All Forum Posts by: Richard Villandry

I was renting a studio apartment for about 9 months. I asked the landlord once a one bedroom opened up to let me know. Soon after one opened up and he was happy to let me move in. I have now been in the one bedroom for about 9 months and if he originally didn't let me move from the studio i would have surly moved on. Seems like he got a longer tenant that he knows will pay rent on time each month and i got an upgrade. Win, Win!

@Chris Simmons, @Jesse Waters

 Sorry, forgot to tag on the above response.

It there any time of closing cost or bank fees when it comes to a "subject to"? 

Hey BP,

Need some help here. My mother owns a condo that's worth around $100,000 and owes about $72,000 on the mortgage. She currently has a family friend who has been renting it for a couple years but has no interest in being a landlord and doesn't want to think about the property. She is will to hand it over for what shes owes to give me a chance to jump into REI.

My question is how can we get the property into my name without having to pay a down payment. My intentions would be to try and refinance the $72,000 into a new 30yr loan to increase cash flow.

Any help would be great!

@Jon Holdman If the bank wont make the loan how can you work with the private lender to make it easier for the bank to be ok with the deal. Do you have to have the private lenders name on the loan also? I was really trying to do a owner occupied multi in which i would borrow the down payment from an investor i know. Possibly going FHA with a low down payment, any suggestions?

Hey BP!

If i have a private investor that is willing to lend me a down payment on a property how do you structure it to not consider it a silent second fraud? For instance, if a friend gave me 20,000 for a down payment and we both agreed he would get 6% for 5 yrs and then at 5yrs he would get the 20,000 back, is this considered silent second? Please help with a better understanding so i don't get myself in trouble.

Thanks Everyone!

Hey Everyone,

I'm fairly new to the process but I'm going to be looking into buying a live-in mutli and would like some input. I have a private investor who is willing to put up the down payment and some rehab cost if i come across a good deal. My intention for the property is to live in it for about a year then move on the the next while keeping the property for long term buy and hold .What are some options people have used (when using private lenders) for financing and also pulling the initial down payment and rehab cost out to pay the lender back. Any feedback would be a huge help.

Thanks,

Rich

Hey All,

As a landlord, flipper or any other niche you might be into, would you consider having existing conditions such as floor plans, site plans and mechanical plans be an benefit to your business. I notice many companies/investors when advertising rentals will often include floor plan layouts with their ads (which i think is a great additive). I'm sure with flipping you will need some sort of demo/construction drawings created for your reno. 

What are peoples thoughts on this and how they could see this as a benefit to their investment strategy? 

Thanks for your thoughts,

Rich

I'm a newbie and have been seeing many off these REIA meet ups in the forums. What goes on at these meetings? What are they all about? How can it benefit someone who is just starting out?

Thanks for the help!

Hey Everyone,

When looking for new properties to invest in buy and hold are people turned away from oil or is it even an issue. I feel like most investors might turn down properties because they have oil heat. Do some investors get turn away, if the numbers work then go for it, or maybe even change to gas (if available) or electric.

I'd like to get the opinions of some of the experienced investors out there.

Thank You