All Forum Posts by: Joey Sullivan

See you tonight at Investor Underground.

Tomorrow is the Lifestyles Unlimited case study in Austin.

On Sunday is Homes For the Win's Rehab Network.

• Jeremy Lewis with AMP Lending
• Donna Fox with Barton Creek Lending Group

Hey Curt, what is your email address?  I'd like to inquire more about this deal.

@Henry Tse, I'd say generally to focus on the peripheral sides of Austin - East or South. You should also focus on Round Rock, Georgetown, Kyle & Buda. But prices have been going up all over the place and the market rents are not keeping up with the higher mortgages, so these areas might be better suited for flips before too long.

I've been doing buy-and-holds in the greater Austin area since 2012.  Oh, how I wish the market was like it was back then. 

If you want to learn more about buy-and-hold investing, I would recommend Lifestyles Unlimited which is based in Texas.  That's how I started.

Here are some questions to ask when shopping around for a hard money loan:

- What % of the ARV is leant out (e.g. 75% of ARV for rentals, 70% for flips)
- What is the interest rate?
- What are ALL the fees? This includes things like origination points, fixed fees, draw fees (from repair escrow), required 3rd party fees that other hard money lenders would not require (e.g. certified appraisal, legal fees).
- When are the points & fees paid? (e.g. at closing or when you refinance / sell the house?)
- How fast can the deal be funded and close?
- Is there a minimum loan term? If so, what is the pre-payment penalty?
- Is there a maximum loan term? If so, what happens if more time is needed?
- Does the loan require a repair escrow? If so, is it 100% of the repairs, or only part?
- Does interest accrue on money held in the repair escrow?
- What is your draw process and how quickly will I receive funds from the repair escrow?
- When are interest payments due? Are property tax escrow payments or anything else paid along with it?
- Does one have to use a specific conventional lender, or can anyone be used (for buy-and-hold properties)?
- What properties do you not lend on?
- What stipulations does your loan program have that other hard money lenders do not? (e.g. Contractor gets the materials funds up front, but the final draw payment is not refunded until you refinance; must have only 1 contractor bid and do a mechanics lien at closing [if you have more than one contractor it won't work]; MLS deals work, but you cannot have an assignment of contract; etc)
- What other value-added services do you provide that other hard money lenders do not?

Hooah! It's nice to have fellow fellow active duty or veterans in the forums.

For rental property education, I highly recommend you check out Lifestyles Unlimited.  That's where I learned. 

@Ying Ding, I'd say generally to focus on the peripheral sides of Austin - East or South. You should also focus on Round Rock, Georgetown, Kyle & Buda. But prices have been going up all over the place and the market rents are not keeping up with the higher mortgages, so these areas might be better suited for flips before too long.

Investmark Mortgage offers our ‘easy-button’ program for wholesalers. Through this program, we offer valuable services such as: finding the buyer through our database of customers, a conditional approval letter for stronger offers, free property analysis spreadsheets, free desktop valuations, free contractor bids from some of our reputable pool of referrals, free transactional funding and even 0% interest & $0.00 fees for temporary funding (until we find a buyer) for deals that have to close very quick.

Why not leverage your time and let Investmark Mortgage handle the rest for you – and get paid your full assignment fee?  

I think the only downside to Lockhart is that is is not closer to IH 35. But that is not to say that investing there will not work. It may be tough to find enough comps to support ARV.

I keep hearing about more and more activity in that area.  LIsting Spark is going to do business there, so that says something.