All Forum Posts by: Tom Nellman

Hi,

I have some questions about the Grand Prairie area if anyone owns some rentals/homes in this neck of the woods? Thanks!

Tom

Hi,

Does anyone own real estate directly in Oceanside, CA?  Either rental or other investments property.  I've got some questions if someone doesn't mind.  Thanks!

Tom

Hi,

I have been looking into the Brrrr strategy and I hear about people finding off market deals etc. My question is... say I do a letter campaign and someone wants to sell me their house.  How do you write up an offer?  Do you always have to have an agent write an offer for you?  

I've googled it on the internet and all I get are how realtors write the offers, make a nice letter etc, but I am concerned with the nuts & bolts of what I need to put in the offer for protections etc.  Are people presenting these homeowners with their own written contracts?  Is that a good idea?  Thanks for any advice.

Tom

@Tom S.  Thanks for the info and taking time to reply, really appreciate it!

@Tom S. Thanks for the reply. 5 year fixed / 20 yr ARM seems to be in line with other commercial loans I've read about. Can you finance right away with commercial loans or is there a waiting period? Thanks!

Hi BP,

I am just starting a new venture into the BRRRR strategy. I am going into it with a partner 50/50 split and we are looking to do 10-15 homes next year. We are going to buy each property thru a land trust using cash, using a land trust to keep our interests separate but still operate thru LLC's. My question is, how do we finance out of the houses with a partnership(especially when the houses are bought thru trusts)? These are commercial loans, but to be honest, I am not sure what all that means, balloon payments etc, drawbacks to look for? It seems like commercial loans are pretty common especially in the MF space, so I was curious if anyone could detail what the financing would look like when we go to refinance these SFR's. Also, since they are going to be all commercial loans is there still seasoning/delay period before we can refinance or can we refinance right away b/c they are commercial? Thanks for any input!

All the best,

Tom

@Andrew Postell Thanks for the reply. After researching more, I think it was probably a silly question. This isn't for the current home I won, I was actually looking to buy a Turn Key SFH in Missouri. I was curious if it was possible to wrap in extra debt as long as you put 20% cash down on the total to keep the LTV at 80% but it doesn't sound like this is possible. Thanks for the reply!

Hi,

I am interested in purchasing a rental property with a 30 yr mortgage.  The rental property is $85,000.  I also carry a personal loan of $277,000 that is on a 5 year note, has 3 1/2 yrs left.  I have never missed a payment  on any loan and already paid that extra debt down significantly.  Are there any lenders that would allow this to be put on the mortgage, so that I could extend these other notes out 30 years at cheaper interest?  Thanks!

@George Blower

Thanks for the response! Good to know there are no penalties on that side!

@Jerry Padilla

Thanks for the reply.  I'm glad to hear it ok to use the 401k for the financing side, any ideas on how to immediately refinance it to turn around and pay back the 401k loan in 60-90 Days?  Thanks!