All Forum Posts by: Ben Riechmann

I am with the others on price won't go down for not being able to get to the basement.  It will have to go to a tenant that isn't concerned with that.  Looking at the link, while the numbers are interesting, I can't tell you if it looks like a good deal without looking at it myself.

That's why I ask.  For example, some people used to find Criagslist was enough, but now find it does not help at all and get leads from other places.  Some people get a lot of leads from Facebook, but I often hear the quality of leads is not the same as in other places.  Some used to like Apartments.com but now prefer Facebook.  Sort of heard many different stories from many different people, so was hoping to hear the experiences of different investors.

A Realtor helps you get places that are listed on the MLS and sometimes find ones that are off. When it comes time to do the actual contract to buy the property it is often done real estate attorney at a title company. However, if you are doing multiple offers, I would not have a blanket template for a closing deal as there may be different ways a deal may want to get done. Even with cash offers, while they tend to be boilerplate for the most part, there will be some differences depending on the deal. Also, with the properties being in different states you will want different contracts. The seller may want to sell without dealing with a realtor and that commission, so I would not involve a realtor until you know how the seller wants to do the deal unless the realtor is making the deal for you. This is not my best writing as it has been a long day. I hope this was helpful.

Hello Lacey.  I have heard this kind of thing with Quicken loans.  Was this a local bank?  You may see what is available with a mortgage broker that may have more options in a time like this.  A broker may have an option available that a single bank lender does not.  Hopefully, one that does not last as long.   

I know of a few banks that still do this, but not many since 2008.  I just know from online though.  I like to give people experience from people that have had personal experience.  Do anyone have Heloc on any or a group of their rentals?

I usually look on next-door app for that even with the number of rentals I have.  You will get reviews from people in your areas on gutter cleaning on who is good or not.  Has helped me stay away from some dogs.

With how low HELOC on owner-occupied are, you may want to buy your first place and live in it and learn on here or bigger pockets on youtube how you can grow equity on that property to buy your next property. The great thing about real estate is there are a lot of ways to do real estate deals. Buy a house on land contract and make sure the person you are buying it knows you are going to be leasing it out for rent higher than your expenses. A runaway and homeless couple I taught financial skill to got into the real estate game faster than me and are doing different deals now. They had the belief in themselves before I did. Lots of ways to do it, and always remember there are different ways to get deals done. Doesn't mean there will always be a way to get a deal done, and if that's the case, remember there is always another deal out there to be had, so move on from that one and go out and find it.

One of my places I was selling on land contract, the buyer kept on doing upgrades and I kept telling them they shouldn't as they did not know if they were going to be able to refinance the house into their name.  They did not end up refinancing it at the time it was supposed to be done, so I rented it to them with the first option to buy.  As in my state if I hadn't and it had gone past a certain point and they stopped making payments the property goes to sheriff sale and not back to me.  They did buy the house and I helped them buy their first rental.  HOWEVER.  There are people out there that would have taken the upgraded house, kicked them out, and made more money off the deal.  Don't do work unless you know you have control over the property just like Joe says.  Lol.  Not all investors are as nice as me.  Having control over the property is key before you throw that money into it.  Use that money to get control or put it aside for when you do and earn money off it so it becomes more!

You are in the right place to get questions answered and have the right attitude.  You can catch up on BP videos on Youtube.  There is a wealth of information out there.  I like the rich dad poor dad series and other investing books you can often get cheap at Abebooks.  Lol.  I like the site, don't worry I don't make money for the referral.  I just read a lot and invest a lot.  Don't forget to check out social media groups of investors in your area to network with and to also look for deals on here and LoopNet for deals listed by investors for your area.  Happy investing my friend!

@Todd Hoffman Great post!