$1,000 Money Challenge

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Originally Posted by RCCrawler

So you invested nothing but $1,000 and walked away with $26,000?

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Yep.. $1000 wasn't even an investment.. it was an earnest deposit.

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Originally Posted by encorehunter

I haven't found anything in the last couple of weeks. I picked up a Citizen eco-drive womens watch for $2, think I could get $40 for. The Mrs.'s saw it, now I am out the $2. [Bang]

Note to self, if you are buying jewelry for profit, don't let the Mrs.'s see it before it is being sold for profit.

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Tell me about it.... paid under $2. Discovered the tags later..... girlfriend saw it. It's all hers now. Even though it's way too big.

http://img.tapatalk.com/d/13/06/27/a6egyvap.jpg

http://img.tapatalk.com/d/13/06/27/edudyqyb.jpg

Sent from my teepee using smoke signals.

So you bought a piece of property, closed on it, invested no additional money into it, then sold it, and walked away with $26,000 with no further obligations? Realtor fees, closing fees, title fees, mortgages, ect?

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Originally Posted by RCCrawler

So you bought a piece of property, closed on it, invested no additional money into it, then sold it, and walked away with $26,000 with no further obligations? Realtor fees, closing fees, title fees, mortgages, ect?

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70% ltv hard money 12% w balloon @50% ltv purchase. Using the 20% to finance the fix up to be handicap accessible and 1 mo payment. Sold it to the lined up buyer ready for his special need at appraised value. 25400 is the net after all the third party costs plus if you want to add my origination fee on the new loan, it would have been more. I am a banker, she is a realtor.

Like any other property investors, I was doing this 3-4x a year prior 2008. Now that the market is back, hard money investors are hungry, so its a matter of finding that great deal.

Irving did you secure the 8 units with hard money balloon too?

Not exactly. We put approx 1/3 down with peer2peer money by swapping self-directed IRA funds. For the remainder of the loan we were able to get a 15 year P&I loan from 1st Bank. The Peer2peer agreed to match the P&I loan time frame.

As you probably know, the commercial loans just recently changed, as before, you would get an interest only loan amortized at 25 years, but for only 5 years. So you'd have to refi every 5. We anticipated either seller carry and p2p 5 year balloon, or commercial loan that we'd have to refi (or sell) every 5 years and p2p 5 year balloon.

Call me before the 5 year balloon is up. When it comes to money making properties there are only 3 banks in town that will do the loan.

I wonder how the IRA works as partial investment. I have only done sole ownership.

We need 6 series members in this thread.

There is no balloon that I know of. Don't you worry, we'll get together enough about stuff like this.

The current commercial loan you have is 5/25.. Which is 5 year balloon (due date) but amortized for 25 years.

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Originally Posted by ChunkyMonkey

70% ltv hard money 12% w balloon @50% ltv purchase. Using the 20% to finance the fix up to be handicap accessible and 1 mo payment. Sold it to the lined up buyer ready for his special need at appraised value. 25400 is the net after all the third party costs plus if you want to add my origination fee on the new loan, it would have been more. I am a banker, she is a realtor.

Like any other property investors, I was doing this 3-4x a year prior 2008. Now that the market is back, hard money investors are hungry, so its a matter of finding that great deal.

Irving did you secure the 8 units with hard money balloon too?

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House flipper! :)
Oh yeah!!!! I remember a forum member who was a professional house flipper here. He was on a CNBC if I recall.
I think he was selling his firearm here , and said "I am here to sell my firearm, not to make a friend"
http://www.ar-15.co/threads/35238-Let-s-try-again
He later apologized. No biggie.

My question is, do you work at a same firm? j/k [LOL]

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Originally Posted by ChunkyMonkey

The current commercial loan you have is 5/25.. Which is 5 year balloon (due date) but amortized for 25 years.

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No, it is a straight 15 years principal and interest loan. If we kept the property for 15 years, it'd be paid off at the end. Those billboards you see that say "15 is the new 30," are referring to that loan.