All Forum Posts by: Will Seaman

Hey 

My name is Will, I need a tax pro to help me with tax preparations. Both personal and business taxes. I need someone to use on a continuous basis and build a business relationship with. I live in Ca, do RE business in Wisconsin and North Carolina. Location does not matter, however local to southern CA is a plus. 

Hello all. 

So I am getting ready to cash out refi my first investment property, i will put all the numbers at the end. I bought the property with a fix and flip hard money bridge loan, put down roughly 22% and and financed 100% of my rehab budget into the bridge loan. 

I got one qoute today that looks okay, but the cost the loan (underwriting, closing, ect) accounts for 16% of the loan. Taking almost half of my cash out. This loan is with no seasoning period. i can wait another month and be at 3 months, or wait longer and be at 6 months. are there better deals out there. My goal is to get as much of my cash back into my pocket as possible. 

DSCR REFI qoute

loan amount: 112,000

rate: 8.99

points fees and cost: 11,576

cash out value: 16,424

Bridge loan. 

84,000 interest only 12 months at 11.99% 

property will rent for 2000 at a 1.76 DSCR score.

thank you

I am looking for a Private money lender to work with. I have a turnkey duplex property under contract with a close date of dec 1st.

Purchase price, 90k 

Market rent, 2000

Pleaser send me some good leads and connections. Thank you

I am looking for private money for a duplex i have under contract. i need 90-100k 

Hello, trying to get my first deal under my belt. been stuck in analysis paralysis for a while. Found that i like, offering 55k cash, needs maybe 5k of sheet rock repair and painting. however in the basement there is some step cracking in the wall, i just trying to get opinions on if it can be repaired in a way that will pass inspection and appraisal, so i can refinance. i expect ARV to be 100k or more. I will have an inspection and a contractor look at the wall during due diligence.

Hey, My name is Will, I am looking to invest in the Milwaukee market and just looking for anyone who is local to that market and can help me on some general knowledge. Where i should look, where to avoid? Contractors in the area. 

Thank you. I look forward to learning. 

Hello, I am ready to buy my first rental in the next few months. doing my research on LLC's and the market I want to invest in. I have searched the forums and the internet and cannot find a clear answer to this next question.

Will owning a residential property in an LLC, make it viewed as a commercial property, therefore increasing the property taxes and insurance prices?

Thank you all. 

@Chris Seveney Thank you, Chris, Very insightful. It has been on the market for 40 days on this listing, however looking on prop stream I saw that it's been listed at this price on the MLS 4 times since 4/13.

So what you are saying is I can submit a cash offer, to close in 30 days, and place some EMD on it. Then order an appraisal and an inspection, then I would have all the details. If I do not like the results, I back out and they keep the EMD, and if I like the results I buy it all for cash.

We are scheduling a viewing with the seller's agent, we will take our agent with us as well. It's out of state for me so my Dad is boots on the ground for me. 

Hello all, I am looking to put in an offer on my first investment property. I have a few questions about the situation, I want to make a good offer, not look uneducated and get a good deal. The house is a foreclosure, being sold by the lender, I have been in contact with the real estate agent representing the lender. This is a cash-only deal, the seller does not want to accept an offer from financing. The agent has told me the seller is motivated and entertaining any reasonable offers.  Here are my questions. 

Can I order an appraisal and an inspection? This is my first deal, I want to place an offer and get it under contract but still do some due diligence.

It has a tenant in place and the property is cash-flowing, is this a red flag it was foreclosed upon while having and tenant in place? 

finally, the asking price is 89,900, I would love to get it for 75,000 or lower. Where should my offer be? I want it to be high enough that they take me seriously and give a counteroffer, but I dont want to give an offer that's too high and they accept it right away. 

As I said after about a year of podcasts, books, analyzing deals, and analysis paralysis, this is the first offer I would be placing on an investment home. Any advice is greatly appreciated. 

Thanks for the reply martin, I have your number now and i will reach out soon.