All Forum Posts by: Rob Beland

 It sounds like you are borrowing the money to purchase the flip correct? Does the loan include any money for the rehab? If you aren't paying any payments for six months I would think you could have the property sold within that six months and then what is the motivation of the bank to continue to lend you money if they aren't making any interest off of you? It sounds like a great deal for you. 

@Brian Tesmerthe main advantage to using financing is leverage. As an example,if you have $100K you could buy one property for $100K cash or put $25K down on four properties. I'd prefer to use the leverage. Just be careful not to over extend yourself. If you're new to investing you might want to keep your debt around 65%. Also keep in mind you will need reserves set aside for capital improvements and vacancies depending if you are buying multis or single family rentals. If you're looking to get into flips on the other hand, having cash is great so you don't need to go to hard money lenders and pay crazy interest. Again, as a novice, don't get in over your head. Be sure of your numbers and keep your deals on the conservative side. Good luck. 

@Tony Johnsonare you a wholesaler? Why cash buyers? Are the properties in need of major rehab or do not qualifying for financing? Why aren't you taking advantage of the "sweet deals"?

As a PM I wouldn't treat a leaking drain as an emergency and as a landlord I wouldn't want to get a call at 11 PM about a leaking drain. Hopefully he would have thought to call the upstairs tenant and ask them not to use that sink until the morning when a plumber can be called. 

Write them a check. When they cash it the security deposit has been returned. 

@Cameron Skinnerwhy was your wife sued? Was it a case of negligence or simply trying to attach assets to a debt? A "sue everybody" case and see what sticks? Whats the rest of the story? 

@Ben BardI dont a bank exists these days that doesn't offer mobile banking and online bill pay services. Set up a meeting with the head of commercial lending and tell them about your investment business. Open some new doors.

Check your local zoning ordinance. In many areas those signs are either illegal or require a permit and can only be up for a short period of time. 

@Brian Gibbonsthat sounds like an awful lot to ask of a first time investor. I would think a better option might be to buy a duplex or three family and live in one unit and rent out the other two. Build up some equity, refi, and buy another. Low down payment options exist and there is much less risk. I think a MLO is a strategy more suited to a seasoned investor that is heavily capitalized, no?

I agree with @Mindy Jensen. Nobody is saying they are worthless.They do have a place in real estate investing. The problem @Steve B.is that people are misinformed and spend thousands of dollars setting up an LLC to protect assets they don't have and to avoid lawsuits that an LLC won't even protect them from.