All Forum Posts by: Eric Johnson

I am continually interested in financing investors who are doing deals in the Milwaukee market, if you see this post. I am glad to help. I am hearing good things about that market from flippers and long term buy and holders alike.

2 Votes

Instead of debating about something that doesn't exist, how about we hold our gov't accountable for literally not even giving people money for food and shelter (in a global pandemic, which people are told to stay home, unless they need to work) & accept that they don't care about 99% of its entire populace?

That is something that is much more infuriating to me.

1 Vote

Based on what source of information? There's nothing credible here. Eminent domain already exists. No one is coming for your property & no one is coming for your guns (not directed toward you specifically).

5 Votes

Aaron, you have multiple hurdles you need to cross to make this a successful deal.

1. You have an ARV of 95,000. Minimum loan amounts for investment properties are generally $75,000

2. Since you're using airbnb, this is short term rental. Cashflow is hard to underwrite (based on historicals). I recommend not doing this if you want to refi.

3. ownership seasoning. You usually need at least 6 months ownership seasoning to capture the full valuation of the asset. Otherwise, it's usually based off of cost based rather than market value. Cost basis is purchase price + dollar amount of any rehab.

Hope this helps. Seems like a tricky situation unless you can use your personal income and go conventional.

2 Votes

Ask them about their preapproval process & debt to income criteria (DTI) for the program you're trying to qualify for. calculating your DTI is how they will determine your purchasing power relative to the asset you want to acquire

1 Vote

Originally posted by @Deisy P.:

Thank you all for you comments. This all came about because two things just piled up on me on me at the same time. I don't have a trusted handy man, a go to lawyer, a go to contractor for anything. Any way, a realtor friend referred me to his and he fixed a couple of things in my apartment and then I brought up an issue w/ the coach house roof. He went up there and talked about things that he saw and took a few pics and stupid me I didn't research any of it and took his word for the things that needed to be done. He verbally told me the scope of the work would be about 4 days and possibly might higher someone else for $7,800. I paid him half up front and then the rest later. The time came and texted me that he had got there and to open the side gate. 3 hours later texted he was done. DONE? You said it would take 4 days? "I used the best materials and i have 21 years of experience." He said more things but the work was already done so I paid him the rest. I told my realtor friend and he said, why didn't you tell me sooner? I didn't know he was going to go from 4 days to 3 hours without notifying me! So basically he charged me $5,095 just for labor. I emailed him about it after I searched the work and the time between coats and he said he used a dry torch for the sealant or whatever it's called and said he performed work that should have cost me $14k. I gave him the opportunity to give me back a portion of the money and he's not budging. He's not on yelp and i can't find him in BBB. So basically, I feel like an idiot and I should have known better and it's a learning experience but I feel very embarrassed for letting that have happened and I am truly doubting myself yeah, in thinking this isn't for me. I called a professional roofer and the man brought his son and I explained what happened, looked at me and asked me where the man of the house was. In complete shock, I exclaimed that I was the "man" of the house. It was very upsetting and with the tenant that's not paying me anything and I can't do anything about it right now...it's just overwhelming.

It's all the price of learning. Hell, $8,000 is cheaper than a 3 credit university course..

I'm local to Chicago, happy to try and assist :) just keep moving forward little by little and be diligent in your efforts & details.

1 Vote

Originally posted by @Mems Chita:

@Eric Johnson I'm just having a hard time with my first REI flip

Send me an email (in my signature) let's talk about your scenario, hopefully I can assist.

0 Votes

Commercial mortgages for 1-4 unit properties. Happy to answer any other questions. They usually allow for infinite scalability.

0 Votes

Hi, I'm a direct lender from Chicago area. Happy to assist you with any questions you may have regarding financing properties.

0 Votes

Yes, Shoresides direct program does SFR portfolios. We can do 5,7,10 year hybrid ARM structure, or 30 year fixed.

0 Votes

All Forum Posts by: Eric Johnson

Eric Johnson has started 20 posts and replied 613 times.

Post: Milwaukee Market Introduction!

Post: Government taking over property ownership

Post: Government taking over property ownership

Post: Help with my refinance!

Post: Questions you wish you asked your Conventional Mortgage lender

Post: Female Property Inves./Landlord on the verge of leaving the busn

Post: Private Money Lenders

Post: How to borrow when # of properties max debt/income ratio?

Post: Milwaukee Market Introduction!

Post: Portfolio Lender-- Fixed Rates ?