All Forum Posts by: Val Garrow
Val Garrow has started 2 posts and replied 29 times.
Post: Any Cloud Brokerages that Do Not Require You to Join a MLS?
- Lender
- Henderson, NV
- Posts 36
- Votes 16
My MLS MEMBERSHIP IS over $2400 per year!
That is crazy!
Going to a referral only agent status for a couple of years!
Post: Traditional lending wth open HELOC
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Watch out for that interest rate... it is probably only for the first 12 months.... that should keep you from cash flowing...
Yes your Heloc + Mortgage for the first home will be added to your DTI, however if you have a tenant in place that covers that amount (contract for at least 12 monhts) you might be able to write it off...
Post: Home with 3.625%, trying to takeover mortgage, renovate/rent home and buy TX home
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Have you found a solution?
Post: DSCR loan recommendations
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Hey Eddie
I am a Mortgage Loan Broker!
Please call me I can help you
Post: Advice on connecting with other investors on larger deals
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Hey David
Why would you need to partner with an investor to buy the land?
Post: Can my S-Corp paystub (W-2) qualify me for a conventional loan?
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Are you buying it as an Investment property?
Are you thinking about moving into the property anytime soon?
It depends if you need to use your paystubs or no need at all.
Look into Debt Service Coverage Ratio Loan (DSCR) - Our DSCR LOANS -
- No income or employment information required
- Short-term rentals and VRBOs allowed
- Properties can be in LLC's name
- No limit on the number of properties
- Start @ 620 100% Gift Funds OK
Qualify on I/O payment VRBO/AirBnB OK
Vacant units OK LTV's to 80
First time investor OK DSCR <1 OK
DSCR up to 8 Units Including Mixed Use
Cash out to $2M FICO's down to 660
LTV's to 75 Only 1 appraisal needed
Up to 3 commercial units allowed 100% Gift Funds OK
Post: Multifamily Deal Business Plan-101
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Interested!
Will be joining you in two days!
Post: Sellers agent - a need or a rip-off ?
- Lender
- Henderson, NV
- Posts 36
- Votes 16
So, you thought that the buyer's agent is the one one actually selling a property?
If you are not investing the time for marketing, open houses, promoting your property constantly, taking calls and scheduling showings then you are not doing the listing agent's job. You just put on the MLS like you did, and is waiting for it to happen. It is not just listing on MLS in certain markets, you have to do a lot more!
I did list a property on a flat fee in Texas. I had it listed with an agent that did not want to invest on marketing. He kept telling me the price was too high and we needed to drop, so I did it twice. little did I know after a few months later the agency expired and I did not renew with him.
I used a flat fee brokerage, hired a good video/ photographer ($400,00) and did the marketing and sold in 3 days! Over asking price, let me tell you, I listed the same price as the agent had it for 5 months!
You've might saved on a commission split, but you are sitting on a market waiting it to happen. I am not sure who is losing here.
I am an Agent in California - Beautiful San Diego!
Post: Ask for the MLS BROKER SYNOPSIS in advance
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Fake News!
Val Garrow
REALTOR / SAN DIEGO
Post: New at Wholesaling and NOTHING is working....
- Lender
- Henderson, NV
- Posts 36
- Votes 16
Originally posted by @Account Closed:
@April S. I would agree with Jay on this. You have to spend way more money to get results which is why I don't wholesale at this time. I don't have the money to spend on marketing. Your particular area also may not have very good leads compared to another state, county or market altogether. For instance I'm not investing in my home state of Georgia because I have found far better deals in Indiana and Ohio. The wholesalers I've worked with tend to go into the ghetto or low income neighborhoods that are older and have more success there because there are more desperate sellers there. If you're targeting areas where most of the residents are on solid financial footing, have good jobs, and don't need or want to sell then you'll want to switch to a different C or B class area of the country.
Also, while I know having a real estate license can have negative consequences for investors (that's a whole other argument), getting your license could help in some cases because the individual selling knows you are reputable and know what you're doing. Sometimes the unlicensed wholesalers can come off as cheap, unreliable or just downright shady. If you don't have our license, consider getting it.
Also, if you do it the smart way, consider spending another $1000.00 ( classes, tests, and associations fees), this is the average cost to get started in my state.