All Forum Posts by: Vince Mayer

@Don Konipol  "

"Unfortunately, after holding this very profitable investment 9 years, I lost it in a divorce."

Hmmmm. What was her ROI?

To assume an FHA mortgage you have to be approved as to credit score and debt to income ratio. The house must be in proper shape as well. An FHA loan pays off the bank if the home goes into foreclosure so the bank can be pretty picky.

You're not talking about subject 2 are you?

Ok! Let's say an aspiring real estate investor has $100,000 or more in an IRA account. He has read up on and watched YouTube videos about real estate investing but is too smart to pay $10,000 to a guru. How does he get the experience/expertise to start a real estate investing career and if you say a mentor is necessary, what should this rookie expect from the mentor and what should it cost him?

He's not posing as an end buyer. Although I don't like this type of an arrangement and if you don't have a lot of room in the deal I wouldn't do it, he still asked for permission. Just because you didn't know the terminology dosen't mean he was posing as an end buyer. 

This is not a sub 2 deal. This is a VA assumption.

 Google "real estate wholesalers near me"

@Kelley Ogletree

Keep in mind that interest rates are going up so I don't know if a BRRRR is a good option right now especially since banks are getting pickier on what they will finance. However, St. Louis is a great place for cash flow but not much on appreciation. Maybe a private money partner would be an option where you can control the rate you pay for money.

Sounds like they would make excellent private money lenders.

@Jason Brungardt

Sure! If you're saying you are getting a property sub 2 then selling that property by owner financung it. You have the deed. Just be sure you continue to pay on the existing mortgage.

There are people that truly care about you and may be negative about what you are trying to do but anyone that is as vicious as you stated your former friends are should be dropped. 

A lot of success in this business is created from a proper mind set. Surround yourself with new friends in this business. I'll bet the liberals you run accross will understand what you are trying to do and will be very supportive.