All Forum Posts by: Michael Zau

@Will C. Looking into the refi next week, was thinking private or hard money, I'll have my taxes done so that I can get a bank loan next week. 

@Mike Freske  yup.. I hate asking friends for money, but for a potential 1st position at say 12%, it could be win win for at least 6 months

@Blake Edwards I don't care if they fund control , I just want the money for improvements, and acquisition of other properties. 

@Tom S.  Loan amount request is too small... I originally only requested 15k and was told it needed to be larger...  I'm now looking into larger priced homes so that I can possibly cross collateralize, put more money down into another home. 

I bought an SFR cash because the comparable sales within a mile were around 70k and the "as is" close now price was 20k. I figured that I could buy it, refi, get my cash back and then refi into a bank loan after 6 months of seasoning. Rents are around 800 a month. Anyone else have similar issues. (property is in St, Louis county, Missouri). If anyone can help my head scratcher on this one... I figured that at least a private lender could do it. And I have come with ZERO answers....

Limiting beliefs are ideas that you lack something in order to obtain something else.   Last time I checked, whenever there is value, age has no barrier. In the original movie, Charlie and the chocolate factory, only kids had the value of the golden ticket.  Great example of how to use youth as the only component of your life.  If you have hustle and ability to know your numbers, you will have tremendous value.  You can offer value to the homeowner in distress that needs to sell their home quickly and you inform them , that do that, they have to sell low.  At that point, you an wholesale the contract and offer value to in two places, the honesty that a seller can sell higher to whomever they want, but chooses you.  Or to the retail flipper who pays your wholesale fee and you earn value through the contract.  You can partner with someone else to keep the property and create value that way too.  Value is always perceived in the holder of taker of the value.  Keep learning and figuring it out, eventually a mentor will show up and guide you.  For when the student is ready the teacher will appear. 

You are looking to build an empire, either small of one door, or large of many doors.  when you start with an end in mind, its easier to digest whether you need a team, a mentor or maybe both.  You may want to even intern for a seasoned professional.  Reading will help and networking functions will definitely help your education.  However when you want to get boots on the ground and really do it, you'll need someone to hold your hand that's been there before. It's easy to make a profit til the one mistake eats all of it, and that is just foolish when  mentor might mitigate that expense. 

Dont know what you actually did, but I would have said, keep the house.  Renting at a loss is still better than selling at a loss.   Not knowing your personal tax situation, the depreciation, negative rent, might be enough to offset your taxes, (see tax professional for advice.)   Also houses, as investments are for long term, 7+ years.  If the area averages increases over 7+ years. Do what you can to keep the house, as long as it fits your budget.

https://www.nationalmortgagenews.com/list/12-cities-with-the-best-purchasing-power-for-the-spring?utm_campaign=alert-c-Apr%2012%202019&utm_medium=email&utm_source=newsletter&eid=12a6d4d069cd56cfddaa391c24eb7042

Interesting read for how people could buy and create value in the marketplace. 

http://worldpopulationreview.com/us-cities/st-louis-population/

@Bart H. Yup, I understand that.   I appreciate the concern.  with a negative immigration rate, that is of concern. I 'll have to keep abreast of that as time goes foward.