All Forum Posts by: Ray Fisher

Tyler,  once you find a real estate investment banker.  They can do all kinds of creative financing.  We just finished a house bought under a construction loan, finish the rehab,  and then went to a fixed rate mortgage.   Yes appraisals, closing costs can be included in the loan.  but I have a long history of purchases with this bank.  The one across the street, said No to first one.  Over 50 houses later that banker would like to talk to me.  It's a business, I do what I say, And have proven it to them again and again.  I finally have developed a line of credit with the bank.  Now I buy it and take the paper work back for the mortgage or what ever direction I need to go.     

My Worst experience with a bank was a cash out refinance,  The house appraised for 122k and paid for free and clear. I went for an "on line" bank out of Missouri,  I borrowed 80k  (65%) of the appraised value. that loan took 6 months, they wanted my paystubs for the last two weeks  about 8 times  during the process. (credit score considered excellent) It Finally went through.  I swore I would never try that again.   Even after the loan closing a month later they were calling me and asking for my paystubs. I asked them what are you doing trying to market my loan? the answer was yes. 

And no it was not in Springfield! for Gregs benefit.

Finding a Real Estate Investment Banker is the Key. Someone higher up in the organization, with the ability to make a decision.  I was doing business with 5 different banks, two were acquired out now it's three. One is more stringent than the others, but he just doesn't get the Deals the others do.  

Tyler , the local community banks have worked best for me. I started out with no money down foreclosure deals. That worked, kept doing it. tried other banks, worked there also.  They seem to like the idea i am not taking out money, I have a job and it pays my bills. Everything is reinvest, reinvest.  The hardest part is getting the first one.  after that it becomes easier. The best advice I can give anyone is If the bank says NO! when you walk out look across the street and there will be another one, if not Three.  you will finally find the person who deal with real estate.  Today deals are harder to find that meet my criteria,  than finding financing.  

 How do you look at investing in a guessing game. this site is full of speculators and investors.  but hard to evaluate when your guessing on a location.  the idea is worth looking at, it all depends on location, location, location.  I have bought homes in a lot of places others wouldn't look at.  they all rent,  but to flip profits are marginal. 

reminds me of my first house, my wife was a realtor. Her personal opinion was no one wanted to live in that town , my partner said same,  so I ran an add in the paper to rent the house and put my partners phone number in it. his phone rang off the wall.  So we bought the house, rehabbed it , rented it and a few years later sold for 2.5 times purchase. We now own 10 in that town no one wanted to live in. 

kyle add me to your network always like talking about realestate

 Kathie,  I absolutely understand your point, I guess that's why they have me sign personal Guarantee.  Mine is for asset protection If I was lending  I would do exactly the same. And if I was looking for a hard money investor like yourself. I would Happily provide everything you required.   

I usually set by the wayside and read and don't comment much,

But I now always use an LLC, and I have 25,000 reasons why. That was the cost for out of pocket legal fees of not having an llc. and of course all the other personal assets I had to sell during a five year educational experience of a lifetime.

Of course the lenders always want me to sign a personal Guarantee. Financially I am obligated to the lender, for Asset Protection I Am protected by the LLC.

I read a lot of people on here tell everyone You don't need an llc. Go to court, without the protection and watch your life saving laid out for the picking. and then tell me you don't need an LLC.

I am in Arkansas also.

By the way Forming an LLC in Arkansas is $50

Hi Jason,

 welcome ,

Romance AR here, were close , working on a small 2 bedroom on lake Conway now . nothing fancy but cash flows .

Rod 

apparently not many used this? I also would be interested in finding more about this.

what do you have in Morrilton?

Latisha, if you have access to good contractors you can do it quicker. If you work on it mostly yourself like we do.  We try to work on the house 2 to 3 hours every night and most of the weekends.   Set goals. time frames, and stay with it. I just finished one I did a lot by myself. it took me 6 months to finish everything I wanted to finish. It is a second job.

with all that said you  have holding costs every month. if the loan pmt is 400 and it took me 6 months. that's $2400 holding costs. not to mention utilities, taxes and insurance could easily add another 2000.

You can definitely do it. just plan on the holding costs.  Get after it and don't give up. Realize what you can do and what you need professional help with.

I swore I wouldn't do another one by myself for at least another year.  it's been two months since i finished. I'm making offers Now.   :)