All Forum Posts by: Josh Caldwell

Yes, there are products out there that will allow you to refi after you complete your renovation with no seasoning requirements 

Pittsburgh REIA meeting in person July 20th 7 PM all are welcome

Come one come all, to the greatest real estate education program in Western PA. This month we will cover wholesaling, funding, mentoring, and a unique way to fund your real estate deals that you have probably never heard of before.

This will also be the first in person meeting that we have had since the covid lockdowns. I can’t tell you how excited I am to see everyone again.

All REIA members and first time Guests get in for free all others are $10 at the door.

Where – The Greater Pittsburgh Masonic Center – 3579 Masonic Way, Ross Township PA 15237

When - Doors open at 6pm for networking and the main meeting will run from 7PM until people run out of questions, generally 9pm.

Great question, I wish you had asked it BEFORE the auction. Before the auction, you can make up the payments in the arrears and take over the monthly payments using a technique called a subject-too purchase. Now that it has been exposed to auction it is a little more complicated.  The bank wins the bid by default if nobody bids over the amount that they are owed. You need to contact the bank and see if they will sell it to you. Usually the department that you need to speak with will be called something like loss mitigation.  The smaller the bank the better your chances are of actually speaking to someone who can make a decision. If and when you reach this person, tell them that you wish to purchase the house as-is, you already know the house's condition. They might even agree to finance the purchase for you rather than going through the eviction process.  You need to act quickly, call them today. 

 not creative lending, but creative finance. That is a wide subject where you agree to make payments directly to the seller and they agree to act like the bank and take monthly payments for their equity. I LOVE creative finance. Imagine that I am selling a house for 100k.  and you approach me and tell me that you would like to pay me 120k, and you will pay me $500 per month until you pay me off.  You are renting the property for $800, so you make $300 per month, I get more than my asking price, and everyone wins.  That is a super simple example of a subject that people have written entire libraries about. You can learn in here on BP  It takes skill in marketing and negotiation.  That is why newer investors tend to gravitate towards hard money or private money because those are much easier to obtain.  

In general, most people pay bird dogs a set fee on any property that they actually purchase. I give mine $100 per house. What I make on that house is irrelevant to them. 

You can only rent at market price or slightly above for a very nice unit.  If that doesn't hit the 2% number then you need to look for better deals (off market) that your source yourself, or you need to find a better market. I highly suggest you take a look at the Pittsburgh market. We have some of the best cash flow in the nation. 

Simple answer, you can't scale with bank funds. At some point you will hit the glass ceiling.  Banks think (incorrectly) that having more mortgages equals more risk for them. That is why when you hit 4 or 10 loans, depending on the bank, that they will stop lending you money. That is when you will either embrace non-traditional lenders, hard money or private money; or you will need to learn creative finance.  We have all faced this problem.  The good news is that the real estate world is different than the banking world. Our funding avenues understand that your next deal might be fantastic, and the number of other loans that you have is basically irrelevant. 

Welcome back  You made 70k on the first flip, how many times do you need to do that before a w-2 job is a thing of the past?  Go flip X more houses and live the life of your dreams. People here on BP will be happy to help you. 

The easy way to transfer a property into an entity is a quit claim deed, but are you sure you want to do that? In the scenario you are proposing, you are the one with the mortgage and the other partner now has partial control over the property. How about you just do a joint venture agreement where you control the property that you are tied to with a mortgage and the other person has a JV agreement describing how you will split future profits. His money can be secured by a 2nd mortgage and you will also be protected. Run that idea past your lawyer

Private money is generally money from family and friends. Asking them to fund your deal can be uncomfortable until you realize that your deal will make them money and it is selfish of you to withhold that opportunity from the people that you care about.  The alternate is to go the hard money route. Hard money is like private money but generally a bit more expensive. The bonus to hard money is that it is much easier to obtain for new investors.