All Forum Posts by: Jason Sung
Jason Sung has started 28 posts and replied 91 times.
Post: Wholesaling near Dallas
- Investor
- Dallas, TX
- Posts 91
- Votes 30
@Jared Garay , I am an investor in DFW. I look for deals for LTR or MTR. DM me
Post: Dallas/North Texas Meetup
- Investor
- Dallas, TX
- Posts 91
- Votes 30
sign me up as well! thanks!
Post: DFW cities with highest appreciation potential
- Investor
- Dallas, TX
- Posts 91
- Votes 30
Quote from @John Morgan:
@Nitin Gove
I stay in cheaper central areas near downtowns and freeways like Arlington, Grand Prairie and Fort Worth. These seem to have the highest appreciation due to the demand for starter homes. And not everyone wants to commute 30-40 min to work.
@Nitin Gove, I wonder what you mean by 'cheaper'. Do you mind sharing what is your target price range in this market?
Post: DFW cities with highest appreciation potential
- Investor
- Dallas, TX
- Posts 91
- Votes 30
Quote from @Andy Webb:
Quote from @Jason Sung:
Quote from @Andy Webb:
Buy a distressed house at a discount and fix it up thereby creating your own equity through the process. Then you don't have to worry about appreciation or a huge out-of-pocket downpayment. Cash flow will be minimal, but should be there. Sell in a few years and cash out that equity and reinvest. Easy process to repeat.
Hi @Andy Webb What would be your recommendation for buying a distressed property in this market in DFW? Most people do not have enough cash to buy a distressed property that banks do not lend. Also, using hard money in this market is very risky.
Hi Jason - Why do you view HM in this market as being risky? If your numbers work and you are buying with a decent equity buffer, I don't see a problem. In fact, in most cases I would prefer to buy with hard money or some type of private money - I will have a lower out of pocket = lower capital at risk in the long run.
We are shopping for properties in the DFW area (and elsewhere) right now, and mostly look for distressed houses that we would buy using Hard Money. Know your numbers, know the cost of renovations, and have a clear game plan to buy, do the rehab and get back out into conventional or some sort of commercial/DSCR product on the back end - you should be fine.
Andy
@Andy Webb, I agree with you. If numbers makes sense, why not. Are you buying from wholesalers or do you do direct mailing? I am relatively new to RE game and I have checked many deals from wholesalers but do not see any deal that could cash flow, especially after cash-out refi (with high interest rate) after the rehab is done.
Post: DFW cities with highest appreciation potential
- Investor
- Dallas, TX
- Posts 91
- Votes 30
Quote from @Andy Webb:
Buy a distressed house at a discount and fix it up thereby creating your own equity through the process. Then you don't have to worry about appreciation or a huge out-of-pocket downpayment. Cash flow will be minimal, but should be there. Sell in a few years and cash out that equity and reinvest. Easy process to repeat.
Hi @Andy Webb What would be your recommendation for buying a distressed property in this market in DFW? Most people do not have enough cash to buy a distressed property that banks do not lend. Also, using hard money in this market is very risky.
Post: DFW cities with highest appreciation potential
- Investor
- Dallas, TX
- Posts 91
- Votes 30
Quote from @Aaron Duthie:
@Jason Sung my experience with Ownwell has been great, they make it very hands off for the owner. I'd recommend it. I'm sure there are other service providers out there, though I haven't done any comparisons.
Thanks @Aaron Duthie
Post: Cashout refinance in BRRRR now with high interest rate
- Investor
- Dallas, TX
- Posts 91
- Votes 30
Hi BP community,
I bought my first fixer-upper and took a year to fix it up. I just rented it as Midterm rental and cash flowing well since there is no mortgage. Home is appraised about 450k.
I am debating two options;
1. keep it as MTR and save money to invest next deal.
2. cash-out refi to invest next deal. Rate would be 7.5% for 30 year fixed. To be conservative, I am thinking of doing cashout refi about 200k. PITI would be about 2000 per month.
I am in my 40s and I have my W2 job and plan to keep working for a while. To grow my rental portfolio, I would like to take out some cash but I dont like the fact that I need to pay high interest rate. Would appreciate any advice.
Post: Is a cash out refinance my only option to tap into equity on a non owner occ 4 plex?
- Investor
- Dallas, TX
- Posts 91
- Votes 30
@Maurice Smith can you move into the 4-plex as your primary and take equity as Heloc, if you can.
Post: Is it OK to use personal checking account to manage rental income?
- Investor
- Dallas, TX
- Posts 91
- Votes 30
Hi BP community, I am trying to implement Profit First method, which suggests to open multiple accounts; tax account, operating cost account, profit account etc.
I cannot find a bank that allows opening multiple checking/saving account with no monthly fee and no minimum requirements.
I found Capital One has such account options, at least or personal banking. Not sure if they have similar options for LLC.
What do you think about using personal back accounts to manage rental portfolio? Is it a bad idea?
Post: Which bank allows for multiple accounts?
- Investor
- Dallas, TX
- Posts 91
- Votes 30
@Julian Colvard, I have the same question. I wonder if you found a bank to implement Profit First method?