All Forum Posts by: Lauren Joffe

Does anyone have an insurance company that has a policy for a flip project in Dallas Texas? My insurance company just informed me that they no longer give out policies for a flip property. 

Thank you, Michael! That is very interesting, I never knew you could transfer to your LLC after you close, that is very helpful!

Hello Everyone,

I'm looking for some creative advice. I am just starting to invest in small multifamily units in Fort Worth Texas and I happen to stumble across a great deal. In short, I found a duplex that the owner was also trying to sell 3 other properties and was willing to whole sell them for 65K per property. The ARV's for the properties ranged from 115K – 135K and around $50/sq. foot. Each property had a range of repairs, but I still figured it was a good deal since it was so below market. The catch is, I'm currently in the process of buying my own home and my mortgage broker said if I invest now it will be difficult to get my personal mortgage because it will affect my DTI. Even borrowing from a Hard money loner would still affect my ability to get a personal mortgage since they will pull my credit. I also considered creating an LLC with my partner but then my mortgage broker said that they do not refinance with LLC's (we were planning on using the BRRRR concept). Is there a creative workaround to start investing now, I feel like there are good opportunities that I am missing out on or is it a wait it out the type of situation?

Thanks In Advance 

Lauren 

That was another thing, the cash flow was only about 190 per month, but it is in a more up and coming neighboorhood, so I wasn't sure if it was worth investing just because of the appreciation value. I also keep hearing that it's important to get your feet wet and start, do you think it's worth investing in something that doesn't have as high a cash flow but is in an up and coming neighborhood?

Thank you, Jason, so for a BRRR you don't use COC, you just look for a property that will be able to get a loan that will cover your original invested cash?

Hello Everyone,

I am just starting out and looking into buying small multifamily properties. I found a potential property in Arlington Texas that I could use the BRRR method, however after putting aside for, maintenance, vacancy, and capex I only come out with 5.65% COC. Is that a good percentage if not, what percentage should a newbie be aiming for.

Thank you in advance!