All Forum Posts by: Darlington Agu

Hi

Hope everyone is doing well, I’m currently looking to refinance my two properties out of a hard money loan. The lenders ive reached out to (rcd capital and the loan guys ) have both seem to be pretty restricted because of the current market, any advice as to how I could locate a good financing deal in this market. Both of my properties are in Houston Tx and are currently rented out. Any suggestions would be appreciated. Also if you have any experience working with these companies I’d love your input.

Great work, why Atlanta and what factors helped you determine this property as worth aquiring?

I personally went through a scenario similar to yours, I would move forward with a 3 day notice immediately. Explain that the check will be verified as soon as it is received and if it doesn't clear she will be evicted plain and simple. Also, I wouldn't renew their lease. 

Great question, but should this stop you from investing? The answer should be no take advantage if there is a correction, if not keep buying and let realestate give you the financial freedom we all desire.

In my personal experience lenders do consider expected income when determining DTI, Im using a Credit Union on my loan and as some have already stated they count 75% of projected rent. Hope this helps

@Ryan Deasy I really appreciate the encouragement, I've considered that maybe I've just fallen on unlucky times but what I'm seeing is a consistent decrease of quality tenants in the area as well as an increase in vacancies. I haven't given up on this part of Texas as there are many great areas, but from what I'm seeing there are only a few problematic areas. If you have any suggestions on where to focus on please do share. 

@Joshua Watts

Definitely motivating I’ve given some serious thought about heading in to the storage business but I’m too unexperienced to get in to it now.

@Jay Hinrichs

I plan to do my first BRRR in the Winston-Salem NC area. Would you have any suggestions as to how to find and create a good team ?

@Megan Kline

I use a min of 175$ per door after all expenses including management. It’s also great to consider the market in which your rental is in. Lower cash flow can be worth it for an emerging market or better yet a market that appreciate heavily. Example cashflow of $175 per door in Los Angeles vs Houston, I’d be okay with 175$ in Los Angeles because the appreciation of the property will great over time vs $175 in Houston which appreciates much slower. I own two quadplexs in Houston and I’m doing about $200 per door.

@Kirk Perecich

Looks like you got some great advice as far as getting a multifamily. I say get the property and focus on using the two rentals to help pay the mortgage and insurance, live in the third for free and save money. I can’t say if you’d get caught if you rented it out before the one year end but i have colleagues that have done so within six months. No issue there.