All Forum Posts by: Mike Larry

How likely will credit unions give you financing using BRRRR?

Not quite true, the homeowner can file CH 13 bankruptcy....I would like to know how to do so...but thanks for your input

I know a homeowner whom would like to do a short sale with me but unfortunately she has an auction date set on May 17, 2019...is it possible to cancel/postpone the auction date? Despite her filing bankruptcy 3x already? Also, how do I file bankruptcy and create a “letter of cause” just for reference in the near future.

Ok thanks...it’s actually a property in lis pendens. With an auction date in May. The homeowner owns abt 280K...and she just wants up to 10K for relocation. This is what the broker told me, however how do I know if this is true or if the broker added more money within that 280K.

@Ron S. Hi and TY in advance. I found a preforclosure property. Then contacted a broker whom happen to be a high school classmate whom I don’t know very well. How do I know for SURE if I’m paying the price the BPO appraisal the property at and not a higher amount the broker added on to the BPO appraisal

Thanks

@Tim Rhodes I recently purchase some property in Baltimore. I’m currently lookin for an affordable GC with good craftsmanship....can you recommend anyone? TY in advance.

@Nicholas Zumwalt Your right, it’s actually an OOS but there still no excuse. I’ll see how this holding experience goes then I’ll consider my real estate preferences. I have a good contractor that was recommended from a co worker, I seen some of his work and actually good & affordable. Thank you for your advice and placing ideas in perspective.

@Nicholas Zumwalt I’m not much of a handyman but perhaps I can take a few Home Depot DIY Classes. Yes I plan on holding for now despite me thinking flipping is more align with my personality. Continue to refinance, is the most important answer to my question. I own a co-op where me and my family live, perhaps I can refinance that as well, I Probably can get about 50K from that. At what point should I consIder owning the properties free & clear? I’m new at wholesaling as well and been in contact with a lot of lowball buyers. As a result, it has been very difficult for me to close deals. Finally, At what point should I stop doing OT from job to build income?

I just purchased 2 investment property, one for 65K with tenant paying 1275 mthly, another (vacant)for 42K needs minor rehab work and should rent out for abt 1000 -1300 a mth depending on the upgrade. I have a desire to buy more properties but low on cash. What is recommended next step from here??? TY in advance.

@Brad Taylor Im actually considering a Hml myself. I plan on living in it/flip asap. so im undecided whats best HML or FHA. I spoke with a HML and they had this to say. 9% INTEREST FOR INVESTORS PURCASHING PROPERTIES AND FOR REHABERS NATION WIDE LENDER WILL FUND 80% OF THE PURCHASE AND 100% OF THE REHAB COSTS WILL FUND ON ALL RESIDENCIAL PROPERTIES AND COMMERCIAL PROPERTIES BROKERS ARE PROTECTED 　 ----------INVESTORS REFI YOUR HARD MONEY LOANS @5% INTEREST-------- 　 LENDER WILL LEND 70% OF THE VALUE OF THE PROPRTY LENDER WILL LEND TO OWNER OR NON OWNER OF THE PROPERTY PROPERTY CAN BE IN BORROWERS NAME OR A LLC OR CORP