All Forum Posts by: Daniel Porter

Hi,

I am in search of a loan for buying my first 3/2 SFR "house hack" rental in a growing NE dallas. It's a growing area, and the few houses i've been looking at are in the 90k-100k price range.

I'll bring a 15-20% down payment, possibly more. 
>1.25 DSCR, with 6mo of reserves on hand.
i'll fund the repairs myself, only buying structurally sound properties in C+/B- neighborhoods. 
Ive been in dallas for 7 years now, and I know where the better spots of the east dallas neighborhoods are. I'll be living there myself, and renting out to tenants i know first or second hand, so it will certainly not be in a war zone! haha. 

i'm looking for:
15-30 yr loan, with a competitive interest rate
no prepayment penalties 

ideally i'll  be able to refinance out of it in 2-3 years after claiming the boarder income on my tax returns. The loan can be to me or to my S Corp. 

proof of funds upon request. 

let me know what you have! or if you know of anybody trying to liquidate their portfolios in DFW.

all the best, 

dan
712-251-1996  

turn key, as in management fees are included? 

are they listed on the deeds? if i go to auction.com and look at a potential foreclosure, they'll have a list of the title chain, comps, etc. lots of info, for free. i just don't know where to find that at. 

howdy!

i'm looking for a way to do title research via county/city records, but i haven't been able to come up with anything. is there a way to do it? mostly just looking for ways to weed out different tax deed properties, foreclosures, sketchy seller-financers, etc. - a little extra armor in the trenches! haha. 

all the best, 

dan

@John Leavelle really appreciate this insight. I'll be include cost of repairs in my final offer, if its worth doing. i know for sure the FMV is not that high. I think he's appraising strictly off of his rent estimates which are a bit steep, considering the neighborhood average is 3/2 and it's a 3/1.5. in a per-room college town that shower makes a huge difference!

ahhh youre from networth realty. will i have to go through 212 loans?

could this go FHA

@John Leavelle yes, i'd be renting out other rooms. Denton is a big college town and  you can rent rooms for about $500~/mo. i only know this because i was doing it for about 4 years straight up until 2014! haha. i'm in my twenties and also a musician, so community living is pretty common in my subculture. not my fav, for sure, but its a modest price to pay for beginning my investment career now.

 The reason for hardmoney is because the seller will only allow financing with the brokerage's partner lender (as i understand his terms so far). this is what triggered a bit of a gut reaction that made me feel like the deal was off. I'd much rather use traditional lending, or at least it would seem safer to me. 

@Andy Webb is there a way to contact a refi lender to get a quote on what a refi would look like BEFORE i actually acquired the property? im under the impression you actually had to have the property to be able to sit down and project numbers. 

my plan would be to add value by updating the kitchen, putting in laminate flooring (it looks like concrete), and other cosmetic stuff. possibly turn the 1.5 bath into a 2.0. haven't gotten to walk the prop yet, so idk if that will be an option.  i really don't have a solid estimate on the repairs, i'm still learning how to estimate those numbers well. that's one of the most frustrating things for me honestly! any pointers or recommendations? I'm reading through J. Scott's book now... 

also, is there a way to find the last appraisal value? 

@Jim Thorpe that's the thing though, they would require i used their hard money lender instead of my own lender. 10.9 is better than 14%, but still, that's nothing on a 3.9% 30yr fixed! 

Running into a lot of sellers that will not say anything about the property, or how they acquired it, completely ridding themselves of any liability. i get it, it's smart, most of them are probably buying sight unseen or whatever the case may be. 

is there a way to get a sellers disclosure form from them? isn't that a legal requirement? 

or if you're looking to buy those properties do you generally just have to expect to pay for $600-$900 worth of inspections to cover yourself from any red flags? would a general inspection suffice?  

just trying not to get shafted out here... haha.