All Forum Posts by: Mason Jacobs

@Jordan Brown Welcome and congrats on saving that much in college! I started out with a house hack, and I would say that that was definitely safe for me when I was in college as I could afford the Mortgage even if my renter didn't pay. I always recommend it as a good place to start. I'm sure a lot of other people would in this group as well! 

You should connect with a structural engineer to take a look. Might coat you $500 or more for a hour but will save you a $15k bill from a contractor who simply sees a easy way to make money off off you! 

@Marios Andrianos Ahh apologies for the confusion, I wouldn't not be the best one to answer your question as im only lending in the US! 

Hey @Troy Smith we don't have a seasoning period if you had done your fix and flip loan with us, in your case, you would have a 3-month seasoning period for our DSCR loans. It really all depends on the lender!

I also think this is a really important number to know going forward due to calculating holding costs! Do you know what you baked in for holding?  

@Rachel Morrow I’d love to get the info as well if you could!

Hello KC BP,

I believe I found a good deal and was wondering how I find investors/partnerships when I'm newer and don't have that many connections. I haven't made it to any Meetups and most of my communication with other investors has been through BP. The deal is listed below and I will need $60,000 down. Any tips to get the $60,000 would be greatly appreciated. Before everyone asks I do have cash saved for investing but the majority of it will be tied up in another deal I'm working on at the moment. 

Thank you!!! 

 Anton Ivanov   

Awesome thanks for the update! I've been in the KC area now for almost two years but have recently started looking for a house hack so hopefully gut something under contract soon! 

Hello @Anton Ivanov,

I know this is an older post but I was wondering what has changed since then! Any more buys in KC? 

@matthew Crivelli @Will Fraser 

Thank you both for the great advice! 

Hello everyone!

I have been looking for multifamily properties in the KCMO area and have finally found one worth pursuing. It's 4 doors and is listed at $240 but I'm sure with how things are selling today will go for $260. After running it through the calculator it would cash flows at roughly $600 a month even with the higher purchase price. 

All of the above sounds great except the down payment with closing costs will be roughly $55,000 and that's about $20,000 outside of my price range. 

My idea is to try and find someone to cover the full down payment or at least the majority. It would have the cash flow to pay them including a higher interest as an incentive. 55000 with 12% interest is $61600 total. If I told them I would pay it all back in 15 years they would get roughly $343 a month. 

My question is how do I go about finding people who are sitting on some capital? If I find them do I offer the monthly payment like I explained above or would they become a partner and let's say own 50% of the property? I'm not opposed to either option but would like to know what everyone has experienced. 

Thanks for the help!