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14 December 2024 | 101 replies
The resources we had:- a bank (conventional) that lends money up to 35k for 650 credit score- hard money lender with APR 120%- seller/community (who acts like he doesn't want to talk at all)- a real estate mentor that costs $35K to useThe "answer" to this exercise was:Use personal credit to borrow from the bank and spend the $35k on mentor, and then mentor has the "connection" with the community bank to negotiate a deal and brought a 70K property for 40K with FMV of $140K.
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5 December 2024 | 34 replies
So, if 25% of potential buyers eschew the concept of solar panels the demand doesn't drive up the price in the same way an above ground pool doesn't add appreciable value.
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11 December 2024 | 101 replies
If the developer doesn't deliver on time, there's usually a grace period and then there can be (hefty) penalties.
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5 December 2024 | 20 replies
Or any tips for mitigating risks when market timing doesn’t align perfectly?
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8 December 2024 | 10 replies
they will lose a ton of interest on 5.5% loan if we refi with someone else, but it would likely be 7% so its a lose-lose, they will lose our business and it could be in their favor to just drop the abusive term, ridiculous that a conventional loan doesn't let you keep the place after moving out. never saw that coming and this type of "pulling a fast one" is exactly why the other buyer who couldn't be present on closing specified that the power of attorney for signing closing documents was limited to exclude anything unnecessary.
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9 December 2024 | 38 replies
I've researched the 15/3 rule a bit and it doesn't look like it actually helps you if you are already paying the balance to zero each month.)By rewiring your brain to bi-weekly clearing of debt's (paying) it put's a persons mindset in a much better cash-flow management place.
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5 December 2024 | 48 replies
Being nice to lazy investors, just rewards bad behavior and doesn't push them to be more resourceful - and hence more successful.It is a free country though, so best of luck with your approach:)
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5 December 2024 | 2 replies
Doesn't have to be only LA, can be close by.
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7 December 2024 | 5 replies
They are also filled with newbies that just paid $10K for a course and the Days Inn from someone that doesn't, themselves, really know real estate...otherwise they wouldn't be teaching it, they would be doing it.
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8 December 2024 | 19 replies
It's a great asset class but you also have to ensure you buy in a way that doesn't hurt you.