All Forum Posts by: Nazz Wang

everyone stop being so pissed, this guy is obviously trying to sell some course or something taylored to the realtors. What he described is a realtor's job, so he is just selling.

I am greatly saddened by the fact that bigger pockets is moving more and more in the direction of selling things to newbies and people who are trying to become a REI. The sense of community is really starting to disappear for me, for instance, having to see this useless post.

And yes I agree with everyone. I also wonder if my agent is crying about the last 45 doors and 2.2 millions I bought with her in the past 12 months. 

You need to talk to escrow company or whoever you are using as theclosing party. They will most likely be OK with a wire transfer, especially if the amount is larger than 10000. Actually, most companies prefer a wire transfer though the contracts say otherwise because the money is available right away and there is a paper trial. Don't panic, just ask for the wiring information Monday morning after the closing statement is finalized and request the wire before 4 pm eastern, the money will be sent the same day (check with your bank by phone to make sure that is their policy.). It will cost you 15-30 dollars but it is well worth it.

You are missing a few pieces for expenses. Grounds keeping / landscaping / snow removal, trash collection and dumpster if needed, any common areas that need to be cleaned weekly or every few weeks, like hallways (weekly) or basements (would need to be cleaned out every few monthly at the very least), sometimes things like furniture and mattresses will need to be removed from property, any common area electric bills (call local energy company and ask for landlord responsibility)? Does the landlord pay for heat (can call your local energy company)? Verify your water costs (call water company and ask for average, tell them why you need a number). Would you use property management? Depending on class of neighborhood, you might need to budget for evictions and sheriff costs. 

Depends, do you have a high offering price? What is the terms for your offer? You know you can always offer without a financing contingency, in which case, you will lose your Earnest money if you can't get a loan. That is much more attractive to the seller.

@Steven Barroswhy don't you call around and report back you findings? It depends on your finances and I don't know you. Now, let's not be lazy... Do your share of your homework.

Depends on the lender. For some I get 80% for others I get 65%, different rates and terms. Really, do your homework and call around. Expect to call at least 20-50 lenders.

How big is the tree? How destroyed is the roof? Pictures?

Yes @Aaron Merceris right that with refi loans, your Loan to value is lower. You can think about how you can generate equity, perhaps by rehabbing it?

It really depends on what kind of return your new purchases will be and what is the rent in your area. Most simple thing, do math for both hypothetical situations and see which one brings you more money, consider rent you will pay, and the interest you will pay for heloc for cash out, and whether you can finance the new properties or not.

I personally would never sell a SFR in an appreciating location so I can milk it during every cycle. It provides a great option for generating equity and a safe place to leverage long term fixed rate funds.

Find local community banks with fewer than 10 branches. Or pay it with cash and do a refi. The big thing with sub-50k properties is very few people will take offers with financing contingency, aka most buyers are offering cash and a 2 week close. So, with financing, it is unlikely your offer will be accepted. What is the condition of the prospective property? Lenders will usually only finance properties that have been stabilized, aka rehabbed / rent ready done and leased out with a year lease. Unless you are buying turnkey, the chance of you securing a loan for a property that needs work is low. It seems like you are also an out of state investor. That fact makes borrowing even more difficult in a market you don't have ties with, so you might have to really call around. Of course there are exceptions, such as if you are buying a package deal from a bank's foreclosure, or sometimes banks are willing to finance their own foreclosures that are being professionally managed.