All Forum Posts by: Rene Owczarski

@Richard Gonzales I get wanting to move onto the next project and scaling up, I'm guilty of that myself. And it sounds like you're doing the rehab work yourself on the duplex, so to take on a second project at the same time, sounds like your stretching yourself too thin. I've got three projects that I'm trying to work on myself right now, because I know I can do it all, and to be honest I'm failing at all three. So now I'm having to bring in a GC/handyman to get these projects back on track. So if it were me, I'd take the HELOC to finish off the first project and get it all rented out, before moving onto the next house.

@Grayson Wright Is the issue with the legal advise, or the legal paperwork they are using for your land contract sales?

@Jatin Patel I work out of my home as well. And the hard copy of my documents go into a locked file cabinet, but then I also scan them to have a digital copy, and put that digital copy onto a flash drive. But I have issues with the cable internet at my home, so it makes more sense for me to go the flash drive route then thru an SAAS like Iron Mountain or Dropbox. Since it allows me to still get work done, even if I'm offline.

@Zack Kosenka YouTube has a ton of video about subject to, just search for "sub2" or "subject to" or "subto" and they'll pop up. And then within BP there is a ton of free info in the forums, there is the Innovative Strategies forum (https://www.biggerpockets.com/...) or Rent to Own a.k.a. Lease Purchase, Lease Options forum (https://www.biggerpockets.com/...) or General Foreclosure & Pre-Foreclosure Forums (https://www.biggerpockets.com/...) or Get Foreclosure Help - Stop Foreclosure Forum (https://www.biggerpockets.com/...). So I'd start with the free stuff, just to get you up to speed on the foreclosure process/timeline for you area, before you call an attorney. Then when you think you have a deal, post in the forums or call an attorney if you stuck on something about your deal before locking it up.

@Daniel Luedtke Well, since the work is already done, and you're looking for income, might as well keep it as a rental. And then just do a rate term refi to get most or all of your rehab/purchase money out of the deal.

@Mark Beeson You're welcome. And that's great news on your credit union. Glad I could help.

@Chuck Stephens OK, first I'd try reaching out to people in the local forum for Tampa here on BP. Here is the link:
https://www.biggerpockets.com/...

@Josh Salvo Pre-08 two loans were a common occur to eliminate PMI on banks loans. So it started as 80/20 and eventually went to 80/10/10, with 10% being cash to close. Nowadays, for an investment, banks want to see some kind of skin in the game. Could be gift funds from a family member, so even gift of equity from the seller. Or sometimes you can buy a large amount CD with the bank originating the loan, with a few yr lockup period, and they'll raise your LTV, since then it'll be a portfolio loan for the bank.

@Brian Cummings The more the merrier!

@Tammy De Leeuw I'll have to checkout that episode of the podcast. Thank!