All Forum Posts by: Becky Hoffman

I want to do a DSCR loan - I don't think banks will do that kind of loan.

I am ready to refinance one of my rentals to pay off the private lender loan I used to purchase it. ($85k) The ONLY thing preventing the loans from being accepted is the square footage of the house. (500 sf) Everything else about the house passes with flying colors! Does anyone have a suggestion on how I can work around this issue?!

Nice explanation! That helps a lot, thank you. 

 Yes, this is another option. Maybe I'll use one account for maintenance, & taxes. Thanks

Love it!

Kevin, thank you for your response! I've already ordered the book you recommended!

I feel like I have so many bank accounts to keep track of already, I thought maybe another might be overkill. (I have other businesses with their respective accounts. Lol) After reading your recommendation, I think I'll open a savings account linked to the business checking and just do automatic transfers each month. 

Again, thank you for your reply. 

Becky

Do you open an account to escrow your tax costs or is there another way? I'd rather not have to open another bank account if possible. 

Hi Amber, I'm a fellow Houston flipper/landlord. I read that you are finding plenty of 75% flip deals, what's your secret? I haven't bought a flip in a year!!! Everything is 80% or more!

I've flipped many houses successfully and know how to maneuver the money side of doing that (OPM), but I've found a property I'd like to buy and hold for future equity. How do I finance a rental property? A personal bank loan? 😒 Hard money lenders? 😒

Investment Info:

Single-family residence fix & flip investment in Houston.

Purchase price: $64,000
Cash invested: $45,000
Sale price: $149,000

This property was a 3/1, 1,500 sf SFR located in a low socio-economic area of Houston.

What made you interested in investing in this type of deal?

This house was partially remodeled. It had great curb appeal and large open rooms.

How did you find this deal and how did you negotiate it?

A pocket listing from my realtor

How did you finance this deal?

100% funding at 12% & 1 point with a private lender

How did you add value to the deal?

Tore out flooring in the kitchen and leveled the pier & beam foundation. Installed HVAC system. Gutted kitchen and bath. Took down one wall. Blew insulation into attic. Added tile in kitchen and bath. Painted interior and exterior. Poured a new drive. Laid sod. Landscaped front of the house.

Lessons learned? Challenges?

Everyone loved the house but I had a hard time qualifying buyers because most had no social security numbers or ITIN.