All Forum Posts by: Kevin Schulte

might be the answers you're looking for 

http://www.consumerfinance.gov/askcfpb/1791/what-debt-income-ratio-why-43-debt-income-ratio-important.html

Where are you finding the deals though? if you need 85-90% of market for the deal to have the numbers you require then I think you need to scout out off market deals. Direct mail maybe?

Well the way brandon explains it is that even though people use the two terms interchangeably "private lenders" and the easier terms really just means its people you know from networking or friends and family - so if you can't get the money or the deals don't make sense with whats being offerd by hard money lenders then IMO you need to start hustling to all the local netowkring stuff you can (thats where i'm at right now)

If you don't have a local bp meetup, start one - bring coffee and donuts - whatever it takes, even the only people you meet are a bunch of other newbs then thats a start - you could all chip in on a flip or something.

But yeh - low interest rate easy money is going to take relationships

What is your focus? single or multifamily or rehabs / flips? wholesales?

rentometer.com for rental comps (also compare to what you're seeing on craigslist)

and I like homefacts.com because it "grades" the area on things like schools and crime (which helps when you're plan is say "buy c- or c+ properties in b- areas and improve them)

when you say analyzing "real deals" you mean you want to get more information than proformas and such from the mls / zillow etc? and play with those numbers?

Elevator sounds like a red flag , is that just for you're units or you are offering on 2 condos one on top of another in a larger building? because if that elevators yours that could be expensive to insure / fix / replace.

I would say no, you definitely want to have a good understanding of things like ROI, cash on cash, cap rate etc but a textbook like that is required reading for the loan officer who will be arranging youre loans, not you the investor. You just need to be honest and able to tell what is and isnt a good deal.

The most "bookish" one I have is "commercial mortgages 101" and it just sharpened out stuff i'd already picked up from the internet and allows me to have a proper reference for presenting a deal to a bank.

 have you contacted security mortgage group yet?

From a birds eye view I would say seperate the "why am I doing this" from "how do I get their"

For instance, maybe I want to replace my job income (and so technically be financially independant) in 3 years. How many flips is that? or units? or whatever - the two sides of the coin should be merged , obviously "how many units" you want in xyz years is part of the business plan but when your weighing the costs to your personal life having the "reason" tied up right along side it is going to be golden for getting you through , so as an example - say you're coming up on the deadline in 6 months and you're 20% short - well if the focus was just on # of units you could just make some excuses and continue on as you were but if you also had, in writing the commitment to yourself that you needed those units to fund your kids college or something it puts that extra fire under you to take a closer look at whatever budget you've made and how much youre sticking to it - or hustle some overtime and start networking one more night a week or whatever.

Sorry if that was a little ranty :)

Welcome to the site Debbie! i'm sure all those years as a realtor will come in handy - checkout bp podcast, I think its 176? recent one on wholesaling and some real good stuff in their about the marketing system the guy uses

Honestly, I would say contact a RE attorney and spend a few hours of attorneys fees to get their opinion. Even if you found a member from California who has done something similar you could have some local ordinance or other red tape that could bite you later.