All Forum Posts by: Jayson Cain

@Sara Donohue Is this for owner-occupied, or non-owner occupied property?

+1 what @Ned Carey said. You are not limited to in-state lenders. 

Just wow @Diya L.! I've shared a panel with you and you inspire us fellow operators to think bigger.

I can see how your travels really influence your design. Love all the accent walls you add to the units. Also, great job on pivoting during the pandemic. 

Can't wait to see what's in store for you this year and what this REAL vacation looks like! =)

I do have section 8 tenants and they've been the most solid tenants I have out of all my properties. 

It's not at $1200 price point, but I have a 2/1 on the east side renting for $800/month.

@Jennifer Gardner Congrats on the new duplex! I happen to have a STR unit in Long Beach, CA as well. First I would check with the city about the ordinances as it recently changed. The city requires you to apply for a permit, but it should be a simple process. It's been streamlined and taxes are all collected through most of the hosting platforms.

I'm also connected with most of the property managers and operators in the area so if you need a second opinion when researching feel free to reach out. 

@Abigail Kilgore Have you listed to Rafa Loza's episode on Bigger Pockets podcast? https://www.biggerpockets.com/...

He's personal friend of mine so I can vouch for him. He's an arbitrager that is set to onboard a total of 60+ properties this quarter. I do arbitrage, but also own my own properties. 

I usually don't support this model unless your plan is to use the profits to buy your own properties (which I think you are). 

In terms of classes, he usually hosts in-person tour of his units, which is a great way to learn how successful operators run their business. I think listening to his podcast is a good starting point though. 

@Spencer Gracia Nice goals! 

Given the competitiveness of the market, good investor-friendly agents are wanting to work with investors that are ready to take action and know their buying criteria. 

Having said that, these are some of the questions I ask agents in a new market I'm exploring:

1 - Are they going to submit all offers you give them? Answer must be YES. This also means you're not making ridiculous offers.

2 - Are they going to submit all offers before you see the property? Answer must be YES. I don't waste everyone's time by inspecting properties before you get offers accepted.

3 - Are they going to make you sign an exclusive contract? Answer must be NO.  I'm not a retail buyer buying one property, and you're not (or shouldn't be) buying in only one area. This also means that you'll close with the agent that has been working on the deal with you and not closing with another agent in the area. 

4 - How many HUD properties have they submitted offers on? Answer must be at least 5.

5 - Have they been recommended by another investor, or do they work with other REI's? Answer must be YES. Follow up with asking them how many closings have they done with REI's as buyers, Correct answer = at least 10.

In order for me to work with a REA, they must score 100% or I move to someone else. This is not to say I would not work with someone that answers differently, but they must have other compensating factors such as special connections with other vendors. 

I ran into the same issues with my portfolio in Indianapolis. They cashflow great, but most lenders wouldn't lend on properties with such "low" appraised value. I found someone to do a cash-out refinance late last year by putting all the properties in one loan and cross-collateralizing. For that type of loan, the minimum loan amount was $50k for each property. 

@Chris Good Nice creative way of structuring the financing of the deal!

Few ways we do this with our units:

• In urban areas where it's hard to find parking, we charge extra for additional spaces.
• We also provide car rental services like Turo
• For our riverfront property, we offer canoe rental