All Forum Posts by: Peter Cung

Hi @Aj Parikh. I got in touch with @Stephen Akindona's lender recommendations and both are good contacts to work with. I ultimately went with another that I had an existing relationship with. My last deal I did a rate and term refinance to pay off a private loan 3 months after acquisition. Purchase included the rehab amount on the HUD.

@Kevin Charles Without the address, it's kind of tough to say. I'm an out-of-state investor too and would recommend you to look east of Highland Street/Prescott Road in 38111 or 38117. It can vary street-by-street, but there's some good rentals in that area and you're within the 240 loop. Definitely reach out to some of Memphis operators on BP like @Curt Davis, @James Martin, etc. - they're a great resource to talk to!

Hey @Ricky R.! I'd echo what @Joshua Parr mentioned above. Depending on how well they understand private money loans, I'd keep it simple and offer them a promissory note that indicates interest-only payments. Ask them how they would like to get paid (monthly or balloon at refinance) and draft it based off of that. Obviously consult with a lawyer as this is not legal advice, but you can also use a template promissory note such as here: https://legaltemplates.net/form/promissory-note/

I would stay away from equity deals since it gets complicated and your ask is only for rehab funds. Just create a "win-win" situation, demonstrate you have done your due diligence to them, and I trust all will go well!

Good luck!!

I second your post, Warren. Bought my first turnkey with them and the rehab was great with no issues on capex or any other items. Still use them as a PM for my other properties - their team has always been responsive and I have had no issues on their rent-ready rehabs either.

Hi all! Might be short notice, but I'm headed to Little Rock in a couple weeks to check out some investment properties and was wondering if there were meetups for real estate investors in Little Rock? Looking to connect with other investors, wholesalers, operators, etc. Even if it doesn't work with my schedule for this upcoming trip, I plan on coming back so would be great to connect!

Any suggestions would be greatly appreciated. Feel free to PM if you wish as well. Thank you!

Hey @Brian Christensen! I bet you’re experiencing some nice appreciation if you currently have a primary and/or other local investments in Utah!

That being said, I don’t know cash flow specifics in Utah. But I trust you can generate more gross/net cash flow per month in OOS turnkey properties. A lot of great markets to invest in - I am sure you know the cities if you peruse through BP. Just got to find the market you like the most, ensure you can cash flow based on your calculations, and qualify the right team/turnkey providers.

If you are a busy working professional, I see value in working with a trusted turnkey provider with your first OOS purchase. Saves you time, all major capex is generally rehabbed, and should be rent ready on day 1. I would chat with turnkey providers that are active on BP. Shows they have a reputation with investors here - to earn and protect. 

If all goes well, you can purchase another property through them or - if you want a more hands-on role - you can be more active with an agent, do a BRRRR, etc. Whichever you choose, you'll learn a ton if you ask great questions with your turnkey provider and network with other investors in that specific market.

In the end, depends on what you want to do. You could purchase another property locally and bank on appreciation long-term if you can hold it for a while. But if you have the capital and ability to, might be worth building a passive income portfolio in a linear market. Or better yet, you can do both!

Good luck!

Hey @Jackson Long! Cool, I lived in San Jose for a couple years. Loved loving there. Just was quite…. expensive… :)

To your questions:

1. Yes, I am looking cash out based on ARV and repeat for subsequent deals.
2. Nope - this would be my 3rd SFH in Memphis. I have a PM I like in place.
3. Yes, but am open to evaluating on better note terms too. Friend of mine was suggesting 15 years.
4. Well noted. I am happy to at least inquire.
5. I haven’t looked at this hard, but assumed big banks wouldn’t be as open.

I’ll PM you as I’m curious to how your Memphis portfolio is doing. Will be in Memphis in a couple weeks and am happy to connect there as well!

You're the best @Curt Davis. Should've just called/texted you haha

Hi guys,

I am looking to start a BRRRR project later this year in Memphis, but wanted to find lenders who can cash-out refinance. I spoke with one who can refinance after 12 months, but I prefer lenders that can do it after 6 months.

This will be a SFH rental property and a conventional loan. Any recommendations/suggestions on specific lenders or brokers would be greatly appreciated!

Hi @David Greene. When will the next BRRRR event be? Would love to join, but regretfully, I'll be traveling outside the Bay Area so can't make it.