All Forum Posts by: Brandon Johnson

@Akash Y.

Are these furnished rentals or is that just a thing up there in Canada to provide tenants with cable service?  Down here in Louisiana some owners pay water/sewer simply as an incentive and I've even heard of some paying for electricity in rare cases, but never cable TV service.  Sounds like an extra hassle to keep up with.  Do you need to offer that in your market to compete with other rentals?  If so, this is probably worth posting in a different forum like the landlording forum.

@Stefen Sheets

@Stefen SheetsI have bought and rehabbed two houses in O'neal Place and made rentals of both of them. They both refinanced well due to the values in the neighborhood and they are now two of my favorite houses in my portfolio. 

I have a friend flipping houses in Denham Springs exclusively and he appears to be doing well with it.

 Rehabbed houses are selling well, provided you had them professionally treated and repaired correctly with beautiful finishes.  You need to connect with a good real estate agent willing to provide you with this market data you are asking for.  If you look at enough deals on the market you will get a good feel for the pricing and sales trends in your desired area.  The right contractor is also the key to your success.  Good luck with it.

See you at the top!

@Daray Olaleye I like how you see these events as happening for you rather than to you.  That gratitude will pay off.  You should study up on the law of attraction to learn how to stop these unwanted events from manifesting in your reality.  After reading and watching The Secret, start listening to some of the Abraham-Hicks material on Youtube and really learn how you create your own reality.  Something tells me you are already familiar with some of these concepts, but really learning how the law of attraction works will change your life and your business in ways you only previously imagined.  And that imagination is one of the keys to your success.

Now that you got all of this negativity off your chest, I suggest you never beat this drum again.  Never even give another thought to any struggles so that you do not attract more struggles because that is how it works; it is universal law.

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@Larry Daniels I recommend podcasts as my favorite way to learn about a subject I am interested in.  That way I can learn while driving, exercising or cooking dinner.  Bigger Pockets has had several wholesalers on the podcasts over the years.  They did two interviews with Michael Quarrels and those were a couple of my favorite shows.  That guy is a beast in the industry and he has a few of his own podcasts worth listening to.  

Sean Terry and Flip 2 Freedom is another show you can learn a lot from.  
I would also invite you to the RING (Real Estate Investor Network Group) because you can introduce yourself and mention that you are looking to network with other wholesalers.  I can introduce you to some that attend regularly.

https://www.meetup.com/the-ring/

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@Justin Tortorich congrats on getting your feet wet.  I hope you enjoy the ride!

I use the same CPA mentioned by Rip above.  

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@Chad Mayo almost all of my loans are the 5/20 balloon you mentioned.  Unless you have a major change in your credit or you make late loan payments, it should not be a problem to renew these loans.  At the end of year 4 you can talk to the banker to make sure nothing has changed and come up with some backup plans in case they do so you will be prepared.  

My experience has been that maxing out your available credit will be a detriment to your credit score, but as soon as the debt is reduced or eliminated the score will rise right back up. This has happened to my score repeatedly as I max out personal credit lines to repair properties. I use LLC's for my properties except for one I own in my personal name because I used to live in it and don't want to mess with the financing that is in place now.

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Brandon

@Mary Danna

I just stumbled upon this post.  Did you ever find a contractor to rehab your condo?  How did it turn out?  I would suggest mentioning BR in the body text next time because that will ping more site users like me that have BR as a keyword search.

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@Chad Mayo Baton Rouge has more banks than you would believe that will do the type of loan you are looking for.  You are not likely to find a 30 year fixed loan, but you can find a 20 year loan with a 5 year balloon at interest rates around 5-6% right now.  Get on Google, look for all the smaller community banks that have a small number of branches and call them, speak to a loan officer and ask what types of loans they are currently looking to make on residential investment property.  You will find a bank that will work for your needs because there are a LOT of them in town and in the surrounding small communities.  

Go ahead and steer far clear of the big banks like Capital One, BofA, Regions, Chase, Wells Fargo, etc.  They mostly sell government backed mortgages that get sold off to other Fannie and Freddie backed institutions.  

My advice to you is to prepare a financing package where you have already compiled everything they may ask for to qualify you including the information about your property, the rehab, market rents for the neighborhood, etc.  Make multiple copies and walk into multiple banks and speak to their lending officers.  After you do this, chances are you will find out you have several choices and you can select the one with the best terms.

Sounds like you you are on the right track and I believe you are going to be very successful with this first deal and you will get the bug and be ready for the next 10 deals to hurry up and come your way.  Reach out to me if you have any trouble with this, but it should not be too difficult.  Do you have a full time J.O.B.?  That really helps in this situation.

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@Mercedes Masrua I would call the local permit office and ask them what guidance they can offer if you hypothetically had a house this happened in.  You do not have to disclose the address to get them to answer this question.  They may allow you to get the addition permitted by signing an affadavit stating that the work was done by licensed contractors according to the local building code.  At least you will know what you are up against if you ask.

Great flip Rodney, I'm glad it worked out so well for you.

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@Ryan Tortorich Way to take action and create your own reality!!  I am super excited for you and especially glad we have another great owner in that neighborhood.  Congrats on your first deal and @Kyle Mccaw is spot on; its all downstream paddling from here.  I love success stories more than any other kind of story.

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