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15 October 2018 | 30 replies
Your best bet is to have your agent recommend a legit lender....require buyers to meet Their preapproval process (a real one, tax returns, pay stubs, bank statements, etc)....they don’t have use your lender for the loan, but meet their preapproval standards.
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11 October 2018 | 1 reply
This process gets me lots of sellers.
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11 October 2018 | 2 replies
Here is what the numbers came out to:$50k unsecured loan at 8% interest from Huntington BankPurchased property for $40k- used the remaining $10k for repairs (repairs should take max of 2 months)Rent house out after repairs are done for $900-$1,000 per month ARV of property is $60k53rd Bank offers 90% LTV refi after 6 months seasoning and $195 processing fee at closing- Refi property for $54k on a 30yr mortgage at 5%Mortgage payment including taxes & insurance= $436/monthCashflow= $900 - $436 = $464 gross cash flowRemove 20% for cap ex/vacancy/other expenses (round up)= $100Net Cash flow= $364 monthWith the 90%LTV refi I am able to get my initial $50k back from the unsecured loan plus $4k.
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11 October 2018 | 1 reply
Very polite, proactive in the application process, had good references from previous landlord, has good/stable employment, and when I looked them up on Facebook their information matched everything on their application.Unfortunately, they are not able to complete the screening due to a complete lack of credit history (young applicant with no credit cards or, evidently, student loans).
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31 October 2018 | 5 replies
Take cash and start BRRRRR process (read up all you can on BRRRRR).
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18 November 2018 | 19 replies
This process uses "propositions" on the ballot which are just numbered.
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1 December 2018 | 16 replies
The process to wealth is typically very slow, but steady.
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11 October 2018 | 0 replies
Hi everyone,I'm in the process of analyzing deals for small multifamily properties and I'm wondering whether, in your experience, rentometer was accurate for 2,3,4 unit properties?
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6 November 2018 | 5 replies
Hello again BP membersI have recently discovered how to pick up not so bad REO SFR’s to flip and rent out (or flip and sale .. not my thing though) with basically using the brrrr methodMy question is more of which is better scenario to be inif to pay down my primary residence and then have (easy numbers) 100k available in HELOC moneyOr have 100k cash money laying thereAnd then after having such funds available (easy theoretical numbers)Go out and Find a REO SFR for 50k Needs 25k in repairsAppraises and ARV comes back at 100kAnd will rent out for 1400-1200 a monthCash out finance 75k (75% LTV)Pay back your self or helocAnd repeat process overNow my immediate goal is to reach 15k PASSIVE income but i want opinions on how to get there faster and with this idea i have seen a few examples of in older threads but not alotThanks in advance!
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18 October 2018 | 14 replies
Make sure they bring you a copy of the orders, and make sure you have the right systems and processes in your lease for how a typical military move out should be. 4.