All Forum Posts by: Wendell Clark

 John,

Excellent advice, I learned something today.  

Riz,

My suggestion would be to pay the difference.  With inventory at an all-time low, it will be difficult to find any replacement property.

My 10 cents worth (inflation increase) 

Residential Homes likely will not see a recession or downturn.  Too many people have locked in low-interest rates for 30 years.

However, people who have their investment property on ARMs may be hurt.  Luckily they will be able to sell before they take too big of a hit IF mortgage rates stay relatively low (historically).  If mortgage rates continue to rise and those on 5-year ARMs cannot refinance, we might have some cracks in the housing market's foundation.  

IMHO, investors have the most to worry about, but the average homeowner will be okay.

Elijah,

Congratulations!  You have made a positive impact on yourself, your investors, and the community.  

How did you find investors in the deal?  Can you share any details about how you found investors and more about agency debt?

Wendell

 Todd,

First, great job!  I am in a similar position.  I am under contract for a full cash purchase.  My lender told me that since I am buying the property for cash, we can do a cash-out refinance immediately.  There is no wait because I paid cash for the house.  Typically, it is six months after your start date of putting the asset in service if you financed the property.  I hope this helps.

Wendell

@Clint Harris Thank you for sharing this information. As I ponder new ways to invest, your post has been very informative.

Kentucky is need of a complete tax overhaul, not just the state income tax system.  To truly be competitive and efficient, we need to take a look at our business taxes, sports gambling, and business regulations.

This is a good start.

If it is possible for you to purchase the properties outright, then I suggest you consider going solo instead of a partnership. You don't need an LLC in this instance, but James is correct that you should consider a partnership agreement.

James,

Thank you for making this event possible. I look forward to attending and learning more about REI.

Wendell

@Rob Bergeron thank you for this helpful information. Do you have to do your primary banking with this company?