All Forum Posts by: Allen McGlashing

@Jay Mersfelder

Start using hard money lenders they don’t go off your personal financial statements, they usually use the asset to determine if they will lend. I would hate to go back to a w-2 to just get financing.

@Nick Gee

Benefits of buying in a LLC also include; usually it's asset based loans and you won't have to go through the strict process of getting bank financing. Most hard money lenders want to lend in LLCs. That was the biggest reason I created one was to get financing.

@Scott Diallo

There is no time limit to my knowledge. I refinanced my primary home (at the time) last September and bought another primary home in November. I would absolutely refi while you still live at the property so you still get owner occupied rates.

@Alfredo Alfaro

Yes I agree with @Sheena R Roth the best way to approach a house hack is to not let them know your the owner you can say your the PM. That way when there’s a dispute you can blame someone else and your sanity isn’t compromised.

I’m talking from experience.

@David Fischer

I would suggest bumping the numbers up on expenses such as Cap Ex, Repairs, vacancy. Usually in rougher neighborhoods the tenants don’t really take care of the property and you’ll see higher vacancies. It sounds like to me what also needs to be done is find another PM cause the one that is managing that property isn’t doing even a decent job from your description. If the numbers still work after you over expense all those categories then why not jump in and try it.

The worst case is you learn from it.

@Eric Ching

The COC return is the comparison of the money you actually have in the deal and the return on it. You obviously had a hefty down payment to get only a 5% COC return with a $700/month cashflow. I would put a lower down payment and get a bigger loan then put your excess capital into another deal.

Leverage debt to create wealth faster

@Jake Lilly

I assume you have called banks and were quoted at taking 80% LTV out because of you get any lower this deal doesn't not only cashflow, but you'll have to leave money in the deal. So no I do not think it's a good Brrrr deal after you add CAP EX, Maintenance/repairs, PM, insurance.

I liked his episode on the BP podcast. He has been saying this for a couple years now. So sooner or later he will be right.

@Aaron Kovac

I recommend buying "The book on estimating rehab cost" by J.Scott at the very least it will give you an idea on what to look for even through the picture on the MLS and a general idea what you should expect to pay. Always add the higher price.

@Scott Mac they probably want change because they’ve been terrible for so long in that stadium.

@Alvin A. Gonzalez correct me if I’m wrong, but I thought they agreed to do SuperBowls only in warm weather climates because the year they did it in NY they lost a lot  of revenue due to it being so cold for the outdoor attractions. If they did bring it to that stadium you could make a lot on a Football themed Air BNB.