All Forum Posts by: Justin Franklin
Justin Franklin has started 33 posts and replied 86 times.
Post: VA Eligibility Restoration - Deed Property to Entity?
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
@Brendan M. How did this workout for you ?!
Post: 2 VA Rentals - Restoration of Entitlement
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
@Ryan Field I’m hoping to answer the same question. How’d this go for you???
Post: Seeking Subject 2 - Sub2 Help & Mentor
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
Originally posted by @Marc Rice:
@Justin Franklin
I can only speak from research/videos. The biggest risk you face is the due on sale clause being triggered causing you to have to pay the entire note.
That also isn’t much cash flow, what if there’s a vacancy or any capex? YouTube has some great deep dives on how Sub2s vs Land contract vs owner financing works.
Thanks Marc.
Post: Seeking Subject 2 - Sub2 Help & Mentor
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
Hey All,
I'm a Los Angeles based real estate investor with 12 units and over 30 transactions, but none have been a Sub 2. Seeking advice on how to proceed.
The deal was brought to me by a wholesaler...the property itself is a new (2015) build, and it's cash flowing about $50/mo...HOWEVER it's a great long term/equity plan in a great town in a great/growing market - east side El Paso.
I've agreed to terms with the wholesaler to assume title and landlord responsibilities, without assuming the loan. Any advice on how to close and/or protect myself in this deal would be appreciated.
Post: Navigating a Subject 2 Refi
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
I'm purchasing a subject-2 mortgage that has unfavorable payments. There is about $64k left and the payments are $897. I'd like to refinance into a reasonable long term financing product and hold as a rental ($1200 market rent). Any feedback/advice? Is there a seasoning period?
Post: Struggle Bus!!! BRRRR cash out refi
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
Originally posted by @Whitney Hutten:
@Justin Franklin This is an issue that happens more often than you think. Have you talked to a local lender about doing a portfolio loan and wrapping them together? If someone local won't do it, then look for a national commercial broker that can do this for you.
Thanks Whitney. My properties are all over...would it be best to connect with a portfolio lender where I live? Are there national portfolio lenders?
Post: Hard Money Lending, Is it for me?
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
I'm considering using hard money to lock up some deals and refinance out in 6-12 months, but I'm nervous. What are some things I should look out for, besides high interest rates. What are "good" hard money terms? A majority of the leads I get feel scammy. Any recommendations/referrals?
Post: BRRRR Cash out Refi Issues
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
Originally posted by @Shaun Weekes: Thanks Shaun! I've had this conversation about 10 times...either they won't go that low, or they won't work with me across state lines. These properties are out of state.
Originally posted by @Justin Franklin:
Anyone else struggle with completing the BRRRR process due to a small loan amount? I have to BRRRRs in play right now, but I can't find a lender that will cash out refi a loan <$75k to save my life.
Anyone else share my struggle, and/or find a solution?
Work with a local loan officer as this will increase your chances significantly at finding a fit for your loans.
Post: Struggle Bus!!! BRRRR cash out refi
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
Anyone else struggle with completing the BRRRR process due to a small loan amount? I have to BRRRRs in play right now, but I can't find a lender that will cash out refi a loan <$75k to save my life.
Anyone else share my struggle, and/or find a solution?
Post: Struggling w/BRRRR cash out refi
- Rental Property Investor
- Los Angeles CA
- Posts 100
- Votes 37
Anyone else struggle with completing the BRRRR process due to a small loan amount? I have to BRRRRs in play right now, but I can't find a lender that will cash out refi a loan <$75k to save my life.
Anyone else share my struggle, and/or find a solution?