All Forum Posts by: Account Closed

We've owned the property for about a week. But we checked with a broker, 50a6 only has a seasoning requirement if you are refinancing a mortgage. We currently have no mortgage on the property since we paid in cash, so we would love to work with you and you shouldn't have to worry about that specific requirement.

Hey everybody, my name is Kevin Sun and I am a student at Rice University looking for some advice.

Recently, 2 partners and I purchased our first rental property out in Beach City, TX. It is a 3/2 manufactured home with ~1000sqft, and a 6600 sqft lot with a waterfront view in a very expensive neighborhood. Recently sold comps (other manufactured homes) with much larger lots but similar build have sold for 120-140k in the area. The interior was rehabbed in 2023, and me and my partners rehabbed the electrical, plumbing, roofing, and septic (In short, it is in very good rental condition). There have been good tenants in the property for a year, and they are currently paying 1250/mnth in rent and we bought the property for 85k, and after our small rehab and closing costs we are all in for 95k. Cap rate is ~15%, but we want to build a portfolio as we continue learning so we are trying to get our cash back out.

Our key issue is that we purchased the home and did the rehab in cash, and we are now struggling to find methods to get our cash back out. Lenders do not want to give us a DSCR because they have minimums set at 100k, and conventional is difficult because our insurance policies never exceed 30k because it is a manufactured home. We are looking for a way to pull as much cash out of the property as possible and need some advice. Cashflow is over double what any mortgage would be on a reasonable interest rate, and we also have a cosigner available for a conventional. If any of you know any lenders that would consider this, we would appreciate any help getting connected at all. Thanks a ton!

Hey everybody,

My name is Kevin and I am currently a Freshman in college at Rice. I'm looking to save some money on housing for the next school year, and also begin a potential career in real estate investing. As a result, I would like some tips for securing an FHA loan without having any consistent income (though I do have a credit score of 750). My parents would be willing to give me the money that would originally have covered my room and board for the year ($14,000) and I also have $10,000 of my own money currently in the bank which could cover a down payment.

I have a car, so location is flexible. I'm looking to potentially buy a duplex from a distressed homeowner or landlord and rent out the other half, and also take on a roommate. Ideally, I would also like the duplex to be under $150,000, which I have found several recently sold comps for, so I believe this is doable.

Paying a mortgage bill for a year won't be an issue, as my parents are supportive and want to help me build wealth while I am in college. I eventually want to move out of this unit and maintain it as a full time rental property. Does anybody have any stories of anything similar to this, or any potential issues you would see with this process? I am certain I would pay back a mortgage on time given my advantaged financial position, but I am not so sure a bank would see it the same way. 

Thank you so much for any tips!

Hey everybody,

My name is Kevin Sun and I am writing this post on behalf of myself and my 2 partners, Brandon Riedy and Lucca Cristiano. We are 3 freshmen at Rice University looking to build a real estate portfolio in Houston.

As of right now, we are setting up our holding company, learning about local markets, and doing lots of research into general real estate. We have limited experience personally in commercial and residential real estate through previous job experience, but want to learn as much as possible and build connections with agents and community members in order to develop our portfolio. 

Our current business plan is to buy and flip for a year until we have enough capital and experience to employ the BRRRR method after multifamily prices (hopefully) drop within the next year or two. We would love to meet investors who may have been in a similar spot as us before, or to receive advice about our current business plan. Feel free to reach out!

Thank you very much for reading!