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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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16 September 2016 | 6 replies
Now, he is promoting dishonesty and has now shown to the entire BP community his true self.
23 September 2016 | 40 replies
I've also developed a list for spouses and/or inheriting parties of a homeowner who recently passed.I'm currently building a process of partnering with assisted living communities and nursing homes to join on their marketing campaign.
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27 September 2016 | 13 replies
I believe they meet the 2nd Monday every month at The Woodlands community center close to the Pavillion.
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15 September 2016 | 3 replies
Even if you already have a realtor that you are working with, I find it is always helpful to meet up with new folks and get plugged into the local REI community.
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15 September 2016 | 3 replies
-The other says that it increases the appeal of the condo for someone who wants to live in it because they are not going to have a lot of turnover (i.e. consistent neighbors, other people who care about the community).Ultimately I think the limit hurts property values, but I am sure there are factors I'm not privy to.
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18 September 2016 | 4 replies
Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!
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28 September 2016 | 22 replies
Make sure you check for things like gated community, pool, ranch, two stories, a finished basement, acreage, etc.
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15 September 2016 | 4 replies
So, I figured I should bring one to the community and have people tell me where I'm wrong and what I'm missing.
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12 October 2016 | 24 replies
Even Milton and bedroom communities are pretty crazy.