All Forum Posts by: Vince Williams

Originally posted by @Jessica Skupien:

This is all very helpful information, thanks! My husband is in the Coast Guard and we will likely look to buy a 4-plex with a VA loan once we're transferred again mid 2016.

Good luck Jessica,

Always remember when you do start looking for companies to do your VA loan using your Second Tier entitlements, some will tell you it cannot be done. This is something I never accept as fact. And I have found recently that it is just whether or not the Bank or lender you are talking to accepts it or not. This is not necessarily fact for all of them.

Also thank you and your husband for your service for our great nation.

Pay cash for an investment or finance it?

A few weeks ago, I saw a discussion on Facebook that asked the age old question, is it better to purchase an investment with a mortgage or all cash? I decided I should ask the REAL experts on the subject.

The totally fictional scenario is:

• A married couple, with excellent credit,
• Has $100,000 in savings and
• They are looking at a $90,000 house (this is their final loan amount and, for the sake of math and the story, all other costs are covered by the seller).

Do they pay all cash for the house or put a 20% ($18,000) down payment and take out a $72,000 mortgage, then invest the rest?

I personally would look at their split structure and what services/guidance you are getting for them. Remember they are taking a huge chunk of your commissions. Don't get me wrong there are many great brokerages that have a wealth of knowledge and experience but some are just commission farms looking to take advantage of young unknowing agents just getting into the business.

@joseph ball I actually appreciate your suggestions, that is what I am looking for here.  I am new and I would rather it not be sugar coated at all.   I look for what outsiders to this situation look at and analyse in researching their deals.  Am I missing or overlooking certain big things that could affect this or any other deals.

I guess i don't know why I put the list price because it is irrelevant.  I can get the property for $210k, i already walked through the property and have a pretty good idea that my rehab costs are pretty good.  Not exact but they never are.

So... after searching high and low I found a property that I wonder if it is even a good deal or not.  

The details:

List price: $299,000

ARV: $400,000 (based on 5 really good sold comps on local MLS)

- Selling costs: $14,000 ( i have an agent that will list for $2000, so figured about 3.5%)

- Estimated repairs: $75,000

- Holding Costs: $15,750 ( i estimated based on 

Lets say its 5 points and 15% using hard money for 6 months)

- Buying Costs: $52,500 (25% down)

- Purchase Price: $210,000

= $35,848 potential profit

Initial hard money loan:  $180,000

ROI 20%

now i know this is probably not how I do this, im kinda new to this evaluation of properties that is what got me some bum deals in the past.  And i know the numbers are probably not exact, that is not my point here.  What I need help with is identifying what I am missing and how to improve my processes so when another deal comes along I am evaluating them properly and MAKE SOME MONEY!!  And I really would not be opposed to a mentor.

Vince-

There is either a set screw or pin hole near or below the lever part of the handle so get a small screwdriver or small set of allen wrenches and a paper clip and a 12 in one screw driver and you should be able to take this off pretty easy.  If no hole or set screw, the handle release may be behind the shiny cap in the center of the handle.  They are all generally built the same.

blinds.com or justblinds.com

Yaz, Great job on this flip,  The upgrades you did really show the home well.  My question is this size house pretty normally 75k in your area?  It seems like quite a large home for that price.  Either way awesome remodel.

I am looking for an Investment minded RE agent to work with in the SLC utah valley that have done some investments themselves and are willing to help me find some deals, submit offers and acquire ARV estimates based on comps and maybe even want to parner on some deals.

PM me for any interested agents that fit the bill.

Vince-

MODERATOR:  RECOMMENDATIONS ONLY, PLEASE.