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17 September 2016 | 3 replies
Some are slightly different, but you essentially search by Association Name, and probably a pull down window for 'document type".
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17 September 2016 | 9 replies
Also, be careful where in Beacon you buy as there are some rougher neighborhoods.I have a recommendation on a home inspector who typically I use.
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15 September 2016 | 1 reply
And what kind of points/fees are typical.
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16 September 2016 | 6 replies
I am curious... what is the typical markup on a wholesale deal.
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26 December 2016 | 19 replies
This may be a long post, but I thought it would be good to walk through everything step-by-step, and explain my thinking along the way.If you want to stick with me through it all, here we go:I was not going to be getting a conventional mortgage for my first property for a number of reasons.First, I am still annoyed at the hoops I had to jump through to get a mortgage for my primary residence.Second, my liquid cash was on the lower end.Third, the properties that I would need to start out with would not be financeable anyway.Fourth, my DTI is on the high side, due to the decision that we made to take out a HELOC to complete interior improvements on my primary house.So, I decided that my path was going to be to form a single member LLC, and take a loan from my 401(k) at work to finance the down payment.Since I do not view the 401(k) loan as a long-term solution, I am treating like hard money, and pay it off ASAP.So, my first deal would be a flip, or a rental that was such a good deal, that I could re-fi out and pull all my cash out.I decided to reach out to the commercial lending department of the local credit union, which I am a member.The person I talked to (who became my lender) is fantastic.I told him what types of properties I was looking for, and that I’d look to turn them into rentals, or to flip them.I will never forget his response, which reminded me why I love this credit union.He said:“Typically, the deals you are talking about are much smaller than the deals we like to do.However, we also realize that you can not get to that level unless someone helps you get there.So, if the numbers make sense, we will see if any of our products fit.”Awesome!
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15 September 2016 | 1 reply
I understand that having a real estate license isn't essential to real estate investing, however I do want to get at least a year or two (maybe more) under my belt and truly learn the ins and outs of the industry before investing in my first property.
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28 October 2018 | 2 replies
The longer the length of years to depreciate, the less you can deduct from your taxable income (NOI)...for commercial ( 39 years). a shorter length would be favorable; it increases the amount you can deduct from the NOI which essentially means less taxes taken out.
15 September 2016 | 4 replies
@Jane Guerreso the credit bureaus will typically not allow individual landlords to report payment data to them without going through an extensive membership process.
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18 September 2016 | 14 replies
ARV - $660,000Rehab - $135,000 (He really spent $175,000 but that's because it sat longer than expected plus a few hiccups)Purchase - $365,000Based on what I've learned from REIA meet ups and about wholesalers, typically you determine purchase price and wholesale fee using the following formula:(ARV*70%) - Repairs - wholesale fee = Purchase price($660,000*0.7) - $135,000 = $327,000.