All Forum Posts by: Patrick Jung
Patrick Jung has started 9 posts and replied 27 times.
Post: Should I convert a SFH to duplex?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
In my area, I have seen successful flips from 2FAMs converted to a huge SFH. Since the typical single family house in the area doesn't have the square footage, they made a killing. It was a foreclosed up & down with about 1200sq ft per unit and when converted about 2500 sq ft.
They bought for 40k and sold it after complete rehab for like $355k.
Post: If you were to fix and flip, how would you choose the area?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
You can purchase with a low down payment for example 5% with an FHA loan. The strategy I used for my first purchase is a small multi family and rent out the other unit.
Post: Use cashflow to reinvest or torwards principal of mortgage?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: Use cashflow to reinvest or torwards principal of mortgage?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: Use cashflow to reinvest or torwards principal of mortgage?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: If you were to fix and flip, how would you choose the area?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: How did you build your rental portfolio?

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: Financing second property

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: Figuring out strategic financing for a second rental..

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Post: Funding for flips

- Rental Property Investor
- Lakewood, OH
- Posts 27
- Votes 5
Hi all,
I was hoping someone could give me some insight on some different options to fund homes to flip.
I would like to get an idea of the different approaches and your experiences on how it went.
Obviously it would be nice to have Walter White money and could buy in cash, but I don't so the following options are what I could think of... What do you guys think?
- Get a conventional mortgage with a 20-25% DP and buy a house as an investor. (are there any special circumstances to this? Hold period? Also, I feel like big name banks are really picky when it comes to approving loans for houses that need some work.)
- Hard money lender (don't know much about them.. kind of reminds me of a loan shark)
- Know somebody with a bunch of cash
- Home equity line of credit
- Maybe transfer funds from my 401k to a self directed IRA
Thanks in advance!