All Forum Posts by: Alon A.

I have teams of contractors, lawyers, realtors, handyman, agents.... in both of this markets , my price point is between 200-350K purchase price for homes with 3bed /2bath and around 1500-3000sqft.

Question 1:
you think this both areas are good for mid term travel nurses, insurance.... ? How many miles away from hospitals are you looking for ?
i didn’t do mid term rentals ever but I want to increase my cash flow . so I will appreciate any tips

what I usually do is: I buy houses with Hard money loan and renovate it then I rent it
in this case I’ll need to furnish it as well and then start with mid term

I found out that I can do Subject to and seller finance and get already a remodeled property with 10% down payment , in that case I save the remodel work , but I’ll not have alot of equity and monthly expanses for rent will be super high

Question 2:
Regarding to purchase method, what you will recommended ? you buy already remodeled property ? or you buy distress , renovate them and get also equity along the way

1 Vote

hey guys

Im interested to do subject to in some deals for houses sitting long time in market, should i contact agent or seller directly in those deals? in all videos in youtube its talking on contacting seller directly, but if house listen on MLS they have contract with seller no ?

im using propstream to see details of seller and deal that listed in MLS.

0 Votes

Quote from @Jay Hurst:

Quote from @Alon A.:

Hey guys, i would like to buy a house in Austin, I want to buy house that need a full remodeling and invest at least 100-120K on remodeling the house.

I can get Hard money loan & then get FHA when i re finance , what you would do in my position ?

I mean i prefer not to go hard money loan , but they will cover me 75% from ARV on rental . and i can take part of money to use it for the remodel.

I prefer to go with FHA from the beginning but i cant take advance on equity like i do with HML.

@Alon A. First question has to be are you looking to purchase as a non-owner occupied investment property or an owner occupied property? Hard money is for non-owner and FHA is for owner occupied.

What if I do hard money loan on house and then I decide that I want to keep it instead of rent it or selling it , so I will re finance for 30 years and then I can keep it ..

0 Votes

Austin, Texas

Quote from @Eliott Elias:

Why do you want to take on a project with an extensive rehab? Take on a project that makes sense numerically, no matter how much rehab it needs.

Your best bet is to use hard money for a project of that magnitude. They are asset based and you will be able to receive lending on the majority of the funds. Sometimes up to 90% loan to cost.

I’m a remodeler in my profession.
I want to build there a house for my use.

I know already type of finishes , I know the what I want

Maybe I’ll build even a pool , back yard project , siding projects , I want to take house and make it super modern and enjoy from it

0 Votes

Austin, Texas

Quote from @Jason Wray:

Why not just go FHA 203K from start to finish.

What is FHA 203K ?
How it’s different , and how the remodeling and loan cost work

let’s say house is 500K

Remodel 120K

How much down payment I put and how the draw of remodel works , I never used this loan but it’s sounds great

0 Votes

Austin, Texas

Hey guys, i would like to buy a house in Austin, I want to buy house that need a full remodeling and invest at least 100-120K on remodeling the house.

I can get Hard money loan & then get FHA when i re finance , what you would do in my position ?

I mean i prefer not to go hard money loan , but they will cover me 75% from ARV on rental . and i can take part of money to use it for the remodel.

I prefer to go with FHA from the beginning but i cant take advance on equity like i do with HML.

0 Votes

Austin, Texas

Hey guys

I wanted to check out with you if you had any luck to Re fi cash out in the last year ?

They giving me 75% in DFW area , so instead im doing a regular 30 years re finance (no cashout) with 75% and thats how im not putting any cash at close.

It is very hard for me to do cash out, every time i want to do , rates are high and i dont have enough to cover it...

-for example

-property purchase price 270K with 71K expanses

ARV before remodel 426K, ARV after remodel 460K.

PAY off hard money lender is 328K

I dont have enough for cash out ?

0 Votes

Quote from @Luka Milicevic:

The only thing I look for on a BRRRR is to get my money back. I'm not interested in getting any extra cash out on top of what I put in.

I used to do this back in the day when I was getting 4% rates, but no longer do it because it makes less sense to me.

Only way that I would take out extra fund on top of what I put in is if I can take out enough to buy another property as a down payment.

This is just what I do personally.

On a side note, good deal you have on your hands here. Well done!

So just to make sure , you will leave the money in the walls ? You not going to take the 30K out of the property ?

1 Vote

Quote from @Alon A.:

Quote from @Corby Goade:

Quote from @Alon A.:

Quote from @Corby Goade:

Quote from @Alon A.:

Quote from @Corby Goade:

Unless you have another deal just waiting for you, I'd take the break even and start hunting again.

I don't like "cash" sitting there, burning a hole in my pocket at 10% interest. I think that makes investors take chances that they wouldn't normally take.

Positive cash flow and 100% of your out of pocket costs are covered- that's a win most people on these boards would kill for. Nice job!

So you say to take all money and break even with 9% rate ?

No, I am saying I think this is the better option:

"On the other hand my re finance lender can give me loan of rate and term of 7.75% payment of $1981 monthly and cash flow $419 per month."

Oh ok so you are saying i should leave the 30-35K in the "walls" of the property and stay with mortgage 7.75% ?

I certainly would and have done that many times. Unless you are 100% certain that you can get better than a 10% return on that money right away, why would you borrow it?

I mean what is maximum rate that you limit, i think to go over 8% is to much !

9% is crazy. but how everybody do 80% cashout with good rates?

On the other hand i can take 30-35K and make more deals. so im confused what i should do.

And i need money also

0 Votes

All Forum Posts by: Alon A.

Alon A. has started 42 posts and replied 134 times.

Post: How to x3 and x4 the mid term

Post: Mid term in DFW Texas & Tampa Forida

Post: SUBJECT TO - question when doing that

Post: Way to but house i want

Post: Way to but house i want

Post: Way to but house i want

Post: Way to but house i want

Post: BRRRR at this days

Post: Need help on one deal - BRRRR

Post: Need help on one deal - BRRRR