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12 July 2024 | 14 replies
Check with James Wise's site for his Cleveland LBP requirements summary, it's much more useful than what I can offer as I'm not in the Cleveland market.
9 July 2024 | 22 replies
This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.
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10 July 2024 | 50 replies
I use to offer either 60 or 70% of the money.
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10 July 2024 | 3 replies
Consider offering specials or other incentives to get more leads.
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10 July 2024 | 4 replies
You could offer to clean up junk for free and see if neighbor would want this.
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10 July 2024 | 4 replies
If you know the details for something other states offer please share it here.
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10 July 2024 | 2 replies
Either way, you could bring in a money partner for the rehab and offer a percentage of the profit when you sell or pay them out through a refinance.
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8 July 2024 | 14 replies
There entitlement stays on the property all the same but it's cleaner because you don't have to worry about due on sale or managing the sellers insurance, power of attorney, etc.
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9 July 2024 | 5 replies
I believe I have a lot to offer a buyer client with their search.
9 July 2024 | 1 reply
Hey BP family,I am new to real estate investing but would love some experts insights so I don't get burned on my first dealThis is the property: https://www.zillow.com/homedetails/724-N-22nd-Ave-Bozeman-MT...My thoughts are my wife, 8 month old and I could live in Unit A for a year or two while we rent out Units B & C to help cover the mortgage payments until we build/buy a more desirable family ranch home with min 10+ acres which we've been looking for but have yet to find.My hesitation is I've never been a landlord and am reluctant to get in over my head with property problems while simultaneously growing an online business and being a new father.After some negotiation we counter offered 895k with a 2-1 rate buy down for 20k and the sellers have verbally accepted but since our offer expired we need to resubmit.