All Forum Posts by: Jason Taken
Jason Taken has started 56 posts and replied 368 times.
Post: A flip from last year
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Nicole Harrington:
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $265,500
Cash invested: $62,387
Sale price: $430,000
The biggest challenge on this one was the smell from the animals kept in this home. Multi-treatment where necessary on the concrete slab, as well as in the master bathroom, which was a bird catch. Two codes of specialized paint for order control, not the regular Home Depot paint, were necessary. Cockroaches were on fun to get rid of either. They were everywhere!
What made you interested in investing in this type of deal?
It was close to home and I know the area well.
How did you find this deal and how did you negotiate it?
On the FMLS and I knew the listing agent
How did you finance this deal?
All Cash
How did you add value to the deal?
Experience on several different levels, for repair, and time line.
What was the outcome?
A wonderful new home that the buyer loves and appreciates
Lessons learned? Challenges?
Challenges have been mentioned above in the description
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I am one myself
Sick margins!
Post: Refinance 30 year (5.875) to a 15 year (4.375) with 2 pts
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Brian Lee:
Hi Everyone,
I have an investment property generating 1.7k per month at a 2.5 rate which I plan to keep forever. However, my personal residence has a 30 year 5.875 fixed rate. Im debating if its a good idea to refinance to a 15 year 4.375 fixed rate paying 2 points. it looks like a win win in most scenerios because of the rate savings and shorter term. Any thoughts?
Just calculate the ROI on your money for the added interest. If you can do more with the money from the refi --- seems like a no brainer?
Post: Moving personal property to LLC
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Why would it be a taxable event? LLCs are passthru.
Post: Cash flowing with private lender
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Nice! How'd you acquire it?
Post: Delayed Projects Tips
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Tony Sherman:
Have you ever had to deal with major delays in a renovation project, and how did you manage the situation?
From the lender side, I'd say if you're getting delayed communicate early and often with your lender. In some cases, your lender may be able to assist (as a courtesy) to help you get the resources you need to get back on track (e.g., other borrowers in your market, contacts for tried and proven contractors, etc).
Of all things to do, you should not hide and ignore phone calls.
And last but not least, if none of that works, list the property in hopes to recoup your losses and let another investor take over and get out of the project and take the lessons you learned and apply them to the next one.
Post: Forming an LLC for multiple properties
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @John Chapman:
I have over 10 properties with a partner. We are going to create an LLC. I first envisioned having an LLC that would have all the properties in our portfolio. When I saw my tax advisor/attorney, he said another option would be to have a separate LLC for each property with a holding company for expenses common to all properties and to make distributions and contributions. A compromise would be to put half the properties in one LLC and the others in another LLC. Has anyone else gone through this exercise and can shed some light on the positive and negative aspects of the different approaches? Thank you!
10 diff LLCs is probably not necessary. Having a SOLID umbrella insurance policy is really what is necessary. But, in the event you really are persuaded that it is important to separate each asset, ensure that whoever is managing the books/monies on the LLCs are doing it 100% correctly as even a small mistake can allow would-be litigants to pierce the corporate veil and render all of it in vein anyway.
Post: Do you think the Austin market is still worth investing in right now?
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Rene Hosman:
The average vacancy rate in Austin is hovering around 15%.
Let the lowered rates do their thing and maybe ask again in 6-9 months.
Post: Home Insurance Broker in Goose Creek
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Matthew Chalfant:
I am looking for a home insurance broker that services homes in the Goose Creek area for a single family home.
Use Kris Anderson.
Post: Looking to sell Kissimmee STR
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Devin Janke:
Hello,
I purchased a 5Br/4.5BA townhome in the Windsor at Westside community in Kissimmee, FL last year. Looking to sell it without realtors as we’d lose a lot of money, any recommendations on places to sell it or Facebook groups?
Thank you,
Devin
If the LTV is high maybe sell it sub to or on a wrap.
Post: Best route to pulling money out of the house to buy another.
- Lender
- Chicago, IL
- Posts 400
- Votes 137
Quote from @Alondra Ramos:
Hello,
I purchased a home last year and looking to buy another home soon. Would like to pull money out of that home for a downpayment on another home. Which route is the best? Or should I avoid pulling money on the home and putting the downpayment myself? This would be my second investment property.
Thank you.