Ahmed Hafez
Closing Wholesale deals
25 September 2024 | 0 replies
I have some experience buy and hold rental properties, and now I want to do flips, I need investors and I have some that have shown interest, in addition to speaking to private lenders that are willing to fund 70% of the LTV (based on the desired property)I'm seeing a lot of deals from wholesalers, but the problem is, some of them close in 2 weeks and some as long as a month, and they don't take conditional offers, and the good ones fly off the shelf really quick.My question is, how does someone like me close one of those deals within this short period, how do you arrange the equity and financing with little to no inspections sometimes even.I'd like to know how do I prepare myself to be able to close one of these good deals right away when they are offered to me and many others?
Scott Green
Tax Deeds and Ted Thomas Course
25 September 2024 | 29 replies
12 month redemption period in SC.
Michael Emmanuel
Two convensional loans, one to live in and one rental at the same time.
27 September 2024 | 8 replies
Seasoning also matters: lenders will want you to live in the primary residence for a certain period before qualifying for another low down payment loan.
Timothy Floyd
Need new friends!
26 September 2024 | 13 replies
A couple of them are big time investors these days with over 40 houses each and have moved up to STRs and commercial properties.Find someone that will share their opinions and suggestions and it'll help keep you motivated to get through the starting period.
Jamie Petraglia
SF Landlords: How Are You Handling the 5.2% Security Deposit Interest Rate?
25 September 2024 | 6 replies
According to the SF Rent Board, the interest rate owed on deposits for the period from March 1, 2024, through February 28, 2025, is 5.2%!
Bryan Jeffries
72T provision for Real Estate Self Directed IRA
24 September 2024 | 2 replies
A 72-T exemption known as a Substantially Equal Periodic Payment (SEPP) is a pretty rigid agreement.I don't think you will be able to accomplish the rents-only goal.
Joyce Kim
Personal financial hardship - HELOC vs Home Equity Loan?
25 September 2024 | 12 replies
@Joyce KimHELOC and home equity loan are not the sameEquity line of credit is a line of credit that let’s you withdraw up to specific amount and you can take less and pay interest on what you drawFor example if you had a $50k line of credit you may choose to use $20k of it and it is usually ten years where you can pay it off and draw moreA home equity loan is a second mortgage which is a fixed amount and paid off over a period of timeHELOC is better in my opinion but if you have no income it will be difficult to get approved even with the equity you haveCommon misconception people have is if you have equity you can just take it, that’s not the case the bank also wants to make sure you have the ability to repay it.
Joshua Dunlap
New investor in Texas
26 September 2024 | 10 replies
The path to being financially free is a game of endurance and focus over a long period of time.
Grayson Chao
Have to move out of state - advice on what to do with my primary?
27 September 2024 | 16 replies
Either way I'd cross over the Oct 2024 occupied period so I could preserve the possibility of tax free gain.
Karolina Powell
First time interested in a larger multi-family - how do I verify financials?
26 September 2024 | 17 replies
If you can get the leases, build your proforma and expectations on how you will operate, not on historical evidence.If the seller is willing to open the books once you're under contract, than build that into your offer and due diligence period.