All Forum Posts by: Sarah Miller

Hello BP! FINALLY closed on my 2 duplexes (yay!). Now I have a general question. I bought one duplex as a foreclosure. Once we do some work to it, we should have around 40k in equity. I would like to pull this out somehow with a cash out refi to invest in another property. Is there a 'seasoning period' before I can do this? Since I bought it as a foreclosure and not at actual market value, I would think I could refi right away. Also, does anyone have some preferred lenders for this type of transaction? I would like to get at least 80% LTV.

Thanks!

So I've been thinking of becoming a notary to plan out some additional income besides my rental properties, hopefully propelling me closer to the day I can quit my job and to REI full time! Any tips on this? Once I would get my license, how do I find work? What could I expect to make each time I close someone? Also, when I close on my own properties, can I be my own notary?

Thanks!

Darn it, buying my first 2 duplexes in less than 3 months should qualify me right? ;-)

Jealous! Great job!  Akron is filled with these kinds of properties

50% rule for at least $100/unit/month profit.  Anything lower I'm not interested.  If it passes this test I consider how much maintenance might be needed, initial OOP for any repairs, area, etc.

@Brandon Turner

Do you HAVE to be a REI guru already?

If I am able to get funds for a property from a private investor, but it is short term funds and I need to pay them off in less than a year, what are my options to refinance other than a conventional bank?  I am finding a lot of options for short term lending for flipping properties, that I could use, but I am doing buy/hold so I eventually would need a long term mortgage of some kind on the property.

same property** not sure why my phone typed American

just bought a property off Auction.com.  They are the ones bidding, you are most likely the only one bidding, they have a reserve requirement by the seller.

If something doesn't hit reserve, they jack it up and put it back on auction. You can be bidding on the American property for months. If you've bid and it's still here 4 months later, call the site and ask about the property.  If you've been the only/highest bidder they might just make you winning bidder and submit a purchase agreement.

Wanted to ask one more question - just finished up the webinar with @Brandon Turner.  (THANKS!!)  @Ben Leybovich @Dell Schlabach and anyone else.  Do you secure a purchase agreement first and THEN go find a private lender for the deal? I can't imagine any seller would accept an offer without proof of funds first. Or do you just present a possible deal to an investor hoping it doesn't get scooped up?