All Forum Posts by: Kristopher Kyzar

@Douglas Mcqueen nice purchase. @Jonathan New would love this one.

@Ramon E Alvarez Jenny L. Colon, P.C. wrote the contracts I use.  They're fantastic.

@Jesse Flores have you talked to some local Credit Unions?  Many of them will have commercial products that they will lend up to 80% LTC, and some even have really good interest rates.  I recently purchased a rental at 80% LTC with a 3.75% rate with a 5 year baloon.  closing costs were 1.5%.

@Kevin Panella with that kind of equity, you have so many options. Cash-out refinance to pull that capital out and redeploy in other investments (not my favorite). Get a HELOC on either or both properties and redeploy that capital in other investments (this is my favorite). Here's why...while a cash-out refinance does allow you to leverage into new investments, there are fees associated with it (loss of capital), it reduces your cash-flow (loss of income). With the HELOC option, the fees are minimal, the money can be deployed and repaid over and over (velocity of money). If you're interested in adding additional rental properties to your portfolio, you could actively invest employing the BRRRR strategy. You could also look at turnkey properties and employ the BRRRR strategy. You could invest in multi-family as an LP, or even a GP. With the HELOC option, you basically have a bank account sitting there earning you no money. @Sean Rooks made a good point with what's your ROE?

@Hannah Brown your best option is to network with other investors (potentially JV) and find agents that specialize in working with investors. The deals are out there, but the move quickly. Whatever you do, don't compromise your goals to make a purchase work. Last year, I flipped 2, wholesaled 1 and bought 1 rental in Hampton Roads, but I sourced the leads myself.

@Sydney Bufford it all really depends on the deal, and the ARV. Low ARV houses, that percentage can be a little high, while houses in higher price points, it's okay to be a little higher. Typically, I look to be around 70% all-in in the $150K-250K range, but if it's a $60K ARV, I'm more comfortable closer to 50-60%. If it's got an ARV of $600K, then 75-80% is okay.

@Olga Kostrova ultimately, the broker is the one responsible for the agent, and I would bring it up with them.  As far as changing agents mid-stream, I don't know if it's possible.  I would talk to the supervising brokerage about your options.  Your best course is likely to trudge through this closing, and find a different agent for next time like @Ben Zimmerman said.  I also agree with him on the 10 day closing issue.  I do 21 day closings for my "quick" close transactions, and even then sometimes there's an extension necessary.

@Jonathan Cairnes since you have a HELOC available, I totally agree with @Sean Rooks. The BRRRR is an extremely powerful tool for scaling up. The ability to reinvest the same capital over and over is exciting and coupled with the snowball possibilities it can deliver, it's a winning strategy.

@Sean McDowell looks like a pretty good investment to me. LOVE that interest rate! I’d love to know who all you worked with.

@Mike Berube looks like a good deal. Congratulations!