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All Forum Posts by: Ko Kashiwagi

Ko Kashiwagi has started 1 posts and replied 950 times.

Post: Utilizing an existing LLC for different business purposes

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi AJ,

Definitely best to speak to an attorney but I have seen many investors use their unused LLC (that was previous for other purposes) for their real estate purchases so it's not an uncommon practice. If you are going to obtain financing, many lenders will want to see that the LLC is for real estate purpose, so you may need to amend a few things like the operating agreement but it shouldn't be a huge hassle.

Unless you need the business history for a specific reason though, it would be less risk if you just dissolve it, then open up a new LLC that is real estate purchase.

Post: Multifamily or single family

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Jacob,

In most cases a cash out refi would be the option here because it's paid off (so it's not like you have a low interest first position) and most lenders don't touch HELOC on investments anyways. Cash Out refi would have a lower rate, lower payments and usually higher leverage.

LOC is used in very specific situations, typically for short term uses as well.

Post: student housing fair rent

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Radhika,

It sounds like it's a matter of comps - whether other student rentals are doing the 1-3 points. You could check out other student rentals and call the PM managing those as these questions are market specific.

Post: Broke even on my first two flips - need advice from experienced flippers

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Logan,

Was the budget in line with the original scope of work and was the ARV in line with your original expectation?

In looks like you're doing deals in Austin which I heard has taken a huge downturn but if your budget & ARV was close to what you expected the biggest factor you can change is the purchase price. Not sure how flippers calculate margins in that area but generally most investors look to purchase at ARV times 0.75-0.8 minus the costs (rehab budget, commissions fees) to make enough profit. So in this case something like:

$605,000 x 0.75 - (costs) = Purchase price

$605,000 x 0.80 - (costs) = Purchase price

Post: Beginner Property Investor

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Welcome and love hearing these ambitious plans!

With your house hack & remodel experience most likely will be a great foundation for your future deals. If you are comfortable with the risks, continuing to do those value add deals will expedite your portfolio growth!

Post: Contractor Starting Out w/500k - Looking to Acquire Apartments Full Time - Western MA

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Matthew,

If you have the freedom to down size and sell the house & make the sacrifice, I don't think it's crazy at all. I would look into leveraging the house before going all in for selling (HELOCs, refinances) & renting the house out (if it debt covers) because you would have to pay commissions and taxes on that sell.

If your background is in residential then it's probably an easier transfer of skills to do 2-4 units than trying to get into true commercial MFH. The barrier to entry in my opinion is much lower in most markets for 2-4 units than commercial too. You can always change your strategy down the line if conditions change.

Post: DSCR Loans - Pennsylvania Co-Owned Properties (One partner abroad)

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Evan,

Some DSCR lenders will require it to be signed in US, but not all - I've closed DSCR with clients in foreign countries. Typically they need to sign at the US embassy. You could navigate all of this if your partner lives in the US, and you make him the sole guarantor with title vested under the LLC (you'll need to get a LLC for this structure).

LLC vesting is not required as there are programs that will allow personal name vesting, but it will slightly limit your options.

I would watch out to confirm important info by double checking in writing, checking their reviews and making sure everything is documented. For example whether you can sign in the US or not - I've seen so many clients get told one thing by a lender and get overpromised recently.

Post: Need help with a project finance plan

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Jason.

In most cases this would be two separate loans with the purchase and refinance. Purchase with cash or with construction loan, then a take our refinance. Where is this property located? Depending on rurality that would change whether to go institutional or local bank too.

Post: Purchasing New Duplex

Ko Kashiwagi
Posted
  • Lender
  • Los Angeles, CA
  • Posts 967
  • Votes 444

Hi Raj,

Congratulations on getting under contract! The two inspection should cover 90% of the due diligence items, but it's a great idea to look into it deep. The big ticket items you'd need be cautious are:

  • Sewer line scope
  • Electrical panel or wiring
  • Roof age and condition
  • Foundation concerns
  • HVAC or asbestos-related issues
  • Mold/Leaks/Plumbing
  • If the inspector mentions a specific issue that they are not specialized in, you can get specialists to take a look. For example, if they note a potential issue with HVAC, you can get a HVAC company to check it for you. On top of the inspection, you can have other layers of due diligence with title, survey and appraisal.

    Post: Wholesaler in CA Desert

    Ko Kashiwagi
    Posted
    • Lender
    • Los Angeles, CA
    • Posts 967
    • Votes 444

    I get deals sent in Palm Springs and Joshua Tree all the time. DMed you

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