All Forum Posts by: Jen Hoang

I have my first property BRRRR deal, the furnace is old but in working condition and so is the water heater. The house also doesn't have AC. Would it affect the ARV greatly if I don't change these items?

1 Vote

I received a 1099 from my former property manager for 2019. However, we parted ways in Aug 2018. I don’t know how she came up with the figures and I’ve been unsuccessful when calling the company.

What should I do?

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Thanks for all the advice everyone. I'm not going to do this deal, but I sure did learn a lot!

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Originally posted by @Kenneth Garrett:

@Jen Hoang

I've used private lenders many times for my BRRRR projects and flips. I have lent money as well. Your funds need to be protected with a note and mortgage or deed of trust depending on your state. You will be in first lien position in the event the project goes sideways so you can foreclose. - Yes I will be first lien position. The property is in Indiana.

Have you reviewed the project? Yes, I have the details of the property. the scope of rehab. I have other investors and my property manager who lives in the area about their opinions on the property and location.

Have you analyzed the numbers? yes he has provided me his spreadsheets.

What do you know about the borrower? Have they completed these types of projects before? He has done more than 40 wholesale deals, he has partnered on 5 deals and has provided their names and contact info for reference. He manages the properties himself but he's training someone to manage them right now. He has been patient with all my questions. All references have said good things about him and they have all profited.

I am assuming this is for a flip. This would be a BRRRR

Documents must be prepared by an attorney(this is the borrowers responsibility).Yes he said he takes care of this.

You then have your attorney review the documents. This I don't have.

All funds shall be sent to a title company. Never to the borrower direct. Yes there is a title company he uses for all his deals. Should I go with them or use one of my choosing?

If you need help pm me.

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Just saw this. Any power point presentation you could share?

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@Trent Stone Thanks for your input. This is a BRRRR Deal. I've checked it out with other people who live in the area. The ARV looks reasonable, it's in a good area and should rent fairly quickly. He manages his own properties. This is in NW Indiana (Hammond).

I've contacted other investors who have worked with him. So far they all say good things about him.

1. How can I make sure that there are no other liens?

I would love a copy of your JV agreement.

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Hi Ladies!

I'm an investor from San Diego with currently 4 properties. 2 turnkeys in Hammond IN, 1 in Houston TX and 1 in San Diego.

I'm looking to connect with others who have done the OOS BRRRR strategy. I'm looking to connect with women who invest in NW Indiana, lives in NW Indiana or knows the Hammond IN well. I'm also interest in the Kansas City area. Can't wait to connect!

2 Votes

I'm considering lending money to an investor in Indiana. He needs 85k to buy($70k) and rehab($15k) the property and his ARV is $115k. He's offering 10% apr and 2pts at closing.

What sort of paperwork should I look for? What should be stated in the contract to protect myself from losing money? what sort of questions should I ask him?

Thanks in advance!

1 Vote

@Blake Garcia

Thank you everyone for your replies!

I actually found an online calculator and it bases the daily rent on the number of days in the month.

1 Vote

All Forum Posts by: Jen Hoang

Jen Hoang has started 19 posts and replied 91 times.

Post: Should I replace the furnace and water heater?

Post: Should I replace the furnace and water heater?

Post: 1099 from former property manager

Post: How to safely lend money to an investor?

Post: How to safely lend money to an investor?

Post: Residential Assisted Living Facility Investments 101

Post: How to safely lend money to an investor?

Post: Where are all the female investors and real estate agents?

Post: How to safely lend money to an investor?

Post: How do you prorate a tenant’s tent for partial month?