the realtor lol. Maybe ive been lucky with that or just not done as many deals as some people on here but mine has been pretty close every time to what it actually appraised for.

I've got a friend that funds parts of my deals. I believe you need to take care of the person lending you so they will keep lending you. I offer 10% interest only payments for a 6 month to year loan term, at the end of the loan I pay the principle back and give him an additional 5 % of his principle. I put in the agreement that it will be paid back as early as 6 months but no later than a year. If I'm out in 6 months it saves me on those interest payments and he still gets his 5% at the end plus whatever he has made in interest to that point. It might sound expensive but this is off the books money and that carrys a lot of weight to me, not having my credit dinged or showing a brand new loan on my credit report bringing the score down when i go to finance it long term is a huge help if your financing in your own name. Might not work for everyone but I have done this for a few deals succesfully.

Solid numbers, if i were you id get with my realtor and try to pin that ARV down. If your good there i would go for it assuming your rehab budget is on point. Good luck!

If grandma already has money and income producing assets then selling a great apartment complex that she owns free and clear and has for years to you for a "family discount" doesnt benefit anyone but you lol. Unless she is concerned with making estate planning easier there is really no good reason for her to liquadate that thing. The fact that you said it would "ruffle feathers" within the family makes it seem like your coming from a very selfish viewpoint as well i.e. you dont care if it makes family drama for her in the golden years of her life because she is not going to be around much longer and in your opinion the family will desolve once she dies and you won't have to deal with it anyway. Im not judging you for wanting a great deal but you should ask yourself what benefit you provide to grandma in this scenareo. If you can honestly come up with one that is how you can bring the conversation up with her.

Nice job, one thing id reevaluate is it doesnt appear you accounted for any vacancy. Also the 10% for maint is probably a little low. 

it depends on what you require like inspections and things like that. I can tell you i bought a house cash 10 months ago and paid a local real estate attorney a few hundred bucks to do the title work and closing. I'm closing in may on a cash purchase for a duplex that I should only pay a few hundred to a local title company I have handling the earnest money, title search and closing. it could depend on location as well, I'm not sure about that but atleast for me its been pretty cheap to close my cash purchases.

Thanks Jim, I just emailed you.

hey shaun,

I am all in for 36k, all cash. I am looking to pull 65 out. Its a 2400 square foot house with 3 beds and 2 updated full baths, 2 half baths and an updated kitchen.

@shaun weekes

Hello everyone,

I rehabbed and rented a sfh in WV. I have a signed year lease and now I am looking to cash out refi using the new appraised value. Loan amount will be around 65K. Can anyone recommend a lender for this? Thanks!