All Forum Posts by: Peter Mckernan

Hey @Crystal Wilson

Congrats on the new purchase. Prior to me obtaining my real estate license I would use websites like ezlandlordforms.com to grab whatever I needed for my documents. This website has a little fee I believe (it’s been so long), but if you are looking for forms that match your state laws paying a little fee for a website like that would be better than paying an agent to lease the property out for you and use their forms.

Quick note, if you start to use a platform just like Appfolio or Buildium they also provide these types of forms.

Good luck!! 

Hey @Kevin Godinho

Welcome to the site!! This place is great to meet people that have a ton of experience and knowledge about buy and hold, and a ton of people that have that knowledge within your area. I would got to local meet up groups to find likeminded people to partner with for your first and second deal. This would be a better calculated risk verses trying to do a deal for the first time on your own with low to no money down.

If you get a partner that has experience you can find a deal together, work through the numbers and increase your chances that the deal is a better success. This is my two cents on the situation that you are looking for! 

@Whitney Whitfield

Have you looked/asked your friends/family/other for capital and then you can get one or two flips under your belt to show you know the ropes. This can give a lender/Hard Money lender the great confidence in you for them to lend to you. 

It really comes down to track record, and if you do not have that, they check everything else, which includes your credit. If I were you I would get some money from other people in your SOI and then deploy that to whatever first deal you find.

@Paul Tamsin

Welcome to the site!!! You’ll be able to build relationships here and ad value to others that will return in greater opportunities. This website is huge for relationship building and will give you people that are willing to work with you. Good luck!! 

Welcome @Jazmine Cartwright

This is the right place to learn as much as possible with a strong base to grow your network! Everyone is friendly here and willing to help whenever they can! People on this site have quit their jobs and went full time into real estate, and never looked back. You’ll be able to find people across the country that have experienced the same goal and accomplished that goal! 

@Bruce Williams 

I would do a lot of homework on the properties themselves to make sure they are something you will be able take over without taking on multiple projects fixing up the properties due to deferred maintenance. 

Also, make sure the inspections are performed on the properties (all of the properties). I was going to purchase five SFR in Texas over the summer and after all the inspections I took two of the properties off the table due to foundation issues.

@Dinesh T.

You should reach out to @Bill Exeter for your exchange and let him guide you through the process. He has a lot of experience and knowledge with exchanges. 

Of course! Good luck! @Mark Douglas

@John Bae

Welcome to the site! I would search out some CPA’s on this site and PM (Private Message) them to see if they can answer this question real quick, it would be the best route to take in grabbing a knowledgable answer! 

Hey @Todd Moriarty

The agent and bank are correct in that she needs 20% equity and it sounds like you are confident in that assessment that she has hit that mark. The next course of action would be to talk with the agent and have them give you a Broker Price Opinion (Agent will pull comps for you) to see if all is correct on the 20% equity. 

After the agent pulls those comps provide them to the bank, if the bank will still not appraise the home to knock PMI off ask them about re-financing through them. A lot of banks will re-finance the property without making the owner pay any closing costs. This would knock PMI off, lock her into a good rate, and not cost any out-of-pocket expenses.

If the person you are talking to still says no, try to talk to someone else (i.e. manager).