All Forum Posts by: Jon K.

Hi, my name is Alison and I am a new investor. I am wondering who some good lenders would be in MD. Would a hard money loan be better without 2 years income or another way?

 Finding a hard money lender to fund on this was the easy part. The part that I'm struggling with is coming up with the cash to close.

Hello!  Realtor and Investor here.  I've got a rental that was a new construction in 2022, so no property tax was defined yet (based only on land value. First year was fine on property taxes, and we were cash flowing great.  2nd year the property taxes went up and not enough escrow was taken out by the lender, so now they're trying to catch that up and predict the current year, so mortgage essentially went up $1000 monthly, thus killing my $500/m cashflow and making me a $500/m loss.  

I have 2 other rentals that ideally can subsidize this, so, would I be better off holding onto it for the long haul and evening out eventually, or selling the property and getting something else?  

Rent = $1800/m (Now on month-to-month until they buy a house) - Market rent in the neighborhood is much lower now too, so if I rent again, it would be in the $1700 range.  

Mortgage all in was $1300

Mortgage for Apr 2024-Apr 2025 w/ additional escrow coverage = $2150.  

Appreciate any suggestions! 

@Joe Splitrock I'm coming for you bro. #5 will be mine shortly.

I just started buying off-market properties for BRRR for myself. I usually JV with my partner do flips, but he handles everything. I only contributed financially and gave some design ideas. That says I don't have much experience.

PinPoint Offers sent me a few deals, and I placed an offer on one without seeing it. They called me, saying my offers were the top ones, and gave me a very short notice to look at the property. Yesterday, at 4:30 p.m., I got the notice, and I had to be there at 6 p.m. I went there by myself and had a budget in mind afterward. I actually increased my original offer by 10k, and PinPoint accepted my offer today. My flipper friend suggested I go there tomorrow with his contractor to ensure I am in good hands. I talked to PInPoint about this. PInPoint was very unhappy and seemed like I made this very difficult. 

My question is: am I acting dramatically? Out of norm? Break some industrial rules?

non-refundable EMD is due in 24 hours, which is tomorrow 6pm. We can go there and have a look anytime before then, and I can send EMD if everything is as I planned. It won't delay any progress. The owner lives in the house, but she is very friendly. I don't think it will be an issue to go there one more time for 10 minutes. PinPoint sounded like if you want to have a look again, we will give the offer to others. Anyway, the PinPoint guy said I will have to talk to my team tomorrow.

I have never bought directly from the wholesaler or PinPoint. Am I breaking any rules here? 

Hi,

I am going to be using a HELOC to fund my next property. The HELOC came with two starter checks in the mail I am able to use. How would I actually go about accessing the HELOC funds for the down payment? Would I need to write a check to my personal bank account and then get a cashier's check once the funds were transferred? Or can I transfer the money directly from the line of credit to the lender for the down payment?

Trying to think through the process of actually using the HELOC funds. I appreciate any feedback, thanks!

Sean

Has anyone had any success executing BRRR in or around Baltimore city and County?

Hey bp fam, I'm getting discouraged when I look and run the numbers is 80k not enough to invest now a days? I look for propertys and then go to dealcheck.io run the numbers all are negative cash flow by alot of money. This is all discouraging. My main question is 80k enough?