All Forum Posts by: Taylor Dasch

So you purchased it cash and just need the rehab $? I would still use a Hard Money Lender for something like this - some have a minimum but you may just have to search for a bit and find one that doesnt. You can also try FB for PMLs but a lot of those seem to be scammers.  What market are you in? 

Wow that is amazing! Great cash flow on this one! What market are you in? 

You either have to leave money in the deal, find a lender who will do a higher LTV, or flip and cash out. But you didnt have too much room on this one in the first place. What was your initial plan? Even if they do 85/15 your going to have to leave money in it.

HELOCs are super hard to find at least here in Texas. I think credit unions or local banks may be a little more willing to do them. I would ask Jay Hurst - he is on here and can probably do them but I am not 100% sure. 

I believe the hard credit pull is when they want to have everything before hand in order to give you a more solid pre approval or the lender cares more about their approval to close ratio. I think it would be better to have them do a hard pull if you already started getting a few hard pulls - I believe they will all be categorized into just one hard pull if you do them within the first 2 weeks but am not too knowledgeable on the subject.  Or if you want to just do the soft pull you can request that but its possible they will give you numbers that arent as accurate. I would ask a realtor for their preferred lender and just go with them assuming I have a few other quotes and the lender is competitive with these. 

The unfortunate question all investors seem to come to at one point or another aha. In my opinion I would sell it if you can make a decent profit on it. But the actual answer is that it depends on the numbers. If you can make $1500 in cash flow on it and investing that money elsewhere would only get you $1000 in cash flow. It would make sense to just do the eviction and keep it. However you can likely make significantly more cash flow (not sure about appreciation) in markets outside of new york. 

 I think it depends on the other terms and obviously its negotiable. If it were me, I would pay her her half of the equity and do a refinance. Or if its not that much you could get some other type of loan and use a 2nd lien on the property as collateral. I think the most clean way would be to refinance her out of it. 

What do the units rent for as long term rentals? I always run the numbers as a LTR to be safe. 500k is steep for a duplex but it all depends on what each side will rent for. In my market - new build duplexes dont cash flow well but are typically a great 5-10 year investment. 

If you are buying a home to live in - I would suggest finding a good realtor in your market. Any good realtor will have a template or will be able to explain the whole process and how to navigate it well. You wont be wasting their time even if you dont buy for a while - that would be my first recommendation. Biggerpockets has a great podcast but its mainly geared toward investors. I believe they have a financial segment as well. 

For me personally with the lessons I have learned - I would build capital before buying anything to hold / flip. So wholesale until I get the 10% down for a HML + 6 months reserves for every house I own. Then I would do a low risk flip ( rehab less than a few weeks) for hopefully a 10-15% profit, repeat until I have a nice down payment and am sure that I would be able to qualify for a refinance, then buy a buy and hold then continue flipping until I get to the next buy and hold - in theory, the time between each property should decrease as I should be getting capital from the buy + hold as well as I would already have my reserves built up. If your investing in another state / city I would say that a strong agent is extremely important - even if you arent buying deals on the market.