All Forum Posts by: Account Closed

I'm not sure if buy and live is a loan that short term lenders are interested in. But if you already hold the offer as a contract, try finding someone with a real estate broker or broker license who can sell this contract for you at a profit. At best maybe you can walk away with some kind of profit at least. 

Unless this is the dream house that you must buy. In that case, I'm not sure what you can do. 

Getting a good ARV estimate, and planning for time for repair and time to put up into the market. Also making sure you budget properly with room for a bit of mistakes. I think there's nothing wrong with starting with flipping, but be prepared to put in more work! In the end it will be well worth it.

EDIT: 

Disregard this post, I misunderstood the question.

Under a 3.35% 15 year fixed, you will pay approximately 764,142 with a monthly payment of 4,245 a month. You plan on making about 2,000 in rent for 6 properties. 12,000 monthly positive.

Can you explain what you mean by half of the rent expense?

Flipping for the first time alone is dangerous. It's best to find someone who has experience in flipping properties. I know of some hard money lenders that actually help first time flippers find an experienced flipper, so you can look around.

Flipping usually has more profit (if done correctly) than wholesaling. The basic to deciding whether to flip or wholesale is the property value after a repair compared to the purchase price. But different lenders have different basis for determining whether to go for flips or wholesale. Feel free to ask or message me specific questions, I'll be glad to help or find a co-worker of mine who has done a lot of wholesaling and flipping to help out.

What's the pros and cons of refinancing and repurchase agreement. Is one better than the other? Or is it situational? I read up on both, but I couldn't find any "average interest" that the refinancing or a repo would charge. Generally is refinancing done quickly? And can the capital from refinancing a business loan be used to buy anything? Do the banks not care, as long as you can pay off the loan?

How long do you have until the contract "expires"? And what do you mean by repurchase agreement on your half for agreed amount within 1-2 years? Are you saying you need a repurchase agreement for 53k that will be paid with interest by 1-2 years? 

I am just a bit curious as to how many times a property (on average) is flipped in succession before being sold to someone interested in living in the property. Who usually buys rehabbed houses?

I intern for a company that lends hard money to rehabbers. I can try and help answer some questions you have. Can you be more specific about the types of property you plan to rehab or are thinking of rehabbing?

Hello Whitney,

My name is Sungho Kang, I am also very new to Real Estate. I am currently an intern at a lending company. For books, this site itself is a very good resource. The BiggerPockets Ultimate Beginner’s Guide to Real Estate Investing. This spot is a very good start, everything I state from here on out, is already stated in that guide!

I usually do all my learning online. For instance, I go to http://www.investopedia.com/ to find definitions to terms I don't understand. I personally think taking a Real Estate Agent License classes is also helpful. And last but most importantly, a mentor. Someone who can guide you along. 

Good luck! Let's do our best!

Hello, my name is Sungho Kang, and I am new to this site!

I am a new intern for the Funding Warehouse, which does 100% lending on costs or 70% off ARV, whichever is cheaper.

I have been learning directly from this amazing team at that company. On the first day, I was overwhelmed and slightly intimidated by all the terms and lingos and numbers being thrown out. But by the end of the week, I was starting to vomit real estate jargons as well. Textbooks and school taught me the terms but being in the workplace has allowed me to learn how to put these terms to practical use. Something that had tangible results.

For example, the first word I learned was equity. But I never really understood the significance until I learned about lender's cushion!

Real Estate is exciting, and I hope to learn a lot from this site and members and then find my niche. For the time being I have interest in wholesaling, probate, and foreclosure. But I also hope to get to know more of the members on this site. Let me know who you are, what you do, and what you want! I would love to get a chance to talk with everyone.

Thank you, I'm excited to be a part of the BiggerPockets community!