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All Forum Posts by: Shaun Weekes

Shaun Weekes has started 33 posts and replied 1673 times.

Post: Expert Investor Advice Needed - California Inherited Properties

Shaun WeekesPosted
  • Loan Officer / Processor / Life & Health Agent
  • Rancho Cucamonga, CA
  • Posts 1,784
  • Votes 757
Originally posted by @Derrick StClair:

Calling all experienced investors!!

I'm hoping to leverage this platform of skilled and highly experienced real estate investors to get some insight (or at least ideas) of what I should do to increase my real estate cash flow returns. My family recently inherited 5 properties in San Mateo, California; consisting of (3) single family, (1) duplex, & (1) commercial building. What I'm looking to do is analyze this portfolio and decide what the best course of action is to substantially increase my real estate business keeping in mind that positive cash flow is important. I am new to real estate but have been educating myself substantially over the past 5 months, just hoping to leverage some experienced investors to gauge what they/you would do. 

I'll provide some numbers below to provide more a full picture.

Portfolio: 
note: all properties have zero debt liability (fully paid off) were built in 1922-1965 and have not been renovated since. They could all use quite a bit of rehab work and are currently being rented for 25%-35% below market rental rates due to the condition they are in. 

1) Single Family - 2bd/1ba
Gross Cash Flow = $3,000/mo
Current Market Value: $1.1M

2) Single Family - 2bd/1ba
Gross Cash Flow = $2,700/mo
Current Market Value: $1.1M

3) Single Family - 4bd/2 full bath + 2 half bath
Gross Cash Flow = $0 (Vacant, house need a LOT of work)
Current Market Value: $1.8

4) Duplex - (2) 2bd/1ba
Gross Cash Flow = $4,500/mo
Current Market Value: $1.8M

    5) Commercial - 6units
    Gross Cash Flow = $11,100/mo
    Current Market Value: $2.5M

    Total Gross Cash Flow Across 5 Properties: $21,300/month
    Approximate Net Cash Flow (after PITI) = ~$14,000/month 
    (property tax assessment is EXTREMELY low because it was inherited, total tax assessment for all 5 properties is <$2k/month)

    Market:
    Location: San Mateo, California
    Neighborhood: Grade B+

    In a perfect world I would like to double or even triple this net cash flow so that myself along with my sisters family can retire early. Any help, advice, and guidance is GREATLY APPRECIATED! If there is any information I left out that would be helpful please let me know, happy to share. 

    Regards,
    Derrick

    Before you move forward on what you want to do with the current units what are you goals and what strategy do you want to use to obtain your goals?

    Fix & Flip

    Buy and Hold

    BRRRR

    Once you figure out the strategy you want to use the financing part will be easier to figure out.

    Post: any refinance lenders

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Adam Zajkowski:

    Hi Shaun. Its a single family home we want to buy for investment cash and refinance right away

    If you buy it cash and it's an SFR the max cash out you can get right away is 70% if you use delayed financing or 75% if you wait 6 months. I'm basing this answer off of Fannie guidelines.

    Post: Life Insurance Sales

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757

    Highest comp in the industry that tops out at 140%

    Typical pay is 24 to 72 hours after your sale is approved and many of our carriers approve the application in home!

    Last month as a company we did a record 6.7mm in issue paid business with ONE carrier. We know how to turn you into a producer if you want to learn and just plug and play into our system.

    I'm looking to hire part - time and full -time agents that are looking to make an extra 2k to 5k a month part - time or 10k to 20K plus a month full - time.

    I'm hiring in all states (We have locations all over the country that offer great support) and we have numerous live FB calls and training throughout the week every week.

    We offer our clients the following products:

    - Mortgage Protection

    - IUL's (Indexed Universal Life Policies)

    - Annuities

    - Final Expense Insurance

    - Term life Insurance

    We pay for the 52-hour online course and help you along the way with any questions or concerns that you might have.

    People that do well in this type of environment are people that are ready to work.

    This is also a great compliment to Brokers, Realtors and Loan Officers because you've already spent a lot time building a relationship with your clients and you know if they have any financial holes or a need to obtain additional protection for their portfolio.

    Book a call and let's protect families while you earn income for you and your family.

    https://bit.ly/2RoHymi

    Post: any refinance lenders

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Adam Zajkowski:

    any lenders for refinance on 20% down

    Get in touch with a good local Broker or Loan officer. Is this a purchase with 20% down or a refinance with an LTV of 80%? What type of unit and is it investment or owner occupied? The more detail you give the better answers you'll get.

    Post: Vacant Commerical - How to get a loan

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Diane G.:

    Hey calling you commerical experts - I am looking at a mix use property, where the residential units are occupied and the commerical is vacant....When I go apply for loan, IF that is, does lender just look at residential rental income? Does lender bake in potential commerical income?  Thank you....

    What is the mix of units, rents, sales price and location? This will help get you a more accurate response as commercial loans weigh heavy on rents, type of commercial (Apt, Retail, Warehouse etc.) and location. 

    I hope this helps and have a good one.

    Post: Refinance Out of VA Loan

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Damien G.:

    @Shaun Weekes do I need to get an appraisal? I heard there are ways to not get an appraisal.

    What's a blanket loan? It's too hot in California & Texas for blankets lol. Just kidding.

    You would need a private money, portfolio or commercial lender to use both homes as collateral. You'll then have one payment for both homes. The one mortgage is a blanket over all properties and normally you must also have all homes in an LLC or some type of entity.

    Post: Refinance Out of VA Loan

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Damien G.:

    I have two homes in two different states financed with a VA loan. Is there a way to refinance both of them into one loan that is not a VA loan so that I can have my full entitlement to purchase a house in the state I'm currently in?

    I figure that it's not possible due to the different states & the appraisal requirements. Figured I would ask the experts to make sure.

      A blanket loan would be ideal for this situation but for the best rates and terms I would just do 2 conventional loans and call it a day.

    Post: Difficulty finding investment lenders

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Deniz Eker:

    I was told by a realtor that it is difficult to find lenders for investment properties(conventional loans) due to pandemic.

    What are your thoughts?

    I don't agree with your Realtor.  Fannie and Freddie are still buying these loans on the secondary market and aren't letting up.   

    Post: Refinance of duplex stalling

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757

    @Simon Bloch

    Fannie and Freddie are business as usual. They have tightened some guidelines but all and all loans are still funding on a daily basis.

    Post: Financing Issues: Getting out of HM on BRRRR

    Shaun WeekesPosted
    • Loan Officer / Processor / Life & Health Agent
    • Rancho Cucamonga, CA
    • Posts 1,784
    • Votes 757
    Originally posted by @Rachel Kennedy:

    @Shaun Weekes apport $218K worth $300-310K

     If you can't wait 6 months you're going to need to start looking for portfolio and private lenders.  These lenders have dried up a lot over the past 2 weeks so be very specific with your needs when approaching them.