All Forum Posts by: Jason Park

@Patrick Shep

Hey Patrick!

Are you looking in the DMV area? There are products that have zero seasoning period to help get return on your money a lot quicker.

It would be a case by case but with increased rehab costs, commissions, closing, I’m seeing 70% you may have to leave some money in the deal. Obviously this is not true for all deals..

hope this helps! Lmk if you need anything else!

Quote from @Nelish Patel:

Is it possible to get an investment loan? Are rates any better? 

Hey Nelish, 
Rates are similar as prime rates are a bit higher, we are in an environment of higher interest rates then a few years back. There are however different vehicles and scenarios that may help achieve your goals

Hope this helps! LMK if you need anything else! 

Quote from @Alazar Wubet:

I am looking to purchase my second flip and i am having trouble finding deals worth investing into on the MLS.

on my first investment i made the mistake of buying a property that was on market price without considering the distress of the property. I knew it was not a really great deal but for my first property my goal was to learn as much as i can and atleast break even. 

my question is now that i know that MLS deals are hard to find and the ones you find are taken on the spot by bigger fish, where do you source your deals? Can you please enlighten a fellow flipper(beginner)

 Hey Alazar

I am local to the area and there are many wholesalers here in the DMV area. There are so many ways to generate the leads as @Ko Kashiwagi mentioned! But it comes down to if you want to personally get down and dirty to learn the work or if you want to delegate to a third party. 

Hope this helps! lmk if I can assist you in any way.

Quote from @Rahul Gupta:

Quote from @Devin Peterson:

Quote from @Rahul Gupta:

Good Morning!

I was wondering if anyone here had successfully used a hard money loan to finance an STR? If so, is there someone you recommend that services Twin Cities, Minnesota?

Also, please tell me if If there is a reason I should avoid them or if there is something better that I don't know about. I am looking at purchasing a turnkey property with a 30 year rental program.

Thank you so much!

Is there a specific reason you are asking about hard money loans for a property that could be stabilized with a DSCR loan? Do you intend to make any renovations?

Hello,

I just spoke to a hard money lender and it seems to be doable.

In my experience, Banks make it really difficult to obtain a mortgage and I have never been able to succeed in obtaining a loan with them for investment purposes simply because they require a certain amount of DTI ratios. For example, I have been informed from a couple of banks that even though my current Airbnb totally offsets the mortgage, they will not take the income from the property towards the DTI calculations but rather take the gross income from the Taxes filed and consider the mortgage amount as an expense, which was hard to understand. Now, I am not sure if the banks I have dealt with have just made it complicated to explain to new comers or I did not understand (after repeatedly trying to understand their process) it completely, but it seems too complicated. By then they run the credit and there is a hard pull on the credit report making my fico score drop and then them saying "sorry" the next day. All this after talking to the loan officer about every single detail before applying and them saying that there will be no problem with the loan.

I feel Hard money lenders are more logic based and rational people. Yes, they can run a soft pull to pre approve it does not hurt the credit at the initial stages for no reason. Also, they can let me know if the deal will be a go or not before they want to hurt my credit score. 

 Hey Rahul, 

I ran into the same issue through conventional as I was starting.. It seems like you already have the answers, there are great DSCR lenders on this platform. Let me know if I can assist you in any way!

Quote from @Chuck Ward:

I just spoke with Jason Park, he's on here - Coastal Capital Funding. Check them out.....https://coastalcapitalfunding.com/

 Thank you @Chuck Ward!

@Pat Leri Would love to help assist you in any way!

Quote from @Ken Chud:

Has anyone had any success executing BRRR in or around Baltimore city and County?

 Hey Ken, 

Being relatively local to the area, I know some investors that have had some success doing buy/hold in Baltimore city. Are you looking to have a perfect BRRRR (meaning 100% cash invested back out)? This may be more difficult, but in a city such as Baltimore, i have seen investors leverage city's needs to gain some success. Halfway house operators, Section 8 operators etc to gain top rents for properties in those areas. I have also seen investors leverage Johns Hopkins travel nurses and residents to increase rents etc..

Hope this helps! LMK if I assist in any other ways

Quote from @Ali Harris:

Hi, 

I may be in a position to acquire a duplex where each unit is 1 bed/ 1 bath.

The tenant is about to move out of one of the units and I was wondering how viable will it be to either add 1 bedroom to that unit or may be add 2 beds and 1 bath for increased case flow. 

any gotchas I should be aware of?

If it is a viable option, any idea of the rough costs involved? Any know can recommend a General Contractor they have used?

 Hey Ali,

Depends on the location, but I assume in Dallas it would be viable to add a bedroom into the duplex. Not to mention the ARV would get a little bump if you were interested in cash out refi on the property along with a rent raise.

Unfortunately, I am not local to your area so I would not know of any contractors of cost, but your local meet ups, mentors, or investors could point you in the right way.,,

I would just make sure that the layout stays somewhat in tact as you're adding the bedrooms. I have been to number or properties where in hopes of adding a bedroom or bathroom, the layout gets a little wonky. 

Not to mention tiny bedrooms where its hardly a bedroom at all..

Hope this helps! LMK if you need anything else!

Quote from @Brian Piechocki:

I'm looking at an 1950s, 3br/1ba fixer upper that currently has window units. Still running the numbers, but the plan is to BRRRR but flip would be the backup exit strategy.

Does anyone have experience installing HVAC in old houses that do not have central air? Is it worth the cost for rental? 

 Hey Brian,

Majority of the properties I BRRRR start out without HVAC and I put HVAC for all units. Not sure if rents will justify with HVAC alone, but I have seen tenants prefer my properties much more compared to the other rentals in the area. I would think this would play a role in your vacancies and retention for tenants as long as they are screened correctly especially in south AL!

Hope this helps! LMK if I can assist with anything else!

Hey AJ, 

I think maybe you and/or your clients are a bit early. Most of the transactions between gold and/or BTC is converted from USD or converted from USD to purchase; therefore it makes it a bit difficult. Also with the volatility of BTC I wonder how feasible it may be to transact 100% in BTC at a current state. Also, as @Account Closed mentioned, Gold can be very slow moving and transferring can be a bit a job all in its own. 

My personal opinion is that having savings in hard assets such as Gold, Silver, and BTC may be a good idea but I have not heard of any companies that would do that transaction. 

I would assume they would have to be a third party escrow company that holds the USD convert it Into BTC or gold and transfer back into the sellers account? But then again BTC being a high vol asset, what does that look like if it goes up/down 20% when its time to convert?

Fascinating thought, hope this helps!

@Rory Sweeney

I personally use Buildium in partnership with my CPA and book keeper! My CPA is an investor himself and that’s what he uses for his accounting so I believe it does what you’re looking for.

Personally, I’m not an expert but I can connect you to my book keeper if you need any help. Let me know!