All Forum Posts by: Michael Le

Lifetime doesn't mean as much these days, huh? Thanks for the heads up.

That doesn't seem like much of a short sale price. What is the owed on the mortgage? And is the market value the ARV or the current value that would then be increased with the renovations? Are there any back taxes or back pay to HOA?

Welcome to BP, @Jonica Miller. You can learn a lot about wholesaling on this website. There are a lot of blogs and podcasts dedicated to it. As for the contracts, you can find that under the FilePlace section of Resources at the top menu bar.

https://www.biggerpockets.com/files

Hi @Account Closed, if there truly isn't one I think this might be a good opportunity for you to start one. Even if it starts with just you and someone else at Starbucks. There are over 100 BP members within the Corpus Christi area. Send them a message and see if there is anyone interested.

Hi Natalie, I think he subtracted the $30k to show the maximum he can buy the property for and get the minimum $30k he will accept as a profit.

Very interesting threads from Jack's original purchase to now. I'm glad you posted a follow-up thread and am curious to see the ongoing experiences you have.

Hi @Rick Alvi, Houston doesn't have a ton of duplexes and the ones it does have for that price range won't be in great areas. Also, don't use Zillow. Just go straight to HAR. Here's a search for duplexes, $120k and under, around the general Houston area.

http://www.har.com/mapsearch/11?for_sale=1&property_class_id=4&city=houston%2C%2520humble%2C%2520woodlands%2C%2520kingwood%2C%2520sugar%2520land&listing_price_max=120000&propsubtype=DUPLEX®ion_id=0

Welcome @Jacob Ayers. Is that first SFH your personal or a buy & hold rental? Also curious as to why you're going right into multifamily? Are you considering duplex/triplex/4-plex? Or are you talking 20, 50, 100 units?

Hi @Frank Daly, as long as it's priced like a 3/4 vacancy and you think you can rent it out relatively quickly you should consider it. This is where your value add will make you the most money. How are the rental rates in the area? Is the area growing? Why can't they rent it out now? Is it poor management? Can you do better?

@Tristan S., I've never heard about the compound twice a month thing. There are usually no prepayment penalties and the paperwork will have a page that explicitly says so. If you do want to prepay, I believe it is best to state you want to pay down the principal.

However, the rates are so low right now, is there a reason you want to pay this off early? Considering that you want to invest in real estate, you want to take advantage of the leverage real estate offers. I'm assuming you think you can make more than the 3-4% that the loan is going to cost you. In that case, I would take that money and save up to invest in your next property.