All Forum Posts by: John Mann

My thoughts on this platform are that it's another money grab. According to their FB page, there are 2.6k users. That means they have hauled in over $2.6MM just in initial setup fees. While that kind of income is not a deterring factor, when I looked over the terms of service many big red flags came up. You would think that with all that income, they would let you use the product for commercial use. As per their terms of use, "The Site is provided solely for your personal noncommercial use." There were many other questions when I read over the three different term sections that needed agreement to continue with the service, but I never got a response from support on the major noncommercial use clause.

Plus, if over 2,600 people are using the product, how many times do you think an agent is going to get messages from various investors through the platform? It just didn't seem like it would be worth my time or money.
 

@Ebi Amiri depends on what area, product type and investment strategy you're considering. Most agents are niche oriented and the ones that cater to investors and even more so.

@Matt Anding While I do not have experience with what you're looking to accomplish, it appears that there needs to be the ability to have one key data point that is the same across all sources of information, possibly a parcel number. I would think that once you have all your data tied together, you can sort and analyze from there.

Also, a VA loan is just a loan guarantee and not an actual loan. To answer the question it appears you are asking, yes you can convert/refinance a VA loan guarantee to conventional financing. You can also have more than one loan guarantee out at a time maxing to the value allocated for your area.

Hi Kevin,  All those areas are great places to live in.  It really comes down to what kind of neighborhood you prefer.  

Point Loma is probably going to be on the higher side of rent than the others and probably has some of the best views in the city.  However, traffic getting in and out during certain times of day can be a bit challenging.  Depending on what part of Point Loma you are in, you may be in the path of airplanes as they take off from the airport, but there is restricted hours that they can take off and land so it's not a 24-hour thing.

South Park has easy access and is a much quieter area of town, but still has enough places to go out of a beer or dinner nearby.  Houses are older and have a lot more character. 

North Park (Normal Heights and University Heights) are definitely a little more lively with many bars, restaurants, and other nightlife along 30th St near University and along Adams Ave to the North.

Golden Hill, near Balboa Park, is also an older area of town and you may have a harder time finding an SFR. Being near the park is a great benefit for your dog and plenty of activities happening at the park year round. One thing to be aware of is being in the fight path of landing airplanes.

Best of luck and be sure to reach out to the community when you get into town!

I'll be there!

@Joseph Garner  To answer your original question, yes.  You would include vacancy, repairs and property management.  Cap ex and reserves would not be included as they can vary depending on the ownership and lender requirements.

The idea that all properties would follow a 50% operating expense ratio would not be accurate as it can vary wildly in different areas.  What would be normal in one area would be unacceptable in another.  In San Diego, a 50% OE ratio would be a major sign of either low rent or very high expenses.  A good way to see if the subject operating expenses are in line would be to compare them to other similar properties in the area.  Don't be afraid to go back to the seller and tell them what you think, it's just business.  If a property has historically had low operating expenses, it could very well be a sign of deferred maintenance and a point of negotiation with the seller.  Always ask for 2-3 years of income statements to see how the property has been operating over a longer period.

Here is a good link to get a better idea of what an Operating Statement would include.

https://www.biggerpockets.com/blog/multifamily-fin...

Another idea would be to google "real estate income statement example" and that should help you figure out what other people typically include and don't include.

@Olena McCormick what day?

@Jordan Mantel you'll have to speak to your mortgage broker. This is an area that I'm not familiar with. Don't rule out other sources of financing depending on your ultimate goals.

@Jordan Mantel if your going to flip it, the name of the game is speed. Get in get out and get paid in as fast as possible. The market for sales will slow down heading into the holidays.