Comments on: Crazy Busy, Buying Properties

By: Steve

Steve — Fri, 29 Jan 2010 07:07:41 +0000

Hi Chris -

I still have never got a bank loan on a house. Everything we buy, no bank would put a standard loan on anyways. Missing kitchen, code violations, bad roofs etc. We started off using a lot of hard money, now we use a mix of our own cash, hard money and some private funds.

Eventually I am hoping to refinance my hard-money loans to standard bank loans.

By: Christopher Vincent

Christopher Vincent — Fri, 29 Jan 2010 06:00:09 +0000

How do you buy so many houses?? Bank of America told me anyone’s credit can only be extended to 4 owner-occupied houses (like vacation homes) and 4 investment homes. Rule of 4 is what they told me. But it looks like as long as you have the credit and the money (which can be someone else’s) you can purchase several investment homes?

By: Steve

Steve — Sun, 04 Oct 2009 21:32:15 +0000

The competition is fierce. We are paying a little bit more and really working the agents we already know.

I don’t know if the tax credit will expire, from what I’ve read it looks like it will get moved to 15,000.

By: J Scott

J Scott — Sun, 04 Oct 2009 20:48:56 +0000

Wow, very impressive that you’re picking things up so quickly these days. With the tax credit getting ready to expire, we’re seeing lots of competition from owner-occupants and are having a hard time putting much under contract for a reasonable price.

Congrats!
.-= J Scott´s last blog ..House #6: Final Analysis =-.

By: Steve

Steve — Sun, 04 Oct 2009 04:59:30 +0000

Thanks Mike.

We are really trying to rev our buying engine up, as long as we can wholesale the extras we can buy an unlimited amount and potentially cherry pick the our favorite areas.

How’s your quest going? Any new properties?

By: Mike Z

Mike Z — Sun, 04 Oct 2009 03:54:47 +0000

Nice Work, I like the fact that you are using multiple strategies to turn capital. Very Impressive