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All Forum Posts by: Cliff Hudson

Cliff Hudson has started 11 posts and replied 32 times.

Post: Asking Price Vs Appraiser Price

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

If appraiser's valuation is slightly lower than seller's asking price, do we still go for it if that property provides a reasonable positive monthly cashflow compared with the other properties around that area?

PS: I mean of course all sellers wanna sell at the highest price possible right.

Post: Asking Price Vs Appraiser Price

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

Thanks alot Mike C :D

Post: Asking Price Vs Appraiser Price

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0
Originally posted by James Harkness:
If you are going to be getting financing from a bank, they will require an appraisal of the property. They will order the appraisal, and will not consider an appraisal you had done on the property previously in most cases.
Hi James, thanks for sharing. I've the intention to get a loan from the bank and looks like the bank will get their own :D

PS: I know in most case, the bank will hire their own appraiser but I'll be paying for it in order to get the loan.

Post: Asking Price Vs Appraiser Price

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

Hi, after I've done my due diligence in that particular area I'm interested in, is it advisable to bring in my own appraiser into the picture before buying the property?

Thanks

Post: Loan To Value (LTV) Question

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

Hi guys thanks alot for the replies.
Rookie here doing some ground work :D

Post: Loan To Value (LTV) Question

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

Asking Price = $120K
Appraised Value Of Property = $100K

LTV = 60% ($60K)
Equilty = 40% ($40K)

For example, the value of property is $100K and bank can only give me a loan of $60K (LTV - 60%) and the seller is asking for $120K, does that mean I've to come out an extra of $20K besides the $40K to make it $20K (Personal) + $40K (Personal) + $60K (Bank) = $120K?

Do banks approve loans based on seller's asking price or bank's appointed appraiser value?



Post: Guru Scam Words!

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

They will make u feel if you don't buy their products, you will never gonna be successful in the real world. In fact there are tons of people who dare to hit the streets, learn more than those who dare not hit the streets and continue going to these so call seminars that teaches you how to be rich. The fact is the guru becomes richer and you become poorer.

At the end of the day, the dare devil who hit the streets became more successful than those who continue going to seminar. No doubts being dare devil will give you war scars around your body but I believed those are the scars that make you stronger and the motivation to keep moving forward. The seminars goers will start wondering which guru seminar did that guy attend to thus became so successful. The fact is that the dare devil uses the money for real world investing instead of learning crapy theories from gurus that does not apply even 10% in the real world.

They will put you in a very emotional state, play videos of very touching sort which have absolutely nothing to do with what you signed up to learn. The point of doing that is to get you into the state. When you are in that state, the knife is sharpen and the killing begins.

I went for gurus seminars before and what I learnt from there is not the core stuff they're teaching but the way they sell. How to use power words, advertisment, putting people in fear and emotional state, etc.... They are pretty good salesman but the products they're selling probably have a succession rate of 0.00001% but they managed to sell it at such a high price. These are the sales techniques they ain't teaching you in the seminars. You just gotta listen and see on how they sell and advertise.

Post: Anybody Can Invest In Real Estates

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0
Originally posted by jawsette:
This is very true. But in todays economic climate the dti ratio guidelines will require a low income worker to save more physical downpayment money than others would just because his income is low and income is one of the factors in DTI. Debt to income ratio.

If he can put a downpayment down that is enough to bring his debt down to a level that is under the DTI ratio guidelines, then he will be given a loan for the rest of the monies needed to purchase his investment.

But do not forget that the DTI ratio includes ALL debt, not just the loan being asked for.
Hi jawsette, thank you for sharing. :D

Post: Does This Work? Please Help!!!

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

I pay all my bills on time. Be it telecom, water, electrical bills, etc... Does that mean I've to show the banks all these bills?

Post: Anybody Can Invest In Real Estates

Cliff HudsonPosted
  • Real Estate Investor
  • California
  • Posts 32
  • Votes 0

According to Robert Kiyosaki's books, if you're a low wage employee, u can still invest in real estate. How far are his books and cashflow game away from the reality?

It seems like even a low wage worker managed to save enough money for a downpayment, the bank still won't give you a loan for the investment property.