Comments on: I Got Paid To Buy A House Today And Will Never Have A Mortgage Payment https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/ Sun, 12 Feb 2017 04:00:22 +0000 hourly 1 https://wordpress.org/?v=3.8.35 By: Mike Sumsky https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-352 Tue, 08 Nov 2016 22:14:33 +0000 http://mikesumsky.com/?p=499#comment-352 Hi Drew. No, this one is on Sheridan

]]> By: Mike Sumsky https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-351 Tue, 08 Nov 2016 22:14:01 +0000 http://mikesumsky.com/?p=499#comment-351 Hi Scott, you’re right in that normally $300/mo expenses would be pretty light. The tenants pay utilities and I manage the property which saves that cost. We remodeled the property prior to renting out the units which keeps maintenance expenses low.

]]> By: Mike Sumsky https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-350 Tue, 08 Nov 2016 22:10:26 +0000 http://mikesumsky.com/?p=499#comment-350 Hi Pete, good question. Yes, I ALWAYS have escrow record a mortgage (deed of trust in WA state) to secure the loan by the property. I don’t see a reason why your refi/cash out would be run into any problems because your PL’s loan is secured. Technically you’re offering a security, which by definition requires it to be secured by something. Go ahead and have the closing agent record a mortgage and you should be good to go.

]]> By: Pete Edmosnon https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-349 Tue, 08 Nov 2016 21:28:14 +0000 http://mikesumsky.com/?p=499#comment-349 Very cool! I just saw your biggerpockets #106 podcast, and am very close to pulling the trigger with my private lenders. The question I’ve got is– are you offering any legal document to give your private lender some security on the collateral, or is it (at the very core) an unsecured loan, ie handshake agreement?
For efficiency’s sake, I’m trying to avoid recording a mortgage in the PL’s name, since I then want to rehab and refi/ cash out within 6-12 months. The best I can brainstorm without talking to my banker, is a notarized promissory note.
Any suggestions would be awesome!
-pete

]]> By: Scott Baluch https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-319 Thu, 09 Jun 2016 11:24:50 +0000 http://mikesumsky.com/?p=499#comment-319 Hi Mike,

So if the duplex produces $1800 in gross rent / month and you net $1500 between the two of you, that means it only has expenses of $300? That seems incredibly low!

]]> By: Drew Kniffin https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-243 Wed, 11 Nov 2015 20:18:40 +0000 http://mikesumsky.com/?p=499#comment-243 This isn’t the duplex on Heather Lane, is it?

]]> By: Aaron Hergert https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-191 Tue, 30 Dec 2014 07:03:25 +0000 http://mikesumsky.com/?p=499#comment-191 I just finished reading Pitch Anything before seeing you mention it here. It is a very interesting book, easy read and loaded with great info. I immediately thought of pitching private money investors when reading it and hopefully it will help me with my prize frame. I recommend it too!

]]> By: Todd Taylor https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-113 Thu, 24 Apr 2014 13:25:20 +0000 http://mikesumsky.com/?p=499#comment-113 Enlightening shift in perspective, Mike. Todd bless you!

]]> By: Russlyn https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-9 Mon, 11 Feb 2013 23:16:28 +0000 http://mikesumsky.com/?p=499#comment-9 You are so clever!! I would have never thought of that. We need more lessons about getting private money lenders. Excellent!

]]> By: Russlyn https://mikesumsky.com/raising-private-money-and-getting-paid-to-buy-a-house/#comment-6 Sat, 02 Feb 2013 22:39:19 +0000 http://mikesumsky.com/?p=499#comment-6 That was great Mike. The next Reaps meeting topic, correct???

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