All Forum Posts by: Account Closed

I've never had this issue before, but they shouldn't charge you twice for the appraisal. However, are you currently dealing with a mortgage broker or a lender like B of A or Wells Fargo? Could there be a hiccup along the way, and your mortgage broker had to go with a new lender?

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Originally posted by Bryan A.:

there is a huge difference...you can make great money flipping multifamiles..sometimes, its not even that much rehab or expense..it's more of fixing the management and getting the property to cashflow correctly..i bought a 10 unit that the city was about to condemn...i had to evict just about everyone, fix a bunch of code violations and get it re-rented and performing...it's not as fun as flipping a house (IE, no creativity, no pretty granite--just managing tenants and increasing the productivity and improving the books each month)...that said, make sure you buy it low enough to sell low..you'll be selling to investors and they all way a deal...if a buyer is getting financing, their bank is going to want to see months, sometimes a year or 2, of records, expenses, rent rolls, etc. if you decide to go cash, like i said, they'll expect a great deal bc cash is king as we all know right now..i listed a property that was 50k less than the closest comparable..i was going to make a profit on it, but the buyer told my agent "no way i'm gonna let that guy make that much money on this building"...so he bought the next property over for 50k MORE than i wanted...this is the attitude you'll have to face :)

Bryan,

There must be more to the story. People just don't drop $50k more on an identical property next door when they can pay $50k less regardless of how much profit you make. With that said, I don't see the point that Manuel sees in your post. Hahaha.

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Originally posted by Steve Babiak:

My previous post was hinting that you might be getting an amortization period that differs from the loan duration for the loan that you were describing.

Steve,

I ran the math, and it was fully amortized over 10 years at 4.9% interest rate @ $385/month.

Troy, you should be getting a residential loan, not a commercial loan. Commercial loan is typically for 5+ units. Just go with a 15-year fixed at somewhere around 4-4.5% interest rate and call it a day. Your PG&E bill seems low though, but I don't know much about the weather in your area. This deal is so small that you can screw up a little bit & would still be ok. I call it "getting your feet wet." However, knowing the area you're investing would eliminate a lot of potential hiccups.

Have fun with your new investing adventure. It can be very rewarding if you do it right.

Best of luck.

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Troy,

The deal sounds good. If it were in my neck of the woods, I would do this deal all day and all night long. How's that for a response? LOL!!!

4.9% for a 10 year fixed must be a seller financing deal. Btw, who pays for the water and garbage? Tenant?

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Walk into any big brokerage like Coldwell Banker or Keller Williams and tell them that you want to become an agent. They will provide you classes to become one. That was easy. :)

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Manual,

If the units generate good cashflow, have you considered getting a partner, who has a job and can qualify for financing? Shared equity is better than no equity. Just a thought.

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Kurt,

A lot of good advice above. Debt is a tool. Use it wisely, and you will profit from it. Use it wrongly, and you will get hurt.

There are two ways to go about it: 1) get a HELOC on your primary residence. It doesn't cost any money to get it, and you will only pay interest on the amount you actually borrow. Ask for an interest only payment. Meriwest Credit Union currently has a 1.99% promotional interest rate on their HELOC. It's good for 12 months before it adjusts to prime rate or their floor rate of 4.75%, whichever is higher. Or 2) do a cash-out refinance on your home. However, you pay interest on the money immediately after you cash-out.

Personally, I like option 1. YMMV.

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Originally posted by Mike Kooser:

So this was day 2 Im learning alot of good stuff here but as the seminar is going on more and more it like they are starting to just push there products. The biggest asset to there product seems to be there software that takes alot of steps out of the way by doing things for you automatically. are you all familuar with it or others that are good too?

Let me repeat what Ned Said above. DON'T BUY THEIR PRODUCT. Don't buy their coaching & don't buy their BS. Selling hope & dream is a very lucrative & profitable business. Snap out of it will ya?

4 Votes

Ask him to share 1/2 of the special assessment cost?

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 2025 times.

Post: Method to pay minimal taxes... to good to be true?

Post: Second appraisal

Post: Flipping MFRs

Post: How does this deal sound?

Post: How does this deal sound?

Post: RE Classes in SF

Post: Flipping MFRs

Post: primary residence equity

Post: Currently @ Fortune Builders $197 3 day seminar

Post: Dumb Mistake by REO agent and I - Please help