All Forum Posts by: David Ounanian

Welcome @Charles Edwards you are definitely in the right place!  I found BP in 2017 and it has helped me tremendously in launching a real estate investing company.  Best of luck getting started and let us know if we can help!

Welcome to the game  @Luke Fernandez.  Get in.  Stay in.  Learn from mistakes. Excel.

Hey @Megan Greathouse I think slabs are great for rentals.  Some tenants won't mind because they'll have less stuff to store than a home owner.  Another benefit is less foundation and water issues to deal with from a cap ex perspective.  

I second what Lawrence said about making sure you have the right comps.  The only thing that gives slabs the bad name is the people who list them at the same price as full basement homes in the area and they end up sitting. 

Hey @Nick May welcome to BP.  Choosing the best financing will depend on your situation.  Are you needing a loan for the rehab portion as well as the purchase price?  Is this a rental or a flip?  

Hard money is usually the easiest to acquire but will be the most costly.  On the flip side conventional loans are usually the cheapest but the hardest to acquire because of the strict underwriting.  Portfolio loans and private lending will usually be somewhere in the middle.

Send me a PM and I'd be happy to chat and send you some referrals.

Hey @Tom Echols I try to stay away from the $35k or less properties in St. Louis since it involves a lot of risk and demands a healthy amount of experience to navigate.  I personally invest in the range just higher with ARVs of $70k or more.  I have found there is a lot of demand for properties in this price point because cash flow is good and the tenant pool tends to be better.

Hey @Aaron McKenzie I think if you changed your monthly property management estimate to 10% and still got over $100/mo in positive cashflow doing a BRRRR where you pulled all of your cash out it would absolutely NOT be foolish! You would've created at least 20-25% equity in the property for yourself and would have the option to sell and capture or let it ride on the market awaiting appreciation.

Hi @Carl Harris Jr most conventional loans will require you and your wife to be at a 43% DTI (Debt to Income) ratio. You might also be able to add another co-signer like a family member who would be an additional guarantor on the loan. Depending on the equity available in the properties you could look to wholesale or rehab/flip them as well. I saw your PM and will be happy to help you explore your options.

@Janett Lewis I'm in the process of finding one.  Having lunch with one tomorrow and plan to connect with more in the coming weeks.

@Janett Lewis great question. I'm thinking it will depend on a lot on what you negotiate with your partner. They could just be a private lender where you pay them a set interest rate for loaning the funds. Or they could have a piece of the profit (or loss) from the deal itself. I have seen deals where the person that brings 100% of the funds but does none of the work splits the profits 50/50. But it can vary based on who does what. If you were to organize a deal like this, all of the roles, responsibilities & finances need to be documented before hand. One could organize an LLC with the partner and document this in the operating agreement. You may also want to consult with an attorney.

Welcome @Jack Luzecky!  Best of luck on the test.  I found practice exams really helped me prepare for it.  Where do you plan to hang your license and what do you plan to do once licensed?