All Forum Posts by: Stanley J Okazaki

@Matthew Olszak great points. I completely agree with the repairs. Thank for the 2 cents

Wondering if any experienced landlords/ property managers out there have figured out how to "trim the fat" off their rental property expenses & or time allotted to them? Examples include: 

-writing into the contract that the tenant is responsible for the first $100 of any repair

-automatic deposit

-switching out carpet for hard flooring

-homogenize paint colors, 

Just curious as to how the more seasoned investors on here keep up to date with news? 

For example, I live here in Los Angeles, CA. A few miles north of where I am, Snap Chat opened their head quarters. This dramatically affected the real estate market there. Any investors who knew about this would have definitely had an upper hand if they chose to invest in/ around that neighborhood. 

@Brittney Wilson-Murray were you able to find the link for that green housing program?

"Terms: 20 yr at 5% interest only with balloon at 7 yrs" 

Does this means that the loan itself is for 7 years & should be paid off within this time frame? 

Monthly interest only payment amount will be based on if it were divided over a span of 20 years but only paid up until the balloon payment is paid? 

"Plan is to refinance at year 7 mark before balloon payment"

What are borrower requirements in order to be able to refinance out of a seller financing? Need a min. % of equity? Need w-2 income & good credit?

Are there any investment focused brokerages and or agents/teams in the LA area that you guys might know of? 

I'm looking to hang my license up with a new brokerage that had has extensive experience with established investors or buying & selling investment properties

Really helpful info. Thanks so much

@John Thedford

@John Thedford So use the private money for longer term financing...got it!

I assume the length of the loan varies greatly between each PM investor,what they're comfortable with & what is negotiated . That being said, is there any sort of agreed upon standard for the length of loans? 15, 30 yrs. just like a bank?

Can you refinance out of a PM loan just as you can from a HML?

@Antoine Martel

In regards to the BRRR strategy, the reason for me using private money is because 1. I don't make enough money & don't have the 2 yrs. of consistent income usually needed to qualify for a conventional mortgage.

I can't qualify for the mortgage needed on the back end of the BRRR strategy = I can't use this strategy??? Or would the equity in the property take care of the refinancing part of the strategy?

Sorry for the confusion, still trying to understand everything.

Hey there,

So currently work as an apprentice carpenter for a custom cabinetry and furniture shop in the South Bay. Not making enough money to be able to save any of it so I'm looking into raising private money. I'm entirely new to this so please do chime in with your experiences good /bad. Thanks

-Stan

Aside from the obvious returns you may get, what info do you want to be provided with from prospective borrowers?

-Are you looking for a min. return?

-What numbers, breakdowns &/or facts pertaining to the property are essential to have before you lend out your money? Flips/Rentals

-Do you care about the borrowers income?

-What's something a borrower has done/ can do to differentiate themselves from the rest?

-If you were to meet with a prospective borrower who is interested in using your money to implement the BRRRRstrategy what information do you want from them? What about for a borrower interested in flipping?