All Forum Posts by: Andrew Garcia

@Brandon Rauscher, I see. 

Your best bet would be to try to acquire something that has under-market rent.

Let's say that you buy an 8-unit for $1,000,000. 

Assuming a 6% cap rate, if you can raise the rent by $100 per month per unit, you increase the value of the property by $160,000.

At that point, you only have a negative cash flow of $200-1,200. Taking the average of $700 per month, you are paying $8,400 per year to make $160,000 in equity.

I would do that all day long.

Hope this helps! Let me know if I can be of any assistance.

 Sorry about that! Just type in Richmond, CA then. Basically the same.

 Yes, there are industry standards but each market is different in what they value. In LA, a pool is a lot more valuable than in North Dakota. 

A local realtor would be your best resource for this.

@Grayson Gladu, that is a good strategy.

Just so you know, most lenders do not have better pricing from 50-60%. 60% LTV is generally the best pricing.

If there is a mortgage on the home and it is a short-sale, the servicer will provide you a short sale agreement in which they state the amount they need to release the loan. It might be more than your auction price, it might be higher.

As Wayne mentioned, there are extra fees included, not just the outstanding principal.

Hope this helps! Let me know if I can be of any assistance.

Hi @Account Closed, I would really need more information before I can confidently say yes or no.

I would need to know if it is a 2-unit or a 3-4 unit. I would need to know your credit score. I would need to know how much debt you have. I would need to know some other things as well.

If you would prefer to answer in private, feel free to send me a message.

Hi @Alex Song, I see two ways to do this.

1. They can do a cash-out refi and then do subject-to with you. 

2. You can put a larger down payment so they have some cash.

3. They can do a HELOC or a second mortgage and then do subject-to with you.

Hope this helps! Let me know if I can be of any assistance.

Hi @Greta Andrews, are you saying that you are borrowing the down payment from a HML?

If so, it cannot be sent as a gift.

In order to not raise any red flags in underwriting, you would need to have the money in the account for two bank statements.

Hope this helps! Let me know if I can be of any assistance.

Hi @Lorenzo H., the biggest downside with this is that you will be paying interest for an extra ten years.

The amortization schedule is slower so it will take longer to start paying more principal than interest.

That is basically it.

Hope this helps! Let me know if I can be of any assistance.

Hi @Oscar Angeles, welcome to the community!

BP has a lot of great resources for wholesaling. You should check it out.

In the future, as long as you have 20% down and the income of the property exceeds the monthly mortgage payment, you can get a DSCR loan. It does not require any income or job verification.

Otherwise, you will need at least 2 years of self-employment income. 

Hope this helps! Let me know if I can be of any assistance.

Hi @Danny Yeap, har.com is a popular website.

If you go to the "Network" tab and click on "Members", you can search for Dallas.

Then, you can find property managers and investors.

Hope this helps! Let me know if I can be of any assistance.