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All Forum Posts by: Ivan Alfaro

Ivan Alfaro has started 2 posts and replied 9 times.

Post: Early Mortgage Payoff Question

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

I might be opening a can of worms with this topic but oh well...

Alright, so about a year ago, I was in a real estate seminar with Robert Shemin presenting for the entire day. As part of his product sale, he mentioned he owns software that automates the payoff of mortgages in 9 years or less, without changing payment arrangements, even if you have a 30 year mortgage. He didn't share much about how obviously, except the fact that "interest is accumulated at the end of the month"...So I'm guessing he's saying if a mortgage is paid on some different schedule, that it might be paid off faster but I have 0 idea.

Have any of you purchased his program to find out how it works? I tried contacting him through his website several times to just get that product (during the seminar he was selling a bundle) to no avail.

If you have any idea about what he's talking about. Please share your insights on this.

Post: How to make one million dollars a year flipping homes

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Neat. Thanks.

Post: A question on LLCs

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Seems I've been reading a bit about putting properties under an LLC. So I have a question on the financial sensical-ness of this move that stems from the interest rate.

Isn't a property under an LLC basically guaranteed to not be a primary residence and therefore gets larger down payment and interest rate requirements?

Post: Investing in Mobile Homes after June 1 HUD Safe Act

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Ken,

Can you share which white paper you are speaking about?

Ivan

Post: First Investment Property - Too Good to be True?

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Haha, I ran into a similar situation, except I went to go check it out...As we were walking up, my agent told 1 of the tenants we were thinking about renting there as a false story repeatedly, the 2nd time irritatingly, then I heard a gun clap as we were entering 1 of the vacant units and a guy saying 'you need me to handle these guys [X person's name]'. Needless to say, we got the hell out of there after the coast was clear.

Even more ironically is that it was a brick quadruplex too!

Post: Buying 2nd investment property..

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Buy the property as a primary residence if you want to avoid the 20%. Just note if you bought your primary residence within X span, you have to wait that span out. Your loan paperwork should mention this time period.

I've heard an expert say that such X span doesn't really matter though. As a lawsuit typically arises from a loss of money. Buying another property doesn't result in the loss of money unless you're of course just making a stupid move.

The only other way I know to avoid 20% is by owner financing it.

Post: Easiest way to accumulate the most single family homes with 300,000

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Screw 10 loans. Buy or create a mobile home park and get the same, if not more cash flow...Guaranteed bigger cash flow as you get more homes moved in.

Its not going to be a walk in the park, but after you get educated, you'll be amazed about how nice an investment they are. Nobody steals dirt.

Post: Investing in Mobile Homes after June 1 HUD Safe Act

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Kris Monte,

Were you able to get your attorney to review it per this post?

"Currently, we have an expert attorney drawing up an accurate explanation of how the MH community can legally work within the Dodd-Frank/Safe Act guidelines which I would be happy to share with others in the forum when received. "

Post: Advice on buying my first property

Ivan AlfaroPosted
  • Real Estate Investor
  • Atlanta, GA
  • Posts 14
  • Votes 1

Firstly, I would stay away from condos as an investment...Even as a personal purchase for me, it would be a long shot because of HOAs, rental limitations, rules, etc. But everywhere I want to live is an investment to me so you can't take that to heart.

1) Why are some properties is listed as an as-is? I can understand the rationale behind some, as they require major overhaul. But, we saw some condos, that appear to be in decent conditions, based on a 20 minute tour.

Because foreclosed houses that sit are bound to have issues pile up. It could affect their ability to sell if they list all of it or they could just not care to waste money inspecting it since they're already losing money on it...I could be wrong on that second thought though.

2) For the as-is properties, should we expect to uncover some major issues during inspection?

Maybe...but if you check all the majors and have had some background in home repairs, it should help determine that. The majors include roof/attic, HVAC, mold, plumbing, foundation, kitchen, bathrooms, windows, insulation.

3) By listing the property as-is, does the seller have still have obligation to disclose issues with the property?

If I remember correctly, HUD homes disclose issues regardless of as-is. I don't think any other type of home has any obligation to.

An alternative to pulling out is to adjust the offer price, so you can have some leeway to cover repairs from your own pocket and have a lower down/monthly payment...Perhaps even from a 203k repair loan.

4) If I decide to make an offer on as-is property, and the inspection uncovers some issues, can I back out and get my initial deposit? In order to make this happen, what conditions should I include in my offer letter?

You can back out because it's your right during your 'due-diligence' phase of inspecting. If you have an agent working up the paperwork, this should already be in it.

5) As you know, the REO inventory has really declined, so I'm not able to find a lot of REO properties in MLS that I'd be interested in. However, on sites like Trulia, I see some properties, which are not in MLS, but are either available in Trulia or via Realtytrac.com. Are these properties which are available right now? Or are they will be available in the near future? I reached out to the agent listed on a number of them but never heard back.

A real estate agent would know if they're truly active. My real estate agent uses listingbook.com, so maybe if you become an agent and ask them for access, you would be able to get the same view mine does. For now, I let her handle all that.

6) What's your experience with realtyrac.com? Is it worth it to pay for their subscription? Can I expect to find REO properties listed that I wouldn't find in MLS?

Haven't touched it.

7) One of the RE agents mentioned that the short sale properties require a lot patience. How long does it typically take to purchase a short sale property? In what steps the delays can occur?

Anywhere from 3 months and higher. I had to pull out of 1 because the seller's agent was too incompetent and was planning on taking more than 4 months. I'll never waste my time with a short sale again unless all the gears are connected on both parties.