All Forum Posts by: Jonathan Chan

 It's hard to say within a year. It takes a different amount of time for each person. What kind of work are you willing to put into it? I'd say that this is the best program I've ever been in and whether it's 1 year, 3 years or 5 years before you "earn" your money back...it's worth it. 

Great question. I started out self funding and then started doing the BRRRR method, however, but fixing up fixer uppers got old, fast. I'm now buying rent ready homes for section 8 off the MLS using a DSCR loan for 80%. The other 20% is getting raised through private money lenders at 10%. The caveat is that I still need to cash flow at least $300 per door after PML interest only payment, saving for R&M, CapEx and vacancy as well as PM fees and the DSCR debt service. It's harder to find, but they're out there.

The term I've been offering is 1 year but I'm going to be only taking on PML at 5 year terms. The first question people usually ask is what happens after that 1st year and you have to pay off the PML? You have a couple options, you can ask the PML to reup for another year (two of my PMLs just reupped a couple months ago). You can also use that year to continue to build your list of private money lenders and just replace the old one with a new one. 

What do you need to do to protect your lender? You need to make sure they're protected with a promissory note, personal guarantee, a lien on the property and title insurance. Your lenders should never send the money directly to you. Everything should go through title to ensure that it's all recorded with the state. Hope that helps!

To each their own....doesn't mean we can't do business in the future.

I'll DM you my phone number. Let's connect. 

@Jay Hinrichs It just depends on the deal. If you're helping me fund a section 8 SFH, then no. I have other money that'll cost me 10%. Either way, I appreciate you responding to my posts on this thread and the other.

Oh right...partners....what asset classes?

I'm actually in the subto group and it's not a scam. I'm curious to see what experiences Mike's had within the community. I'd be happy to jump on a call or even a zoom to show you what's available.

@Jay Hinrichs

Thank you! I appreciate it.

I see a JLH Capital partners logo in your signature. What types of lending do you do?

6 of the 7 land flips were self financed (partnered with a subto student) and sold to end buyers seller financed. I JV'd with another person on the 7th to sell it. 2 LTR purchases were the BRRRR method, which were my last two BRRRRs. I partnered with another subto student for the wholesale deals and we split the assignment fee. I have another subto student i'm partnered with and we're buying straight off the MLS for section 8 housing. We have 4 under contract with one closing this Wednesday.

The moral of the story is, yes, creative finance is one of the things that is taught. However, the power is in the community. I would not have have the 2 wholesale deals completed with 3 more PA verbally accepted. 

It really depends on what your avatar is. I have a demanding W2 with a wife and two young children. I don't enjoy nurturing and closing sellers on a regular basis. I found my path in the real estate world and it's because of the wide variety of education I received from the subto training videos and community.

7 land flips, 2 purchases for long term rentals and 2 wholesale deal closed.

I haven't done any subto deals, but I've completed 11 transactions within the mentorship and have 2 more under contract for purchase. It's a good question, because it's a subto mentorship geared towards creative finance, but there are modules for everybody. I think the biggest issues I've had in the past with other programs is that it's a one size fits all and that's simply not the case. I own a consulting company that takes up a lot of my time as well as a wife and two young children. My availability is not the same as everybody else's, so being told to man the phones is quite difficult. I lost a lot of opportunities due to poor follow up. There are other ways to get into real estate that don't require you to make phone calls to sellers or agents directly. The avatar series is specifically why I joined the community. I hope that helps.