All Forum Posts by: Aaron Yang

Hi all, I'm looking to move into real estate syndications but my net worth isn't high enough to guarantee the loan amount. When you guys did your first syndications, how did you find other sponsors to bring his/her balance sheet onto the table?

@Jean H. Can you dm me what bank this was? I couldn't find a rate under 4.5% in Jax

+1  @Mark Fries has done some good work for me and my properties.

Keep in mind many credit unions require that you either live or work in the area. I would call a loan originator at the credit unions to make sure they are OK with the fact that you do not satisfy that requirement. I tried to reach out to credit unions in the area (out of state investor) of my subject property and they all denied me membership based on those reasons. I ended having to use a regional for-profit bank.

@Mark Fries is finishing up one of my rentals right now. Maybe he can help you out?

Can I ask how much your all-in property management costs are when you factor in tenant placement and monthly cost? I find that for lower cost rentals as these (<$700), property management costs quickly eat into your CoC returns pretty quickly.

@Alexander Felice Jacksonville, FL

Hi, I am an out of state investor from California investing in Jacksonville. I'm closing on a property this week that I'm planning to BRRRR with. I've contacted a few credit unions in town and none seem willing to lend to an out of state investor for a cash-out refinance.

What are my options? Do I need to just find a national bank or portfolio lender at this point? I'd like to avoid that as there are higher interest rates but if that's the only option, I'll bite the bullet.

Any out of state investors here with the same experience?

@Jeremy McAlee Is right as there's always good and bad parts of zip codes but I'll give you some areas where the properties are MORE often than not worth the bad tenants @Dennis Williams. 

Most of 09, southern part of 08, east side of 54, and parts of 06.

What are you using to get a 5% down? You said that it would not be approved by FHA. If you are using hard money loan you need to factor in the points and interest of that loan, which I don't see in your calculations. Does this house qualify for conventional loan?

Costs you're missing:

1. Monthly capex

2. Monthly maintenance (Since you're the owner instead of renting you're responsible for repairs)

3. Closing costs 

4. Loan fees and points

What's your exit strategy? Refinance, hold, or sell? You don't make that entirely clear as well.