All Forum Posts by: Wai Fung

Has anyone heard of the SCOOP oil fields in Oklahoma? Is this suppose to be bigger than the Bakken in North Dakota?

Has anyone ever purchased 2 properties at the same time using the VA loan? For example purchase property 1 for $800,000 using a VA loan, then using a second lender to do the same thing for property 2.

Any recommendations on the current market for buyers? I have been told many of the primary markets like Las Vegas, Phoenix, DFW, Austin, etc are all markets for sellers right now. Is there anybody on this forum who has connections to properties that might need a little work, has some equity and cash flows. Much appreciated. Thanks. 

Will you be meeting on a monthly basis?

I apologize for starting this thread I see older threads where this comment would have been answered. My plan was to fund this policy and use the cash value from it to purchase REI and use the cash flow to pay back the loans I take out to grow the CV. Then repeat this as many times as possible.

Just wondering if you read the books and feel strongly about your comments?

What would you recommend on doing as far as getting into real estate then?

It is a bit complicated, but you purchase dividend paying whole life insurance. After several years, depending on how much premium you pay into the policy then you can borrow against the policies cash value. The policy continues to grow even though you borrow the cash value against the policy when it is designed with a non direct recognition. I don't know if this is all making sense. I have read Nelson Nash's "Becoming Your Own Banker", Pamela Yellen's "Bank on Yourself" and have watched countless videos. One website that is pretty comprehensive so far is: http://www.paradigmlife.net/infinite-101/

Let me know what your thoughts are on this.

Has anybody used a IBC, CFB, or BOY policy to purchase real estate and use the returns to pay back the policy at higher interest rates than the policy charges? If so, what are the pros and cons? What are your thoughts about IBC, CFB, or BOY? Thanks.

So I'm working with a broker and it is a 50/50 split. The broker finds a buyer who can't qualify with their credit with enough cash for a down payment and I come in with my credit. The buyer pays a premium of 20% over the current market price for the property.

Here are the numbers:

Buyer found a home for sale that we can buy for $120,000.
I put down 10% (Home path)

In this case buyer puts down 15% down payment instead of a 20% down payment for these Home path homes.

In this case the buyer has a 10% down payment but has agreed to pay the additional 5% down over 24 months.

So the numbers work like this:
We buy for $120,000; our required down payment = $12,000

Buyer buyers from us for $144,000 ($120,000 + 20%)

Buyer down payment = $14,400.

Buyer will pay additional $7,200 over 24 months to accumulate the 15% down payment (and bolster the security of our position)

Our principal and interest payment based on 4% interest rate: $516

Buyer's principal and interest payment on $122,400 @ 7.99% = $897

Buyer's second mtg payment to pay additional 5% down payment for first 24 months: $325

So our net cash-flow for first 24 months = $706

After 24 months = $381 per month

Gross profit based on 5 year hold = $24,000 from mark up and $23,000 from cash-flow = $47,000 profit

What do you guys think?