All Forum Posts by: Robin Simon
Robin Simon has started 636 posts and replied 3875 times.
Post: Landed our first Investment Property
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Quote from @Joe Villeneuve:
OK. I'm trying to understand the math here...which is very confusing. I'm making a few assumptions here based on the limited info given above. Here goes:
1 - The PP = $95k
2 - You didn't put in a Down Payment, because that would involve cash and the ...
3 - Cash invested = $15k, which would barely cover the cost of the "new floors, soft floor fix, fixing a wiring issue, and moving the lndry room.
4 - Not sure where the "new roof" cost falls here. When you say "negotiated in" I'm assuming the roof was replaced by the seller without increasing the PP beyond $95k.
Is that all correct?
Also, if this is a hold, what are the projected monthly expenses (taxes, ins), mortgage payment and rent?...which will generate your monthly Cash Flow?
The statement that has me both stumped and concerned is under the "Lessons Learned" question, when you answer it with the statement, "Always have backup plans in place for financing". What does that mean, and how does that apply here?
Agree - what is the story behind "backup plans in place for financing" - curious to see what happened here / specific lessons learned
Post: First Medium Term Rental
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
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Is having only one bathroom an issue for MTR? I'd think that having equivalent Beds and Baths would be ideal for MTRs since a big portion of the lessee pool is roomates, etc.
Post: My Frist Rental Property!!!
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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Congrats - 52% CoC is amazing on a first property!
Post: AirDNA, awning, mashvisor?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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We (as a lender) have relied on AirDNA for a while on underwriting short term rentals and based on a lot of analysis and experience, trust it a lot for the data and highly recommend it. That being said, it is not perfect and should always be just used as a tool, for the specific properties, a full dive in is necessary
Post: What would a buyer want to see in this deal?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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Quote from @Tim Herman:
Not enough information. Most investors look for cash flow. There are spreadsheets in the files section that can help analyze. You can use the BP calculators for free for 5 uses. Need tax info, insurance, vacancy, repairs, capex, interest rate, arv.
this and the location and market! you just mention above "in a neighborhood poised to appreciate..." what backs that up?
Post: Housing Wire Podcast - The Stress In the Secondary Market
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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Sharing this podcast from housing wire - good info here, a lot of people don't realize quite how much mortgage rates are affected by the bond market and institutional trading (even more so than daily changes in levels). Good listen if you want to get better informed on the MBS side of things and how that affects rates/lending
Post: Is it bad practice to apply to 2 different lenders?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Quote from @Rami Sobhani:
I see that if you use many then it will drive down your credit score.
I'm not sure how it works in Canada, but in the US multiple pulls by different real estate lenders will not hurt credit if they are all done within a 30-day window
Post: Would appreciate advice from experienced people
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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I would say that $50,000 is more than enough to get started and dive in - remember, learning from doing is always the best way forward in real estate. Your only issue is that you should probably target long-distance real estate investing as $50k is more than enough in cheaper markets like the Midwest and you will probably have to start outside of Orange County unless you want to spend additional years waiting and saving up rather than starting
Post: Best Rental Property Lenders - Close in LLC name
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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Any DSCR lender should be able to help - sent you a DM!
Post: Enquiry on the Financing Options! Free to connect!
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Yes - a lot of DSCR lenders will lend to foreign nationals, there will just typically be some restrictions around max leverage and reserves held in US bank accounts