All Forum Posts by: Charles Rogers

Reviving this thread... does anyone have a quality expeditor/zoning consultant for Dekalb County?  Property sits in city of Atlanta.

Thanks!

Hellooooo Everybody!

I have a question on how everyone sets up their flips. I'm currently doing approx 4 flips a year, but want to get that to 12+ a year. I currently take a HML to 70-75% LTC and 62.5% LTV (ARV) and funding the rest of the equity myself. In order to grow to the next level, I want to bring on friends and family to reduce the amount of equity I have in the deal. How do you typically structure your deals when doing this?

More importantly, are your HMLs okay with this structure? Are they okay with you bringing in other investors after the HML is closed? I'd retain 50%+ of the required equity.

**For clarity, properties move so fast its easier for me to lock up the deal and secure the financing prior to bringing in a partner***

Thanks!!

Hi All! I'm looking at taking out my first hard money loan and I'm curious if they typically do a hard or soft pull on credit since the loan is primarily asset based? I have good credit (800+) and want to keep it that way....For everyone that takes out 3+ HML's a year, how have you seen this impact your personal credit score?

Thanks!

Hi Everyone! I plan on purchasing a property for ~70k, putting 40-50k into it, and then refinancing after 6mo at 75% ARV of $165k after getting tenants in. I expect rent to sit around 160--1800 a month. I have saved enough money to do this 2x over without taking any hard money loans to do this, but recently left my employer of over 6 years to start a couple of things on my own. This will be in the same field, but it will take some time to get revenue coming in. I do have another investment property that I see about 500 a month come in with 25% equity in the house.

My question is, will the rent roll coming in on this property be considered by a lender for the refinance of the property?  I fear that I will not be approved due to lack of income, despite having an 800+ credit score with a large sum in the bank (I'm aware of the risks from the lender side).  Any advice would be appreciated!

Thanks for the responses and yes I have read several other similar topics via the search function.  I am originally from Atlanta, lived in Denver for a few years, and have been over seas for the past 3 years and relocating back to NYC in ~2 months.

I am open to investing across the nation, but have been doing most research in Atlanta (I believe Denver is overpriced at the moment)

With my goal of netting 10k a month in rental income, what strategy would you take?  Put it all in one multi family @25% down or look at multiple duplexes with a lower percent down?

I will continue to work while I invest and make pretty good money, so income verification shouldn't be an issue.

Thanks again!

Hello All!  Long time lurker here and avid podcast listener.  I have been fortunate enough to have saved 200k and am wanting to put this into real estate.  My goal is to get to 10k a month in net income through rentals.  I want to focus on multifamilies for scalability, but don't really know the best way to start.  From what I have been told by a mortgage broker is that if I buy a 4plex, I will need to put 25% down, so I could buy around that 800-850k range.  Should I consider a 4plex cashflowing $1500 or so a month and put all my money into this one 4plex and wait until i save enough to buy another complex or are there more creative financing routes to expedite the pathway to my goal of 10k a month??  I will continue to work a full time job and have access to another $100k I will keep in the stock market, so there is access to additional capital if absolutely necessary.

Any inputs/advice would be greatly appreciated!! 

Hello All!  Long time lurker here and avid podcast listener.  I have been fortunate enough to have saved 200k and am wanting to put this into real estate.  My goal is to get to 10k a month in net income through rentals.  I want to focus on multifamilies for scalability, but don't really know the best way to start.  From what I have been told by a mortgage broker is that if I buy a 4plex, I will need to put 25% down, so I could buy around that 800-850k range.  Should I consider a 4plex cashflowing $1500 or so a month and put all my money into this one 4plex and wait until i save enough to buy another complex or are there more creative financing routes to expedite the pathway to my goal of 10k a month??  I will continue to work a full time job and have access to another $100k I will keep in the stock market, so there is access to additional capital if absolutely necessary.

Any inputs/advice would be greatly appreciated!!