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All Forum Posts by: Rene Owczarski

Rene Owczarski has started 5 posts and replied 220 times.

Post: Paying back a Down Payment Loan

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Sam Domach What's your end game for the properties? Since that will guide the exit for your investors. So if you're doing a fix-n-flip, the investor will get paid when you sell to an end buyer. Verse long term hold/rental, where you use this short term money to get the property up and running, and then secure permanent capital with a refi at a lower interest rate to cash out the investor.

Also what's the investor looking for, out of funding your deals? Is this a one off thing for them, or are they looking to supplement their monthly income from the interest payments you're making them.

Post: Land Contract Balance Owed

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Lashawn Sheppard How much is your monthly payment to the seller?

Post: Finding High profile buyers

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Gage Foley You could try reaching out to a 1031 Exchange intermediary in your area. Since they'll probably know someone looking to buy (from a failed exchange), or they might even have a client that needs to buy something ASAP, to complete their 1031 exchange.

Post: Advise needed on starting over

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Christy Kupiec If you're planning to owner occupy that SFH, and it's outside the city limits of a major city, you might be able to get a USDA loan to buy it. Since on USDA loans, you can go up to 100% LTV (depending on appraised value) if it's an owner occupied SFH.

https://eligibility.sc.egov.us...

Post: Desirable Cap Rate for 4-Plex in Phoenix?

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Colton Kusilek From your example, it's tough to tell without some additional numbers to back up those cap rates. What kind of NOI are we talking with the 5% cap and the 8.2% cap?

Post: First Time Buyer of a Wholesaler Property

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Rodney Turner Typically the Seller and Wholesaler sign a purchase agreement, and that purchase agreement includes an assignment clause, allowing the buyer to assign their interest in the contract. And then you and the wholesaler sign an Assignment of Contract/Assignment of Purchase Agreement, so that the wholesaler can transfer their interest in the contract to you.

Or they might be doing a double close, if the wholesale fee is really juicy on this one, and the wholesaler doesn't want the seller to see how big their assignment fee to you is.

Post: Filing as LLC but never changed Deed/Title. Now we're selling.

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Maria Balassone Since the property is still titled in your 3 individual names, then you three would be listed on the purchase agreement as the sellers of the property. I just ran into this issue on a lot that I sold, purchase agreement listed me individually as the seller, when it's actually owned by my LLC. So I had to sign an addendum to the purchase agreement, to get this seller name corrected.

Post: Wholesaling and Owner Financing

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Melissa Hoffman You would be negotiating the seller finance terms, as part of your purchase agreement. And since you're a wholesaler, you would then be passing those terms onto your end buyer. The interest is whatever you decide with the seller (interest only payments, or principal and interest payments), but typically the stated interest rate is for the year (unless noted other wise), so in your example 5% a year. And you're down payment is subtracted from your purchase price, to get you the starting loan balance, on which your payments are based on. So to correct you example:

If doing interest only payments:
Purchase price: $500,000
Down Payment: $10,000
Base Loan Amount: $490,000
Interest Only Monthly Payment at 5% annual interest: $2,041.67
Loan Balance due (after 3 months or 360 months), once end buyer flips/sells home: $490,000

If doing Principal and Interest payments, with a 30 yr amortization:
Purchase price: $500,000
Down Payment: $10,000
Base Loan Amount: $490,000
P&I Payment per month at 5% annual interest: $2,630.43
Loan Balance due after 3 months, once end buyer flips/sells home: $488,226.35

Hope that makes sense.

Post: First Investment Property Under Contract

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Ben Crego Don't forget a valid lease agreement, with terms/clauses specific to your state/locality. Since landlord/tenant laws are different all across the country, and what's legal in one area, may be illegal in another area.

Also you may need a rental certificate/rental license to legally rent out the property, but this is also area specific.

Post: Mechanics lien removal and validity

Rene OwczarskiPosted
  • Rental Property Investor
  • Des Moines, IA
  • Posts 232
  • Votes 116

@Collin Lee Johnson I would say first step's would be to look up the mechanic's lien with the Iowa Secretary of State's Office in there Mechanic's Notice and Lien Registry, here to the link to search the registry. 

https://sos.iowa.gov/mnlr/inde...

After that get a copy of the contract(s) that your aunt signed with this contractor. And then you can go from there, are far as next steps.