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All Forum Posts by: Jamie O'Connell

Jamie O'Connell has started 26 posts and replied 118 times.

Post: Update for Rental

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121

Investment Info:

Townhouse buy & hold investment.

Purchase price: $290,000
Cash invested: $20,000

4 Bed 4 Bath Townhouse

Post: Harris County Texas Realtor & Prop Management

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121

Hello!

Looking for a Harris County Texas realtor and property management. Haven't bought anything there but ready to start looking and would like to have a referral instead of cold calling agents. Prefer someone who's been in the game a little bit and is familiar with multi family and income housing. 

Thank you in advance! 

Post: Texting / Calling App/Program

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121

Not sure where to post this but this seemed general enough. I am starting out and have 6 rental units and before going any further I would like to switch away from my personal phone number and to a texting/phone call app. My thought is if (or more like when) I bring in someone to handle the rentals I have, I would like to have it all go to one number. I thought about getting another line on my cell phone plan but with phone and line it seems an unneeded expense, plus if they leave or go on a trip we would have to pass the phone around and I travel often.

I know there are apps that you can call from like Grass hopper and have pushed to your phone. But I want to know what apps people find best for Phone calls AND texting. 

Help me save my sanity for when im 10+ doors and have to constantly redirect people.

Thank you!

Post: My mother and I are partners

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Devron Goodwine:
Quote from @Jevon Shaw:

Good luck, man! It’s awesome when you can make it a family business!!


 Thank you thank you, that's the plan. Partner with my mother with 10 properties for her retirement. 


 Yes dude! If not doing it to make your or yours family life better or easier why do it at all. Keep killing it! 

Post: Financing Help Needed

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Tony Guarino:

WHAT MARKET IS THIS? HOLY SMOKES 

A purchase price of $100k and $2,700 in gross rent? I will sell the house, kids, and car to move there and invest! Hahaha. 

Ditto on what everyone else is saying in regards to finding financing. Local banks you have relationships with. Have a professional spreadsheet you can send them for bonus points. 

Right. Low income area with a very high cost of living and section 8. Section 8 is the reason the rent is much higher than I could get normal for it. By about 400 a unit. 

Post: Financing Help Needed

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Chris Webb:
Quote from @Jamie O'Connell:
Quote from @Robin Simon:
Quote from @Jamie O'Connell:
Quote from @Robin Simon:
Quote from @Jamie O'Connell:

Hello!

I am currently close to going under contract on a 3 bed 1 bath in each unit Duplex.

The purchase price will be under $100k and rent per unit will be about $1350 Est.

I am not w2 so its making it hard to find funding, specially with all of NYs strict lending laws.

Might anyone have ideas or contacts on who I could reach out to?

Thank you!


What loan size are you looking for? DSCR loans are a good bet for you (don't require W2) - and some DSCR lenders will go down to $75,000 loan minimum on a duplex


The option I have is for purchase 72k. It's a great deal. but below what I can find so far for lending. Would love to do DSCR if could find someone who would loan under 75k.


 Ah - unfortunately thats gonna be extremely hard to fund unless you can bundle the properties together for a portfolio

Hmmmm that is a thought. There’s another unit there I wouldn’t mind having. I did not think of doing a portfolio. 
Can you raise the price 3K for "make ready costs" and get the loan?
I might be able to. But I believe in ny it’s 75k minimum loan so 100k purchase price. This is only my second deal in the state though so still learning the laws and such

Post: Financing Help Needed

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Robin Simon:
Quote from @Jamie O'Connell:
Quote from @Robin Simon:
Quote from @Jamie O'Connell:
Quote from @Robin Simon:
Quote from @Jamie O'Connell:

Hello!

I am currently close to going under contract on a 3 bed 1 bath in each unit Duplex.

The purchase price will be under $100k and rent per unit will be about $1350 Est.

I am not w2 so its making it hard to find funding, specially with all of NYs strict lending laws.

Might anyone have ideas or contacts on who I could reach out to?

Thank you!


What loan size are you looking for? DSCR loans are a good bet for you (don't require W2) - and some DSCR lenders will go down to $75,000 loan minimum on a duplex


The option I have is for purchase 72k. It's a great deal. but below what I can find so far for lending. Would love to do DSCR if could find someone who would loan under 75k.


 Ah - unfortunately thats gonna be extremely hard to fund unless you can bundle the properties together for a portfolio

Hmmmm that is a thought. There’s another unit there I wouldn’t mind having. I did not think of doing a portfolio. 

Typically would want to have at least three properties in the same market, then can likely get down to an average balance of $50k or so for each property

Yea I could do that. It honestly didn’t occur to me to go that route. I’ll have to step back and see if I can find a third that isn’t a money pitt

Post: Financing Help Needed

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Robin Simon:
Quote from @Jamie O'Connell:
Quote from @Robin Simon:
Quote from @Jamie O'Connell:

Hello!

I am currently close to going under contract on a 3 bed 1 bath in each unit Duplex.

The purchase price will be under $100k and rent per unit will be about $1350 Est.

I am not w2 so its making it hard to find funding, specially with all of NYs strict lending laws.

Might anyone have ideas or contacts on who I could reach out to?

Thank you!


What loan size are you looking for? DSCR loans are a good bet for you (don't require W2) - and some DSCR lenders will go down to $75,000 loan minimum on a duplex


The option I have is for purchase 72k. It's a great deal. but below what I can find so far for lending. Would love to do DSCR if could find someone who would loan under 75k.


 Ah - unfortunately thats gonna be extremely hard to fund unless you can bundle the properties together for a portfolio

Hmmmm that is a thought. There’s another unit there I wouldn’t mind having. I did not think of doing a portfolio. 

Post: Financing Help Needed

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Robin Simon:
Quote from @Jamie O'Connell:

Hello!

I am currently close to going under contract on a 3 bed 1 bath in each unit Duplex.

The purchase price will be under $100k and rent per unit will be about $1350 Est.

I am not w2 so its making it hard to find funding, specially with all of NYs strict lending laws.

Might anyone have ideas or contacts on who I could reach out to?

Thank you!


What loan size are you looking for? DSCR loans are a good bet for you (don't require W2) - and some DSCR lenders will go down to $75,000 loan minimum on a duplex


The option I have is for purchase 72k. It's a great deal. but below what I can find so far for lending. Would love to do DSCR if could find someone who would loan under 75k.

Post: Financing Help Needed

Jamie O'Connell
Posted
  • Rental Property Investor
  • Elmira NY
  • Posts 120
  • Votes 121
Quote from @Eliott Elias:

Use DSCR lending.


Fantastic idea, I just researched it a bit. Do you know of any good DSCR lenders?