All Forum Posts by: Bryan Kelly

Good stuff! I actually didn’t know you could post an insurance claim prior to an incident. I live in Los Angeles in fire county, I’ll have to remember that. Great advice AM assume quotes as half worth to ensure a property still cash flows. Also, I’m in Pace Morby’s SubTo community and our whole goal is to help people and families get out of challenging situations. 

Is buying in a hurricane zone worth it? Is buying after a hurricane in a hurricane zone worth it. How does insurance come into play? Is the opportunity to purchase in these markets perceived as predatory?

Clicking the link says that I need permission to access the form. 

I know that a large majority will state that deals need to be formalized and gone through loan services, however, please humor me. 

With a friend to friend loan, I know...taboo and risky, what would a fair rate be for 3 year, 5 year and 10 year loan? 

Other advice is still welcome! 

Tying to understand the amount the needs to be held while scaling. I know as a smaller investor that has 5 properties, banks want to see reserves prior to lending. At what point, are they no longer going to want to see 2-6 months reserves for every property and just going to understand that there is an account with a sufficient amount? Is there a calculation for what that amount would be. I know also, that this reserve amount is above the savings for small repair, cap ex, and vacancy. Looking forward to learning about this. 

@Azeez K.

Will DCCU do a HELOC on an investment property in Los Angeles. The only credit union that I can seem to fid to do them is Quorum credit union in New York. There was one criteria that I did not pass though...you have to 5 years no missed payments. 4 years 6 months ago, somehow something slipped with the auto drafting and I got a 30 day notice, so it kicked me out of the race. Rather than wait 6 months, looking to find another credit union that will assist.

@Robert Reynolds, can’t house hack anymore, I got a wife and 2 kids. Maybe back in my single days. I couldn’t agree more about long term wealth coming out of LA rather than immediate cash flow. 

Sergey…this will not be an equity position loan. It will be a short term, simple fee. Hoping to BRRRR and repay on the refinance, hopes are within a year at 12%.

Nick…would you still go through a loan service for a one year loan?

To both Chris and Nick…I am on the same front when it comes to the “friend to friend”. I know full well that our relationship is worth more than this loan, so the advice I seek is how to legitimize the transaction. I want there to be an accountability on my end to his liquidity and profit. I would personally guarantee the loan, if for whatever reason, anything went wrong, I would do what was needed to make him whole. I wouldn’t be able to sleep at night. I think mainly what I was looking for were the ideals such as going through a title company or a TrustFCI. I believe this is a good jumping off point. Nick, I may reach out to you for further advice and see what you think about the Atlanta market. 

Thank you gentlemen!

Team:

Looking to understand that information that I should be paying attention to on the calculators. I use the BRRRR calc and for the most part I get it, but there seems to be quite a bit of information that I try to decipher the reason of. This leads me to my "Buy Box". I would imagine, in order to understand all of the auxiliary information on the calculators, creating a "buy box" is necessary. When trying to determine my criteria, what main things do I want to set? is there a general format that I can follow to create my criteria?