All Forum Posts by: Jarrod Ochsenbein

Howdy!  My wife and I started in April with private money lending.  We bought our first co-living house in Arizona in August.  I am not in your market, but would love to chat about investing in general.   

Welcome Tony!

I too am relatively new to investing. I have met some awesome people in this community. I go to REI meetups in Oregon where I live and Arizona where I invest. I met Veena Jetti at a pre Subto master mind party late last year and several other investors along the way. I am not a seasoned investor, but I have learned a lot in my short time. I started last year as a private money lender in April and bought my first investment property in August. It took me a while to find the market I wanted to start in and the strategy I was going to go with. For me I wanted to lean more on the cash flow side since I quit my W2 in August of '23. I was a Mid level IT manager at Intel for 23 years. I decided to break out, so to speak. My research and lending experience led me toward Co-living in single family homes. I found a great contractor, added 4 bedrooms to my 2500 sq ft house. I now have an 8 bedroom house that I rent by the room. I hope your journey starts of well and your investments bring you success. If you wanted to chat let me know. - Jarrod

ARV $615k? Is this in Scottsdale? I would like to see the comps if you have them.

Shiloh Lundahl -  Man this is gold.  I probably shouldn't be investing as much as I have been.  I am risking a lot, but I wanted to get into the game so to speak.  Thank You, Thank You, Thank You.

   I will add this to my lending check list.

Jarrod

15 properties and cleared an extensive background/portfolio check.

I am making assumption it's a hard money loan. It could have been a private money loan.

Thanks Steve.  In the event a default happens I could cover the $247K, but that would hurt. :)  I am up to $400k and cautiously lending. I have loans out now and have $220k remaining. If something happened while other loans are out I would have to pull $27k from a Heloc to cover the difference. I am heading to a multifamily event in Washington in mid Jan.  I hope to make more connections there to either lend or venture into the PMP space. 

The 1st HM loan is for $247k on a $215K purchase. He added a construction hold back and other items.

Thank you - Any other documents I should look into? The borrowers typically use an LLC on the docs and the personal guarantee is something I use just in case.

Thank you Chris. My current loan is for $45k on a property they picked up for $215k. As it sits it is worth around $280 ish and ARV is $340k according to me. The borrower is thinking $360, but either way I believe there is equity. The first lien is hard money.

Anyone who thinks bad things will happen will always find a way not to do something. I would say for you, do not do subto and move on. Go to the MLS and have a good one.