All Forum Posts by: Pete Storseth

@Garret Adkins

The line of credit is a Heloc, home equity line of credit. That means you have equity in another property, take a line of credit on it, and pay it off like a credit card. You can use the money to do anything, buy another property, buy a boat (not recommending that), get plastic surgery so you look like bugs bunny. Anything.

If you dont own a property, you cant get a Heloc

@Shaun J.

2k to start. Just joined. Tag me in a month and I'll let you know.

I thought that realtors have a fiduciary responsibility that said if they are "exclusively" the agent for the specific property, they couldn't buy it themselves. So if I'm wrong, or in your state its different, then just disregard my opinion

@Michael J Scanlon

I would just offer it to a wholesaler or cash buyer, whoever's offering the best price for you client, and if it's a wholesaler (an honest one) I'd ask them for your commission or its equivalent. That way, you're being the "investor friendly realtor" and I dont think that's crossing any lines. Everyone should be happy in that situation. The seller sold off market, the investor got a deal off market, and you got paid "normally"

@Mike Cumbie

Yep, I'd buy it.

Found a lender, recommended by my realtor friend. They're on BP too.

They will finance purchase of 80% plus rehab costs under 30k, then cashout refinance into 30 yr after 91 days provided its rented with a lease. The cashout would be all the upfront costs, and they'll do it 3 times a year. Then, they have a lower interest, portfolio loan that will consolidate 5 loans into one.

BRRRR, perfected.

@Logan Merrick

Not me

@Whitney Hutten

That's what we do! Solve problems

@Kyle Altenau

Thanks that broker will definitely be invaluable.

The wrap around/ tenant buyer is just my exit strategy, I know it's not gonna be so lucky to get day one. Thanks Kyle

Or I could just do my first deal seller finance, keep my low paying job that's flexible with me doing this on the side.

Problem there is it narrows my marketing to only landlords. But that is laser focus!