All Forum Posts by: Steven Eitreim

My best advice is find a hard money lender that can transact the original purchase for you.  It may cost a little more in holding costs, but then you shouldn't have any trouble getting a mortgage with a traditional bank, and can recycle that cash faster. 

Good luck.

Thanks for sharing, AJ.  His perspective is a great reminder that life can be short, and we don't know what the future looks like.  The time to start controlling our own destiny is NOW.  Great inspiration. 

Hi, Matt.  I live in Corcoran, and work in Golden Valley, so drive through MG every day.  Would love to meet up with you at some point in the near future.  If interested, let me know what your schedule looks like early/mid April.  I'm new to the game as well, but perhaps we could learn from eachother.

Thanks

Steve

There are plenty of versions of assignment contracts in the documents section at BP... check them out.  Probably have your attorney check them out for alignment with state regulations/code.

Good luck!

Good day!  Hard to ignore the incessant commercials, tweets, posts, blogs, and overall belches caused by a very raucous election cycle.  As I hang my head over the political discourse our country has come to, I also ponder the effects each candidates policies could have on the real estate market.  Interest rate increases by the Fed leading to suppressed home prices, lower volume?  Higher regulatory measures reducing banks ability to lend?  Relaxed regs leading to lower-scale repeat of 2007-2008?  Interested in the opinions of the clearly well-informed members of BP on the subject. 

Thanks.

I agree with all the other dissenters.  If your tenant is already looking for ways to minimize paying you, you'll deal with that as long as you have that tenant.  They'll offer all sorts of "fixes" to increase your property value, but likely don't have the expertise to do them.  Avoid it like the plague!

You're going to run into a wall with the appraisal.  Even if it passes, your new property taxes (and likely insurance) will be assessed at the higher price.  I'd recommend exhausting your other options to get the 25% down first.  Good luck.

I'd add to the chorus that a sub-1% rent rate is a bit light for investing mostly for cash flow.  The fact that you're investing from a distance doesn't improve the situation.  I wouldn't settle on the front-end if you're investing from overseas... too many variables that will turn this one sour for you quickly.  Keep looking... a better deal will emerge.  Good luck.

Fine work. I'll echo a couple other members in asking how you found the property... MLS, direct mail, word of mouth??? Again, congrats on a nice profit.

Thanks for sharing, Tony.  The successes are fun to share, but the "lessons-learned" keep us grounded.  Appreciate you swallowing your pride on this post, and helping numerous others to avoid similar mistakes.  Best wishes for big success on the next one.