Shai Flax
Finding tenants during covid-19
13 April 2020 | 15 replies
There are still people looking for properties now, but at a much reduced demand than under normal conditions, considering it’s spring.However, I do not recommend going the Section 8 route whatsoever, from a short or long term perspective.
Shawn Wainsely
House hack advice: buy now and refi or wait it out?
10 April 2020 | 4 replies
This will reduce paperwork and no need to refi to get out from PMI in the futuer.
Jm McNabb
Is seller financing a safe option
12 April 2020 | 8 replies
The value to the buyer can add up to a very sizeable amount of money; typically pays the up-front lender fee to lower the interest rate, which results in accumulating paid interest savings for the buyer as long as the buyer owns the property, or for the life of the loan; may add up to many tens of thousands of dollars; make sure you check the fine print of the lender's loan lock provisions; be sure your seller's money is truly paying down the loan rate as opposed to paying other lender charges to the buyer. 3.Seller-Funded Temporary BuydownsBuydowns can also be structured to adjust the buyer-paid interest rate for a limited number of years; can cover the first two, three or four years or more of the buyer's loan; allows your seller to reduce the buyer's ongoing loan cost (monthly payment) considerably.4.Owner FinancingA willing seller may be able to keep their selling price intact by offering financing to a buyer; for a seller who needs to sell as soon as possible for the best possible price; expands the potential market for buyers to those who might not qualify with a lender for any number of reasons relating to their credit, verifiable income, or other issues; seller creates an 'investment" that can produce an annuity with a very good rate of return for many years; seller needs to become very well educated on how to qualify a potential buyer (how to get credit, income, debt ratio, and other accurate personal historical data on the buyer-and how to verify that data); seller needs legal advice to review contract documents, as well as title and escrow services to conduct a title search and closing; buyers attracted to seller financing may have income sources including part- time work, bonus income, royalty income, dividend and interest income from investments, or they may be newly self employed; seller who finances needs to get a substantial down payment and ensure that the property is adequately insured by the buyer and that initial property taxes are pre-paid and a tax payment plan is established; if the buyer stops paying, the seller will have to proceed like a bank or other lender and foreclose on the buyer. 5.Contract for DeedA contract for deed agreement to purchase is similar to a seller-financed purchase.
Masa Moromisato
Long Distance Investing (BRRRR/Turn-key). All Cash, any thoughts?
19 April 2020 | 19 replies
Much appreciation for reading my post and sharing your bright ideasMasaAloha Best way to reduce risk on an all cash purchase is to go ahead and have it appraised anyway.
Yechiel Mor
Getting financing with a DIR (debt income ratio) of 60%?
13 April 2020 | 9 replies
Find a private or hard money lender to aquire, then refinance out of that loan once you have a renter in the place and can prove cash flow to a lender (the cash flow can be used to boost your income and therefore reduce your DTI)3) If you have equity in your personal home mortgage, get a HELOC and that, combined with your $65k savings, may be enough to do cash purchases in the market you're looking to invest in.4) Try speaking to a local community bank.
Karen F.
Connecticut landlords essentially just got .... by the governor.
19 July 2020 | 13 replies
A city's rights and powers can be changed, reduced, or completely eliminated by the state.
Jack Fernandes
Investing With a Broker's License?
13 April 2020 | 43 replies
You basically are deferring the Tax Obligation of the Commission to the date where you will sell the property.As a result of doing all the above, I reduced the purchase price of the $1.5 Million Purchase by 3% or $45,000.So, not only did I beat down the price by $200k ($1.7 Million originally), but I received a Credit of $45k for a total savings of $245k off the original listing price.I'm not sure if any of the above will be anything but Entertainment, but I thought I would mention it since I went your route and acquired my Broker's License without being a Salesperson.I found myself swimming with the Sharks!
Andrew Lee
Single Family House Hacking
13 April 2020 | 6 replies
The 203k is designed to prevent the borrower from paying money out of their pocket to the contractor.
Susan Tan
Story Time: What to expect from a cash refi process
11 April 2020 | 5 replies
I like to pay off a mortgage as quickly as possible even if the cash flow gets reduced to only $100/month to $120/month, so I thought a 15yr fixed rate loan meets that criteria.
Bill Krenz
Flipping Houses in a Self Dircted IRA
12 April 2020 | 6 replies
The purpose of this tax is to level the playing field for tax-paying businesses and prevent tax-exempts from driving them out of business.When you add debt-financing, which introduces its own layer of taxation, forget about it.Being a lender to other flippers with the IRA is the better approach, as interest income is passive in nature and not subject to taxation.