All Forum Posts by: Jason Taken

We are considering Evolve Funding for a DSCR loan. Does anyone have experience with this company or using them for a DSCR loan? There is limited online information about them, except that they have a C+ rating on BBB, and they do not provide an address on their website. I suspect this company is different from Evolve Property Management.

How did you guys started your first flipping job?

My wife and i started this path in real estate, we want to start flipping. No investors want to start working withme because i have 0 experience. Do you guys know anyone who would help me start my first project. Thank you 

I want to organize my business books better to be able to quickly apply for loans, LOC, share with an accountant, file taxes, etc. I have 1 property in my LLC and I'm about to buy 1 more within it. Both will be managed by my PM who uses Buildium. I want to be able to pull statements quickly for my LLC that looks similar to the one I get from Buildium for my business that includes my mortgage, insurance, repairs to property (that happen before I hand them off to the PM), rental license fees, general business expenses like for my virtual mailbox & registered agent, etc. I essentially want to be able to marry the data easily from Buildium to quickly so I get a full financial view of my business. Would QuickBooks be my best bet or is there something else that would fit my needs better?

Hi all, my business partner and I are new real estate investors in the Orlando, Florida area looking to focus on flips, rehabs, and rentals in the Central Florida market. If you're in our neck of the woods, we'd love to connect in-person! Have a great week everyone!

Ed

Just a market tip for Chicago. It's always better to slightly underprice your listings here and then set up a group showing with the goal being multiple offers over ask vs pricing your listing high and having to lower the price later. Buyers think there is something wrong with the place if it's been up more than 2 weeks and you start to get lowballers only. It's human nature people start to think why hasn't this sold and they offer accordingly.

A good example was a 3 unit at 1435 W Wrightwood. Comps put this property around 1.45 million. I wanted to be aggressive though and priced it at $1.39 million and didn't allow anyone to tour until two group time slots on the weekend. What this did is create a bidding war and it sold $1.55 million. $150k over and we had several backup offers.

Did the same thing on another 3 unit at 5849 S Princeton listed it $450k and set up only two group times to tour. We ended up getting over ask at $465k. All while had backup offers waiting, so we would not need to reactivate with a listing that people now wonder whats wrong with if a buyer couldn't perform. You want to do everything you can to never have to reactivate or have a listing sit unsold for more than 2 weeks.

It sounds funny but it's true. It is impossible to underprice a deal in Chicago. As long as you set up a group tour it will get bid to/above market. This is why firms like (not going to name haha) trying to sell all their listings internally are so dangerous for sellers and really only benefits the brokerage trying to collect dual agency fees. You miss out on the full public markets bidding process.

Hi All,

I am under contract to purchase a 3 family with family members (one being my husband and the other brother in law). My husband and I will be 80% owners. We have been reaching out to lenders regarding loan terms and are getting the best offers for conventional loans to put in our personal names. We have good credit scores but are worried that down the line we'll have too much debt in our names if keep adding to our portfolio. Is it worth it to do go the DSCR route and putting loan in the LLC name with higher rates or should we just put loan in our personal names (and transfer title after the closing to the LLC)??

Morgan

I own a townhome in Portland, Oregon that has a legal ADU so I it has two separate tenants. I've talked to a couple of professionals and I've gotten different answers on what the cost premium is when selling occupied versus not occupied. My husband and I are both busy and not looking to have to help the tenant in unit a navigate her move and then schedule a fresh coat of paint and possibly update the carpets and all the little things that need to happen for listing. That said, we're busy but not desperate so we're not going to sale to a wholesaler who will give us 60% what it's worth. Ballpark what percentage would you expect an occupied rental to fetch below market? For additional context, both tenants are up-to-date on rent and at or near market rate.