All Forum Posts by: Jonathan Chan
Jonathan Chan has started 30 posts and replied 130 times.
Post: LendingOne Fix and Flip Loans vs Capital Ton
- Lender
- Clermont, FL
- Posts 143
- Votes 78
Quote from @Steve Linn:
Just getting into fix and flipping, so bare with me. I keep seeing LendingOne on Facebook and Google, but they require appraisals. How will appraisals work if the property is not even close to move-in ready?! I thought appraisals have strict guidelines.
I see Capital Ton doesn't require appraisals for fix and flips, is this real? Has anyone worked with either company? What's a desktop valuation?
Post: Foreclosure Attorney Needed for Aberdeen, WA
- Lender
- Clermont, FL
- Posts 143
- Votes 78
Are there any recommendations for foreclosure attorneys who service Aberdeen, WA? We have a borrower in default.
Post: HML Who Service Virginia
- Lender
- Clermont, FL
- Posts 143
- Votes 78
Quote from @Andrew Zamboroski:
Quote from @Jonathan Chan:
Hi, I'm looking to connect with as many HML as I can who service HML.
I'm looking to lend on projects where HML won't fit.
Post: HML Who Service Virginia
- Lender
- Clermont, FL
- Posts 143
- Votes 78
Quote from @Ryne Sweeney:
Hi Jonathan. What are you looking to accomplish? We work in VA.
Looking to connect and collaborate. Sent you a connection request!
Post: HML Who Service Virginia
- Lender
- Clermont, FL
- Posts 143
- Votes 78
Hi, I'm looking to connect with as many HML as I can who service HML.
Quote from @Jonathan Small:
@Brandon Morgan
An LLC isn't always necessary, but it can be a smart move for liability protection and separating personal and business finances. If you're just starting out or doing small-scale deals, it might not be urgent. But as you grow, it's worth it for peace of mind. Always good to chat with a CPA or attorney to see what fits your situation!
I personally would put my properties in a LLC. This gives me legal protection as well as tax deductions. @Chris Seveney makes a good point that you need to consider if the loan and insurance is in your personal name or your LLC. You don't want to give the insurance company any reason not to pay out on a claim. You defiantly want legal protection as stated by @Max Wilhite
@Jonathan Bock is correct about keeping it simple. It is easier said than done. @Bill Hampton it seems we are both in Georgia. I look forward to connecting.
@River Sava is correct that a LLC makes it easier to scale. Investment bankers are usually looking to lend to a LLC vs an individual.
@Jonathan Chan how much in insurance to you recommend for 1 rental? How do you see this coverage increasing as he scales?
@Sarah Brown how many properties do you put in each LLC? How do you determine when to create another LLC?
@Ashish Acharya I have found that I get better terms for personal loans. However, it is a lot more complicated to get a loan in my personal name vs my LLC. DSCR loans are pretty straight forward for my LLC. I have to provide 5 times the documentation to get a house in my personal name.
I would talk to multiple insurance agents to get their recommendations because a lot depends on what he has in assets.
I'm selling off my 5 homes in Northern Alabama. All houses have rates in the 3's and 4's. Looking to offload and pull equity out to reinvest into other opportunities. Willing to leave existing debt in place so the buyer can enjoy these lower rates. All properties have been maintained, rented and stabilized.All documentation for these houses are in google drives. Please drop your email below for the link.25X Postwood Ct Madison, AL 35758
53X Gooch Ln Madison, AL 35758
66X Morris Rd Toney, AL 35773
360X 6th Ave Huntsville, AL 35805
401X 9th Ave Huntsville, AL 35805
The 2 I have in Chattanooga have similar rates, have been maintained and stabilized.
140X Wheeler Ave Chattanooga, TN 37406
260X Wilder St Chattanooga, VA 37406
The 2 in Baltimore are in close proximity to Johns Hopkins. Rates aren't as good, so better to do a cash deal. 1 is currently setup as a STR/MTR. I'm going through the turnover process, am repainting and deep cleaning. 2 blocks from Johns Hopkins Hopsital
130X E Eager St Baltimore, MD 21205
273X Ashland Ave Baltimore, MD 21205
Post: Best way to tap into equity?
- Lender
- Clermont, FL
- Posts 143
- Votes 78
I have several rentals in AL, MD and TN that have a decent amount of equity. Looking to tap into it without doing a cash out refi to replace the existing rates with current rates. I want a HELOC, but have never heard of anyone finding an institution who would do it. Any suggestions?
Post: Is Pace Morby a Scam?
- Lender
- Clermont, FL
- Posts 143
- Votes 78
I've been in subto since June 2022. Best program I've ever been apart of and this is the 3rd one. It's a game changer. My operator is from Top Tier TC and my underwriter is from Gator. I've done 11 lending deals in the past 2 months and have been able to retire my mom with what I've learned within the group. It requires a lot of work and it will be overwhelming, but the education alone is worth way more than what you pay. Honest opinion...I get nothing by telling you this.
Post: Potential 16% Annualized
- Lender
- Clermont, FL
- Posts 143
- Votes 78
I'm a private money lender who also brings in lending partners on opportunities for BRRRR and fix and flips. These are typically 6 months or less with 1 borrower. We used to have 3 others, but have since dropped them due to poor communication. We have strict criteria in what we want to see with our borrowers, because we're lending on these opportunities as well. I want to meet people people who would be excited to get into these types of opportunities. I'm open and transparent, happy to answer any questions AND looking forward to making money with you.