All Forum Posts by: William Murrell

I could be wrong, but I don't think you'll be able to go through traditional residential financing for that.  If it was a triplex, it would be different.  Usually you can get traditional financing for 1-4 units, but that's for duplexes, triplexes, and quads.

How much revenue does it generate?  I'd say none.  Why?  Because the world is full of people who learn, study, and plan but never execute.  You could spend all day reading here, listening to podcasts, and talking to people who know more than you, but it won't matter at all without action.   Until you go out and "do" you can't get results.  But if you're actually getting out and doing deals, I'd say that education has an exponential effect on whatever action you take.  

See about going to a local meetup or Real Estate Investor Association meeting.  Great places to meet people who you can work with.  You can also search for members near you on this site, but be careful not to overpromote in your intro email or you'll get flagged for spam.

I don't know that there is a lot you could do to curb repeat questions.  People just don't want to bother to see if it's already been posted.  As I type this there are only a couple dozen posts in the "what questions get asked a lot" thread and already a couple of people have repeated a suggestion that was literally the first reply.  We're already repeating in a thread about how to stop repeating. ;)  We can probably all be found guilty of this crime I'd wager.

As I mentioned above, I used to frequent a forum for one of my hobbies and if you'd start a forum post with something frequently asked it would pop up and say something along the lines of "before you post this, please read the following posts that may already cover what you're asking."

Also, "How do I find a mentor?"  A great question, no doubt.  But when someone goes to post this question, it would be helpful if something popped up that said "have you read this first?" with a link to the article featuring whatever answer is deemed best.

Do I need to form an LLC? See it all the time.

The underwriting is going to be the same. They'll still want to check your credit, appraise the house, etc. The HELOC adds a lot more versatility because you're essentially turning the equity into a credit card that you can use and pay back as you see fit, but it still will take a while. Call every bank near you and just ask what type of products they're offering, what rates they have, and how long to close. Then compare. Good luck!

The seasoning period will be different depending on the lender. I had one say a year and the other said there wasn't one at all.  It all depends on their underwriting standards.

Definitely check the smaller banks.  A lot of them can be portfolio lenders, meaning they originate the loan and then keep it rather than packaging it up and reselling it.  This translates to easier underwriting standards because they don't have to make it perfectly fit inside one box to be resold.  They might also be a lot more willing to continue lending once you've gotten your "max" number of mortgages.  And lastly, the customer service and relationships that you get at a smaller bank or credit union can't be touched by the large banks.  They are a lot more likely to work with you as a person and not just reduce you to a number.

Funny you mention that.  I just got a call from them the other day.  Sounds like at best a ripoff, at worst a scam.  I was a good sport about it at first, then confused, then irritated.  First he didn't seem to know even the basics of real estate terminology when pressed for more information which wasn't terribly assuring.  Then when I asked about the properties, he said I needed to put down earnest money before even being told an address, a city, a state, etc.  He didn't even have the financial figures for a house.  It was just "we get houses all the time and you should give us money so you can be first in line to look at them when they come up."  And since they gave you the same deal Marcus, I think all of us would be first in line!?  More like we'd both be ripped off.  I laughed at the guy and then suggested he lose my number.