All Forum Posts by: Jon Kelly

@Kye Bayne why change the lease? It's month to month so just give notice to not renew or file for eviction for failure to pay

@Isaiah Gill of course you can suggest it, but it's up to your parents if they want to get involved as real estate investors. 

If I've never done a deal before I don't think I'd pressure my parents too much to rent out my deceased grandparents house. Too many emotions and not enough knowledge. 

@John Anderson I work for a leading private money lender and I'm also an investor. 

With private money (non-qm / dscr loans) you're likely to see ~6.5%. 

For my personal properties I'm still using a smaller / local bank and can get low to mid 5s. Smaller / local banks have their limitations but it could be a good option if you only care about rate. 

@Jorge Castillo They are pretty market dependent. They are more accurate the more densely populated the area is. 

They shouldn't be treated as gospel. Use both of them to give you a ballpark estimate and then you can ask a professional in your market to confirm. Reach out an agent or property manager. 

@Brian J. Give a Man a Fish, and You Feed Him for a Day. Teach a Man To Fish, and You Feed Him for a Lifetime...

Why don't you run this through the BP calculator (or any other free calculator) and then repost your results? It will make your life so much easier. 

The good news is you define what a good deal is based on IRR, COC return, monthly cashflow or all of the above. You can get feedback on your assumptions but you determine if it meets your criteria or not. Right now we have no assumptions to go off of because we can't see your analysis!

@Account Closed you're overthinking this. Just get the unit in decent shape and put it on the market. You can always adjust some features later, but don't let these little details slow you down. 

The answer to your question is YES, recessed lighting looks more modern, BUT it's not necessary. 

@Ashley D Moore Why not buy 4 single family properties now? If you put 20-25% down you'll spend $32-50k and have some funds leftover for reserves. 

@Sarah Bella I work for a dscr lender and I will be honest and say they are NOT the best way to get started... DSCR loans have a lot of positives (focus on the property and less on the borrower, easier / common sense underwriting, quicker closing process, etc), HOWEVER there are many other products for first time homeowners or investors.

Rates have gone up significantly over the past month+. You can find a much better rate at a smaller / local bank. 

@Dave Aheimer Roc Capital can lend on a dscr loan in this scenario. Send me a dm 

@John Wilson I'd be happy to take a look. I'll send you a dm