All Forum Posts by: William Eric Schaefer

Thanks Brandon,

I wasn't really worried about what I have invested because on the cash out refinance I will be pulling out 60k and I am all in at 57k. In other words ill have no money left in the deal after the refi. The area is appreciating at a decent rate and rents are also increasing, however I am still leaning towards selling...

Also a 5% return is based on the 57k left in the property, but if I pulled that out wouldn't the return be infinite?

Thank you!

I only accounted for expenses on the rental income (10%). 

Hey everyone,

I'm about a week out on finishing my first property, I planned on making it a rental however after running the numbers I will be cash flowing about $254 per month (after all expenses). I'm all in at 57k and it appraised at 75k, my bank is allowing me to pull out 80% LTV on a 5 year ARM with a 20 year amortization which works for the BRRRR model.

So my question is: Is $254 in cashflow actually a good deal? My only other alternative would be to sell obviously...

Any input is much appreciated!

@Steve Morris

Everything I advertise is disclosed in full. If you had a bad experience with a wholesaler strive to be a more professional real estate investor and take more action on your due diligence. Bigger pockets is available to people who provide practical information, in other words be the professional you strive to be.👍🏻

@Jonathan Hasan

Yes and thank you for your response. I am just looking for a contract that works with the double close method. When I search for Wholesaling contracts all I get it is assignment contracts.

What contract should I use for this type of double close method?

@Jonathan Hasan

Yes I have a title company willing to work with me.

I currently have a seller wanting to sell their home, however I am wanting to utilize the double close method where the end buyer funds the whole deal. 

My question is what contract do I use? And is anyone willing to show me what that contract looks like?

@Whitney Hutten

I have but their interest rates are so high it wouldn’t really make sense.

@Steve Vaughan

What do you mean by over sophisticating a house?

@Jason Wray

Thanks for your response but I have called 49 banks in the Birmingham area and they all give me the same answer: "We can do a 5 year ARM with a 20 year amortization".