All Forum Posts by: Johnson H.

I have completed three deals with HomePath financing. You should talk to a lender to get you prequalified if you are worried about the lower DTI. 10% down with slightly higher but reasonable interest rates.

My liability insurance is at $1 million with a $2 million aggregate. It was only a few dollars more a month from a $500k policy and it allows me to sleep well at night. Also, make sure that your insurance covers the COST to replace the building, not the current value of the home if you purchased it for cheap .I don't recommend under insuring just to save a few dollars now. If you have high reserves, you could go with a higher deductible to save some money.

As an investor, I love HomePath financing for FannieMae foreclosures! Only 10% down payment for an investor but you will have a slightly higher interest rate. No appraisal required. I used HomePath three times and it has been a smooth process.

@Amit M. - Thanks for getting on board with an SF meetup! However, I don't want to mess up a good thing, what @J. Martin is doing on a monthly basis with his East Bay meetup is awesome. I want him to keep doing what he's doing if he prefers that. I've known J for several years now so I will be getting in touch with him to talk about it and I'll keep you in the loop!

Daniel, like others have said, many use Quickbooks that can be tailored to fit the rehab business. However, you need to ask yourself is it worth it to take the time to learn how to use Quickbooks or other software? Or if your start up is firing on all cylinders, would it be easier to hire a CPA or a book keeper to handle your numbers? It will be done correctly every month and during tax time, you and your partners can easily have to CPA/book keeper issue 1099's and get your taxes filed on time with all the right deductions. Just something to think about!

Last night was awesome and I had fun talking to many of you! Thanks @J. Martin for setting it up!

With the rough commute of 1:40 from SF to Oakland, I am thinking of starting up the San Francisco meetup again, any interest? PM me!

@J. Martin and @Account Closed, I decided to come out finally to an East Bay meetup! Work is not too bad so I can make it.

In State / Out of State?

Both! I have been investing in Phoenix and in Las Vegas recently. Currently, thinking about investing in the North Bay and Houston.

Strategy?
I have several SFH rentals and completed two flips in Phoenix. I recently purchased a vacation condo in Las Vegas that is running smoothly on AirBnB.

I am either looking to buy SFH in Houston or buy a 10-50 unit apartment building in the North Bay and syndicate it with partners. I have not decided yet and I am open to any opportunities.

Type of properties?

SFH or apartment buildings.

Looking for?

Looking for deals with apartment buildings in the North Bay, connections for the North Bay and Houston and investors experienced with syndication.

Can offer / knowledgeable about?

Investing in rentals out of state, flipping out of state, vacation rental on AirBnB.

Congrats! How was the contractor? Did they do good work and were they good at communicating?

If anyone knows a cheap granite contractor in Phoenix and Houston, PM me. Cheapest I've found is $36/sq in Phoenix.

@Account Closed and @J. Martin thanks for the shout outs. Thinking about the rush hour bay bridge traffic makes me cringe. Put me down as a maybe!