All Forum Posts by: Sharon Mittelman

@Michele Bronner it will be helpful for people to know a bit more about it. For example is the deal in Oklahoma City, Oklahoma or another location. Is it a Fix and Flip, buy and hold , purchase price, rehab , ARV , rent, taxes etc..

Some times the numbers are not what you think for example a wholesaler offered me a great deal in the Seattle area : buy a house off market for $500K and nothing needs to be done and turn around and sell it for $600K. You would think it is a $100K profit. If you do the numbers you see that you will most likely lose money on this deal :(

@Corey Conklin Not sure how old are your kids. when I  started educating my kids they were young.

One of the things I did with them was open a special saving account (local Credit union) that gave  them 6% on the 1st $500. that meant over $2 every month in interest.

When they asked for a new toy - I told them :"you have money in the bank, you can use it but if you do you will het less interest. So do you really want the toy or do you prefer more money from the bank", most of the time they said :"I'll take more money" :)

@Corey Conklin I love your thinking, education is KEY in my mind, that is the reason I started talking and educating my kids from young age. My youngest has been filing his own taxes since the age of 5 !!! He has more ROTH retirement money at 16 than I had in my mid 30s.

When the kids were at school and they wanted to go on a trip , I told them : "you go work and make the money for your trip, I'll pay for your trip and you put the earned money in your retirement"

I shared with my kids from early age the idea of cost of money, credit cards etc. When it was time to get my oldest a credit card , she was shocked that the interest on it after the Zero % interest is over is 26% .

She is not interested in RE yet, but my youngest just asked me yesterday, if he can learn with me and start investing.

@Nick Sab the 1st thing that I would do is invest in your self (learning). I invested in the stock market for years and didnt invest in RE till I learned. Even after learning, I still made mistakes (one of them cost me $136K !!), that one caused me to change the way I do businesses. After over 150 transactions I can tell you that there is no replacement for good education and community that can help you as a sound board.

@Joel Berry II I would love to connect. Im investing around the country and Matt is my partner in the Charlotte, North Carolina area. He has done many fix and flips and now is working with me on a fix and hold project. we are working on the next few right now.

@Adriana Rego Sorry that you were scammed :(

There is no reason to pay lenders (almost any fees upfront, I saw almost since many will order an appraisal and you will need to pay it directly to the AMC - NOT to the lender).

Going through title and escrow is vital for your money's safety,  but as @Pauleen B Atkinson wrote - DO NOT release any funds to the lender prior to closing. and make sure you get Title insurance !!

Two of my friends bought a house and found out a short time after that the seller was not the real owner of the house. The title insurance took care of it all , without the title insurance they would have been screwed :(

@Robin Simon your image says rates start at 6.75% - to get to that low interest rate how many points will it cost me for a SFR refi ?

Also what is the lowest interest rate and points that one can get for a cash out REFI 75% LTV, DSCR=1, FICO=800 (without paying the interest down).

I know that interest rates change , the above question is for today.

Thanks

 Transparency and communication is key, I would like to know about it myself. Just let the people you work with that you are going to do it. This is business and as Carlos wrote there is no need to hope when you can verify. TRUST and VERIFY !!

@Jason Halliburton it depends on your credit , you can get it in the 7s. Shop around and dont over pay.

@Jose Campos are you sure , that you did not miss it in the fine print?

It does sounds odd that they did not ask or informed you about it.