All Forum Posts by: John Morgan

@Sean McCluskey

I did a cash out refi on a SFR I own outright in June. My rate for a 15 year loan was 4.125% with 1.9 points. Took 4 weeks to get the cash. Not great, but not bad for an investment loan.

Most interesting things? That real estate investing is more fun than I thought. That collecting rent and watching someone else pay off your mortgage is fun. That doing a 1031 exchange is simple. That making deals with zero experience is fun and easy. And that bigger pockets is the best resource for all your real estate investing needs!

@Steve B.

I'm more concerned about ARV than cash flow. I prefer at least $200-$300/door with 15 year loans. However, if the ARV is really high, then I'm good making only $100/door. My latest property I just bought in June only cash flows $100/month. But it's in a great up and coming location and the ARV is really good.

@Drayden Morgan

I just did one with Cardinal financial out of Charlotte and had a great experience. PM me if you need more info on my loan officer and the costs and interest rates etc. involved.

$100/door

@Doug Schorr

I just did a cash out refi on a SFR property I own outright. Paid 130k cash for it 5 years ago. It appraised at 195k. They gave me 75% LTV which is 146k. Did a 15 year loan at 4.125%. After all my closing costs and fees, I got 140k cash. Not great, not bad. But yes, those closing cost fees add up and take some profits away. PM me if you want the bank I went with. I would get loan quotes from at least two or three banks to compare all the numbers. Good luck!

Venmo works great for me for two of my properties. Some pay cash, cashiers checks and also PayPal. Never had a problem with any method!

@Alexandra King

Keep networking and tell everyone you know what your intentions are. Word of mouth gets out. I’ve snagged two deals this way because a friend of a friend told someone about me. And I got the homes off market for cheap.

I’m in Santa Barbara now visiting family. The house across the street from my in-laws sold for 11.5 million under asking price (23 million). It’s crazy how much wiggle room there is on homes out here. When people lower their sales price on nice homes like this, they drop their prices a million at a time. Crazy! Good luck and I hope you find someone soon that will fund your deals.

@Maria Luna

I have one LLC for all seven of my properties.

My attorney recommended not getting a series LLC. I've read the pros and cons about it. I'm good with just one LLC and keeping it simple.

@Account Closed

Barb is great. She will give you numbers on how many nights each unit gets rented out per year to give you a feel or trend for the kind of revenue each type of property brings in. I list my two bedroom cabin (Mayberry Lodge) as “pet friendly” to appeal to more people. I’ve never had an issue with dogs doing any damage. And during the summer months, people check out and they turn it so quick due to people checking in a few hours later. They list these rentals on several websites including a major one in Branson. And about 25% of my guests come from travel agents somehow. Sunset must have a good reputation with those travel agents.