All Forum Posts by: Wei Jie Yang

I'm working with James Wise and Holton Wise's company right now to buy luxury property and make them into airbnbs. I've been running the numbers, and while some can't really cut it as an airbnb, some of these properties can kinda work as an LTR. Low COC% but they are in places like Tremont, Ohio City and Detroit Shoreway. Some of the nicer area's of Cleveland. How stupid am I being if I were to buy an expensive property in the hopes of appreciation there?

So, after doing two cash out refinanced this year and essentially brrring my entire portfolio, I am now using those funds to purchase two new constructions in Cleveland. I am using @jameswise and his company, Holton Wise as my agent and eventual property manager. and it will be my first foray into the Cleveland market, into Holton Wise and into short term rentals. 

Anyone with any general advice to give?

Hi everyone,

Last time I bought a property was in 2019. Back then the minimum I needed to pay was 15%. My lender is telling me that's over and now the minimum is 20%. Is this a Freddie/Fannie rule or is this an overlay? Does anyone know?

How are the terms of a partnership usually structured in regards to rentals? How is the usual split? I'm the money guy in this partnership and he's pretty much project manager/deal finder/etc.

I worked with a business partner on a OOS flip in 2020-2021. The way that was structured was he found the deal, he  hired the contractors to do the rehab and would be the one to go over there. When the property was sold he was given 50% of the net profit after all my expenses (purchase, rehab, interest rate, property management, utilities) which I thought was 100% fair.  

Now he wants to use our partnership LLC to do rentals and airbnb and I am having a hard time wrapping my head around how to do it. If we go by the old way we did things, I would pay for everything and the rehab, and only get 50% of the profit from a rental? And when we eventually sell he get's 50 % of the equity on the profit?

Am I thinking about it correctly? Am I mistaken? I told him we should discuss terms on how this would work but no real response in that regard so far.  So I'm wondering how is it normally done.

Hi guys! My friend introduced me to places like Keokuk and Fort Madison and I was wowed by the numbers there. Of course I have no contacts, no agent, no knowledge of property management, no contractors so I'm incredibly hesitant to do any investing in the area atm since I'm a oos investor. 

What do you guys think. About those areas? Is there any place you reccomended? Do you have anything for sale? Do you guys have any deals you want to work on together? Lol

Any one has any good property managers, real estate agents, project managers to recommend for the area? Or any info on various small cities in the area? 

https://twitter.com/i/status/1...

Anyone but BLM. They're a disgusting joke of an organization.

@George Despotopoulos The deals are located in the Michicana area of Indiana. Some Numbers are still a WIP though but a ballpark

1) 24K PP + 12K reno = 57K ARV for flipping

2) 65K-85K fourplex + 30-50K renovation = 165 Arv. But most likely keeping this for rental

3) 60K Duplex + 25K reno = 130K Arv. Would perfer to keep this as a rental.

There are two more that we need to get a bit more info on but these are the solid ones in terms of number. 

Hi Everyone,

I got a batch of about 5 deals (flips and rentals) last week from a guy I trust (I did my first and only flip with the guy and have bought 2 very profitable rentals from him) He's been at this a lot longer than me and he's giving me first crack (actually 2nd crack besides the ones he's keeping for his turnkey company) at a list of 10 properties he's trying to put negotiate for. 

I like 5-6 of them and with repairs and purchasing I think I need an average of 80-110K for each of the properties. Well, needless to say I don't have the cash on hand to do all 5 of these and I would HATE to let them go. Where should I start looking? Hard Money Lenders? Somewhere else?  

I don't like the idea of doing some sort of package things either, since some I would want to keep and some I would want to flip. Where should I start looking?

Thanks all,

Wei

Hi Everyone,

I got a batch of about 5 deals (flips and rentals) last week from a guy I trust (I did my first and only flip with the guy and have bought 2 very profitable rentals from him) He's been at this a lot longer than me and he's giving me first crack (actually 2nd crack besides the ones he's keeping for his turnkey company) at a list of 10 properties he's trying to put negotiate for. 

I like 5-6 of them and with repairs and purchasing I think I need an average of 80-110K for each of the properties. Well, needless to say I don't have the cash on hand to do all 5 of these and I would HATE to let them go. Where should I start looking? Hard Money Lenders? Somewhere else?  

I don't like the idea of doing some sort of package things either, since some I would want to keep and some I would want to flip. Where should I start looking?

Thanks all,

Wei