All Forum Posts by: Andrew Garcia

Hi @Damion Brown, setting up an LLC in Florida is pretty easy.

Most foreign national investors that I have dealt with also have a US-based partner but it is not necessary.

I can connect you with another lender if you would like to see if you like them better.

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

 @Maddy C. Great! If you have any questions about it, feel free to ask.

Hi @Mikel Hamlet, great to see some fellow young people in real estate!

Welcome to the community!

I am not sure why there is no location tag for South Jersey.

Let me know if I can ever be of assistance to you.

Hi @Robert Los, I don't know any investors in Milwaukee but I would love to connect.

That way, I can send you the contact info of anyone I meet from Milwaukee in the future.

Hi @William Hinsche, a good rule of thumb is 10% maintenance, 10% vacancy, and 5% for capex. Obviously, you can adjust this to your market but if you want to be conservative, this is a good place to start.

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

Hi @Brock Dowis, I know a great lender licensed in CA.

I have not heard of any lender that will allow equity gaps as a down payment. That would be your biggest issue.

They are conservative so they will use the lower of the purchase price or the appraised value.

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

Hi @Rahul Srivastava, use common sense is the best advice.

When you say "warm colors" do you mean hot pink and bright red? Those could be a turn-off for a renter.

Also, make sure that the HOA does not have any rules against renting it out or renovating it.

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

HI @Maddy C., not all DSCR lenders require a 6-month waiting period. You can do a DSCR cash-out at 90 days.

Since you seem rate sensitive, you could do a delayed financing cash-out for conventional since you are occupying the loan. You could do a 90-day lock for conventional so you do not need to be concerned about rates rising.

The downside with that is that you won't have your cash out for another 3 months.

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

 @Ronnie Galindo, just make sure that piece of paper shows the amount to release the lien is less than the purchase price.

Hi @Jason Sung, the biggest thing that new BRRRR'ers forget is the holding cost?

Is the rehab estimate including utilities until the rehab is completed?

Are you financing the purchase and repairs? You need to factor in the interest and finance charges.

There are other considerations but those are a few of the larger expenses.

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