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All Forum Posts by: Nalo Coban

Nalo Coban has started 28 posts and replied 116 times.

Post: Residential Home Care facility/Assisted Living Connections

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12

Hello Wogderess, 

I sold the house. I did operate the home as a small family care home with 6 beds for about 9 months, then I got out of the business. It was too much for me at the time (with everything else I had going on) But I learned a lot in the process. Where are you in your process?

Post: USE WHAT I'VE GOT TO GET WHAT I WANT!!!

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12

Hello BP family,

so here's what I've got going on:

1- I have two rental homes that have increased in value (same tenants for years)

2- My primary residence has increased in value also

4- I have a business for the last 5 yrs but did not produce any income this year (just got out of property mgmt. biz)

5- My spouse opened his private practice this year so the business is too new, but he has income (just not a whole lot)

6- My mother in law has good credit, same job for 20yrs and wants to buy a home near us and move in it a few yrs later 

7- I have a personal friend who's doing wholesale deals

8- I'm a P/T realtor who sold a few homes earlier this year, but I really don't want to sell anymore, I want to be an investor

8- I have no w2 income as I've tried the stay at home mom thing for the past year

So I am trying to figure out creative/ strategic ways to get financing so I can buy more real estate/ and try the BRRRR method (stated docs? mother in law? pull equity from rental homes? non traditional financing?)

BP - What do you think? What would you do? What are some ways to USE WHAT I'VE GOT TO GET WHAT I WANT?

Post: Lesson learned. . . seeking encouragement

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
@Samantha Miller I say forget the fine print and proceed with your plan. At the end of the day, the banks just want to get paid. How are they going to oversee what you do in your home? Later for them.

Post: Just closed my first creative finance deal

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
@Nolan M. Co grays. How did you find the seller?

Post: Need eviction help in Charlotte, NC

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
@Erin P. Try LOEBSACK & BROWNLEE PLLC

Post: Could I pull equity out of my 2 rentals to buy a 3rd or do a flip

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
Could I pull equity to pay down debt to improve my dti ratio?

Post: Could I pull equity out of my 2 rentals to buy a 3rd or do a flip

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
@Kyle J. Yes the plan would be the use the profits from the flip to pay off loan. But with very lttle income at the moment, not sure if i can obtain lending.

Post: Could I pull equity out of my 2 rentals to buy a 3rd or do a flip

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
@Jonathan Soto I think I have about $45k in equity in 1 rental, maybe $20k in another and my current residence has about $60k in equity

Post: Could I pull equity out of my 2 rentals to buy a 3rd or do a flip

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
@Sam Shueh my dti is pretty high, credit score is good and the ltv is roughly 60%

Post: Could I pull equity out of my 2 rentals to buy a 3rd or do a flip

Nalo CobanPosted
  • Real Estate Broker
  • Charlotte, NC
  • Posts 129
  • Votes 12
Looking at ways to get funds to do a flip. However I am not working. So could I pull the equity out of my 2 rentals maybe even my current residence to do a flip or buy a 3rd rental?