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Message
re: Information for my fellow Real Estate Investors
Posted on 4/11/17 at 1:17 pm to thatguy777
Posted on 4/11/17 at 1:17 pm to thatguy777
quote:
You're way ahead of me, but I look forward to getting to this point.
It is addicting once you get going and a great way to invest money for both long term and short term gains.
quote:
Just to clarify, you are paying cash for these homes with the LOC?
Correct. On flips, we use the LOC to buy/rehab the home. When sold, pay back the LOC and keep the profits. On rental prospects, buy/rehab the home with the LOC and after 60 days, roll into a more fixed product (mortgage).
2
Posted on 4/11/17 at 1:21 pm to stevengtiger
Is your LOC secured by anything, like maybe the house you're buying with it?
Posted on 4/11/17 at 1:22 pm to AUjim
By personal capital.
Posted on 4/11/17 at 1:22 pm to stevengtiger
I don't see a bank getting me a LOC at that amount yet. That's my issue. I have a HELOC set up and need to go talk to them about an unsecured LOC. Did it take a while for your LOC to grow to what it is now?
Posted on 4/11/17 at 1:26 pm to stevengtiger
One more question, when you buy a house all cash are you just using a title attorney to do title research or are you getting inspections and appraisals also? Or are you even using a title attorney to do title research on the house? Thanks, I've bought two homes and both were financed so not sure of the all cash process.
Posted on 4/11/17 at 1:37 pm to thatguy777
quote:
when you buy a house all cash are you just using a title attorney to do title research or are you getting inspections and appraisals also
We always get title research and title insurance. We inspect about half of the homes we have bought. We usually take our contractor with us and he knows what to look for. Haven't gotten an appraisal done yet until selling.
Posted on 4/11/17 at 7:53 pm to stevengtiger
Does anyone have a recommendation for a nola area agent that is experienced in investment/multi family?
Posted on 4/13/17 at 8:41 am to stevengtiger
quote:
Haven't gotten an appraisal done yet until selling.
and that is for the buyer at his expense.
Posted on 4/13/17 at 8:47 am to Fat Bastard
quote:
and that is for the buyer at his expense.
We have actually paid for 2 appraisals for buyers. They made full price offers and asked for it in the contract. I guess our thought is if someone makes a full price offer, a few hundred bucks for appraisals is not a big deal.
Posted on 4/13/17 at 8:50 am to stevengtiger
quote:
I guess our thought is if someone makes a full price offer, a few hundred bucks for appraisals is not a big deal.
sure if your still making jack. Most the time it is buyers having to pay for it. My appraisals run around 400 to 450 a unit.
Posted on 4/14/17 at 7:59 am to thatguy777
quote:
I don't see a bank getting me a LOC at that amount yet
yeah i got a unsecured LOC and not at the amount i asked for....they would have given me a secured as long as i put a shite ton of money into CD's which i was NOT doing. They also will not give you a LOC based on what you have in a checking account which i also think is BS. I listed all my assets etc. Look into hard money lenders. just make damn sure you have good numbers of what rehab will run you and watch the budget. You need an accurate ARV from realtor not some pie in the sky BS.
Posted on 4/14/17 at 11:12 am to Fat Bastard
I am thinking about starting to invest in rental property. I have a chance to buy a duplex and single home for $75K. Currently draws $1280 monthly in rent and does not need any major repairs. Do you think this is a good starting point for rentals?
Posted on 4/17/17 at 11:22 am to jerryc436
quote:
Do you think this is a good starting point for rentals?
sure, why not? run ALL your numbers and use some of the guidelines and metrics that have been laid out in this thread and you should be ok.
Posted on 5/9/17 at 1:14 pm to stevengtiger
Hey steventiger, could you shoot me an e-mail? I have a question for you specific to NW La.
rabidtiger1@gmail.com
rabidtiger1@gmail.com
Posted on 5/11/17 at 9:28 am to RabidTiger
quote:
Hey steventiger, could you shoot me an e-mail? I have a question for you specific to NW La.
he's the guy to ask up there definitely.
Posted on 5/12/17 at 1:06 pm to Fat Bastard
Been on the road the last week. I'll reach out to you the beginning of next week. Busy as hell lately.
Posted on 5/22/17 at 1:57 am to stevengtiger
What do you guys think of private money lending as an investment? I've been looking for a house for about a year now and it's been tough. A guy has approached me a couple time about lending money and earning 10% while my money sits around. At first I was worried I'd find a place as soon as I cut a check but that was 8 months ago and still no luck. I'm thinking of going small ($50k) on this one he's got but he has another one that could come up and only need about $50k again. 10% sound good? Anyone have experience?
Posted on 5/22/17 at 2:48 pm to Sho Nuff
quote:
What do you guys think of private money lending as an investment?
hell yes! just make sure it is backed up with RE. many private lenders loan at 8% or 10%. If you can get 10% go for it. Just vet the damn 3rd party you are going through unless you plan on doing it directly. WHo approached you? a investor needing a private loan? or a third party you invest with who allocates your money to lenders for you?
Posted on 5/23/17 at 4:24 am to Fat Bastard
It's an investor who runs a sort of we buy houses here. He's legit. I would be the 2nd lien on the property and he puts title insurance and loss/payee as well for me. I worked out 11% with him. Thinking of going for it.
This post was edited on 5/23/17 at 6:16 pm
Posted on 5/23/17 at 6:16 pm to Sho Nuff
So there's 2 properties; one is $50k rehab and the other is $100k. I'm thinking of doing the $100k and earning almost $1k a month in interest. I will be writing a check to the title company directly and on as the 2nd lien. Anything I need to think/worry/question?
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