All Forum Posts by: Lucas Thomas

Hello everyone! Im being told different things by different lenders on seasoning periods for cash out refi's. Some lenders say 6 months, some tell me 3 months, some say me no seasoning period to do a cash out refi. Is there a general rule of thumb on timeline to do a cash out refi if you buy a property equity from the start? Are there any laws on doing a cash out within 6 months? Within 3 months? Any insight on this would be appreciated! Thank you

@Dominic Rosato

I did found a pretty good realtor off here.  I totally want to respect his time but also, what is appropriate? What isn't? I tend to not want to bother him all that much. I am also buying into the $80-150k range so I understand his commission is small. Honestly I'd like to do as much research for myself instead of going through him for every little thing.  Do you think it's okay that I call the seller's agent directly finding out all the information for potential properties?  Is that okay to do? 

@Lucas Thomas I’ll leave this 1 tibbit. I am a Chickfil A girl at heart and let’s ask the question. Does the owner of Chickfil A works there? Check those drive thru lines, back offices or even the food lines and let me know what you think. I love their business model and as the world see, it works. Real Estate is definitely not a 1 shoe fits all and I’ve seen a lot and will say I prefer being very involved even if I’m faraway. People can be creative and being involved and hand on. I use the terms landlords and slumlords a lot, and I will say there is a very fine line. Many are landlords and when you check the state of things their paying tenants are really just living in the slums and most are ok with it because that’s all they can afford. 
my first rental I bought 12 years ago as a PFC in the Army . Was I always there? No. I left 2 years after purchasing however I have had numerous property managers that miss a lot of things that I had questions about and you would be surprised how I catch things at times. We have a few properties in the lower part of killeen and they are the ones that have costs us the most all others the tenants stay there for their duration of their orders and often times when leaving brings someone one else looking to rent because of how they are being treated. We even have non active duty people that we have even offered to sell to after being there for 10 years and they just continue to pay rent even with rent being at market value 🤷🏽‍♀️🤷🏽‍♀️. Do I self manage all my properties in all honesty no however all tenants know they have 2 agents to call for stuff and I will tell you I’ve had instances where they placed work orders and for days they couldn’t get their stuff fixed and as they give me a call someone is there that same day.  It comes down to what your preference is and what you are looking to provide. 

 Good to know that , now I need to know how I find those wholesale who sell those buyer list for lands 

This is a very complicated situation and you will need to consult a commercial mortgage broker (Like myself)

Commercial properties have completely different loan terms than residential and are rarely 30 years fixed like your accustom to. Many times their much shorter and the rules are very very different.

Plus 12 units is a much larger project than 3 units. Technically 2 as you live in one.

So you must gut check yourself to make sure you have the time and the capacity to take on such a project and deal with 5 times the tenant issues.

You need to build your team and then ask yourself if its worth it....

1. Commercial Agent - due diligence the buy it correctly

2. Commercial Mortgage Broker - Can you get the terms you need to buy and even make a property make sense?

3. Property manager - do you the temperament and time to manage yourself? If not, do you have a property manager who won't run it into the ground?

4. Self - is that the best place to invest? Does other states and opportunities make more sense and money?

Once you have all 4 checkboxed. The answer might be no.

L.Thomas

I am pretty new doing wholesaling and I just got my first property under contract in Florida ( Sebring ).

I tried to place few ads on facebook, I call a bunch of builders and I skip traced about 40 cash buyers in that area and nothing so far.

I dont know from now what else I could do it. In my contract i gave 45 days closing time ( 2 days ago ) , so I dont have too much time also.

am I allow to do listing on MLS in Florida ??

any help is appreciatted.