All Forum Posts by: Trey Knight

Hey all, 

I'm reaching out for some guidance.  I have been working in the film industry for several years now and have done extremely well.  I have a couple of businesses that are tied to it and both have done well.  Since March 13th our entire industry has been shut down and it's not looking great for reopening.  My wife and I were getting ready to sell our live in flip and buy a vacation rental, but we are grounded for now.  I am a fanboy for real estate.  Zillow is my Facebook.  I have treated real estate as my side hustle, but I may need a new main hustle.  I have 2 kids and my wife is a stay at home mom. To survive I need to make 50-60k a year.  What jobs should I seek in real estate for an immediate income of 5-6k a month? I live outside of Atlanta.  Thank you!

I can't be the only one with these emails in my inbox. Looks pretty scammy. Anyone done this and had it work out?

@Jay Hinrichs deserves a lot of credit here.  Always humble, excellent podcast, and took time from his busy schedule to help me out. 

I spoke to BB&T last week and they were doing 85%.  We are trying to do the exact same thing, let me know if you find something better please!

Does a Solo(k) account do the same?  Are we talking about the same thing?

Is the lender requiring 25% down? What are the details on the property? Maybe we can find you a lender with less down payment required.

This sounds like a go to me.  If I read that correctly, you pay a balloon payment based on appraisal minus the principal you've already paid, but not more than the agreed price.  Is this normal? Sounds too good to be true.  Why would the seller take the risk on depreciation? 

 I don't recall a restriction, but I can see why that would be problematic.  How does that work with a second mortgage? They can foreclose same as a first mortgage right?  Who gets what in the event of foreclosure?

Yeah definitely a mistake.