All Forum Posts by: Peter Shafik

Hello, guys! I am looking for a real estate consultant. My one crutch at the moment is acquisitions. I've been studying Rei and Bp for about 2 years and I'm going full force in. I'm currently full time with a work schedule all over the place. Looking to do direct mail, and a few other things. Would like someone to help guide me in the right direction (I'm a perfectionist) Someone who I can pay a reasonable fee every time I need to ask something. Thanks!

Thank you Brent! Means a lot!

Hey guys! I just need a little boost to help me get going on this flip. I'm flipping my parent's primary residence, and I'm wondering if I should take out a HELOC or Refi. It's ARV is currently around 270k, The remaining mortgage is around 95k. One contractor walked through the place and estimated repairs to be around 100k/120k on the conservative end. I honestly think that the wise move to make would be to make it a rental because then less repairs would go into it and I can start making cash flow. My question is which route would be best to make that cash flow? Refi or HELOC? Looking forward to any advice. Thanks!

Good stuff

It's hard to pinpoint every industry that's affected because that inevitably affects real estate. One thing I would focus on is selling and renting to people who's jobs are in essential worker industries.

Hey BP nation! I've been studying this site for about a year now, and I'm ready to start my first project. It's one dear to me because it is our primary residence (parents but they give me permission to do everything). 

I had a contractor walk through it already and estimate 100k possible 120k in repairs. Of course i'm going to get 2 additional bids, however, this house still has about 95k left in mortgage and it's ARV is around 270k. I could take out a refi, I could do a home equity line, but I was wondering what you all thought would make the most sense. I do plan on Renting it, because I feel like putting in 120k and getting out 50k or so in profit (95k + 120k = 215k - 270k = 55k) isn't really smart. Also, there is a possibility to get a reverse mortgage (haven't done enough research on that yet) when my dad (the home owner) turns 62 this April. Would like to know your thoughts! Thanks so much in advance!

@Victoria Coleman also something to note. Your first investment since you want to house hack doesn’t necessarily need to be Brrrr. Just a thought because most people think it has to be tlc otherwise it’s not an investment. David Greene talks about this.

And yes, Sue is having a bad day.

It's hard to tell. Every market is different of course, however here in Nashville, TN I know a few STR owners already seeing people cancel bookings. One guy in the catering industry had to cancel 17 parties because of COVID-19. Yes the virus has prompted people do a lot more shopping (groceries mainly), but a lot are scared of losing their homes because they can't make the mortgage because they've been laid off. I know I'm stating the obvious, but where I'm getting at is IF this happens, then the gov't has to have some kind of relief program for home owners.

If they don't, huge numbers of people will go in default and that wouldn't be good for uncle sam either. If this happens and the gov't doesn't have (or creates) a program like this, then only God knows...

I'm sitting here analyzing deals everyday, helping an investor in my MasterMind group get more deals in NC (out of state for me). I have a way to get leads through Fb ads (I might use RVM maybe), and I had found a deal that he was going to give me a finders fee for. Unfortunately it fell through because it was under contract. I even saw it when it was fresh and didn't know he wanted it because he wanted 3/2s, & it was a 3/1. 

Right now because of COVID-19, he's taking a step back from investing which I understand, but for me to wholesale to cash investors, I can't rely on the goodness of their heart to give me a fair finders fee. I know if I assign a contract within 72 hours I can skip having to put in any kind of money in the deal (what I heard anyway). 

What I would like to know is how I can make an offer without Proof of funds. I can probably get off market deals via Fb ads, but I would think I had to pay for their attorney or someone to come up with a contract so it can be official and I can officially assign it to a cash buyer. If I had landed that last finders fee, that would have been my first deal (sorta). Still trying to get traction here. Thoughts?

Yes! This is the stuff I'm looking for. I'll definitely work to create a system to do just that. Thanks!!!