All Forum Posts by: Brody Garcia

I did a Hard money loan with a rehab budget of 130k, 100k financed, I used my funds to pay 25k-30k each time doing 4 draws from the lender. The pay structure I used for the contractor was 25% once materials were on site, 50% once certain mile stones were met (all flooring installed, Cabinets in place, ETC.), last 25% once final punch-list was completed with a walk through. I don't like to pay for work that is not completed, so that way if they take the money and run I am not out all of my money. I also like to use a contract that specifies when and how they will get paid, and the time line. If you message me I can send an blank contract. Hope this helps!

I used Kwick Lights LLC for running power to my new ac units last year they were the quickest and good price!

 I am currently starting to raise capital and I did what Taylor recommends here. Talking to your investors about what they are looking for and what their goals are. Good Luck with the Raise!

Just reread post I would Recommend @Nick Velez Him and his team helped me refi my 4-plex in Florida very investor friendly. 

@Nick Velez

 Typically both, But I would Recommend you talk to a loan agent in your area to get some actual numbers. Where are you Located?

Thank you for the information Nick! I did not know this, FHA loans require that your new primary be 100 miles away from the new existing one. If you move out of the original one for a period of time could you get around this rule?

 

I look at Job Growth, Job diversification(I like markets with the highest sector<25%),Population, Population growth, and Median Household Income. Will also look at markets that I have an advantage in(Boots on the Ground, Contacts, know other investors in the area, Have family there)  Also recommend reading David Greene's Book "Long Distance Real Estate Investing" .

Above 4 units you would need a commercial loan but they would look more at the deal then your personals for qualification. Though the financing would not be as favorable compared to a 4-plex. 

You can use the income on a 4-plex to help qualify , I purchased a home with a granny unit and I was able to add 1k to my monthly income to lower my DtI ratio.

I personally am looking for a distressed 4-plex to House-Hack right now because of the low down payment options.

Organize/Attend meet ups through BP is another one. I find asking people about their why/Passions (even if it does not relate to RE) helps to build a meaningful relationship.

I use Chris at Leland agency for my Quad In Jacksonville. I defiantly recommend them!