All Forum Posts by: Rick Zink

Have you looked at a hard money loan? Buy with hard money at an increased rate, refi with a traditional in 6mo to a year. It’s always easier to refi than it is to purchase with a traditional lender.

Read your covenants closely. Some are extremely vague in the authority they give committees which generally leads to abuse. I was an HOA president for a few years and this issue came up. I ended up suspending the architectural committee for a time and implemented a temporary review process by which our HOA attorneys review any applications and offered opinions based on our covenants. We then had to go through the tedious task of updating to CC&Rs so that any regulations had to be approved by the board. It was a frustrating process that took a long time.

You can write whatever deal you want.  Attach it to the contract if you want. That's the awesomne thing about real estate.  You can make whatever deal you want. 

Take you $210k and use it for down payments on a few other properties. Your spending your cash by paying off one mortgage. Let your tenants work to make you money. Paying off one house vs buying a few more....no contest. Buy smart and that incoming you are reaching for on the one will come from several with the added benefit that when you lose a tenant in one house, it’s no as big of a hit. Lose a tenant in your only house and you sweating until you find your next tenant which will likely lead to a poor decision.

Shella...I think I can help u knock a lot of the repair costs down. If ur interested, PM me n I’ll get u my #n we can talk in detail.

I agree with what Chris said and would also add that if you put it under contract and sell the contract to your investor you won’t need a realtor lic. Selling contracts is perfectly legal. The industry term is called wholesaling.

If it’s a good property and your intent is to hold it for partial personal use, what is the problem with paying a fair market price. As far as concern over being able to lock in the sale, just ask her to sign a letter of intent or offer to buy an option from her. Offer a couple thousand with it being understood the payment will be applied to the sale price at closing. If she is unwilling to sell you the option, she didn’t want to sell to you anyway. That’s my thought anyway....

Great!!! Tanks for the guidance. It will be up there soon.

If your interested, I'd like to talk with you about it.

Concentrate your efforts on your studies. Plenty of time to invest later. College students are not the best tenants and aren't the best at paying rent. I wouldn't stake my good credit at such a point in live. Take it slower now and you will be freed up to go faster later.