Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Doug Lovett

Doug Lovett has started 12 posts and replied 58 times.

Post: Loan for two rental houses

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59
I am working on securing financing for two rental properties that my mom owns. I'm having trouble getting a loan on both of them due to seasoning issues. One is in Jacksonville Florida and was purchased about three weeks ago. We got a great deal on it and I want to finance based on the market value, not the price we paid. I can't find a bank that will do that until we've owned it for 12 months. The second house is in Georgia and is her former primary residence. We have decided to keep it and rent it out but it is vacant right now. The issue the banks have with this one is they want to see 12 months rental history before they'll count the income from the rents in the loan calculations. I'd like to a loan for 75% LTV on both of these properties to fund other deals and pay for living expenses while I get started investing in real estate full time. Any suggestions on where I should seek this type of financing? Details on the houses: Jacksonville house Bought on 8/11/16 for $35,000 It is currently rented for $800 per month Taxes are about $1300 per year Insurance is about $700 per year Total rent (annual): 9600 Vacancy & repairs: 1440 (15%) Insurance: 700 Taxes: 1300 NOI: 6160 I think the house is worth about $80,000 Georgia house Former primary residence We consulted a realtor and they can manage the property for us and said they can get $750-$800 per month in rent. It is currently vacant but will be rented soon. Taxes are about $800 Insurance is about $700 Management fee is $75-$80 Total rent: 9000 Vacancy & repairs: 1350 Management: 900 Insurance: 800 Taxes: 700 NOI: 5250 I think it is also worth about $80,000 My mom also receives a little under $2200 per month from social security. She is permanently in an assisted living facility and her monthly expense for that facility is paid by long term care insurance so the bulk of the $2200 would be available to service debt should the cash flow from the properties fall short. Thanks for your help.

Post: How to start multi family underwriting?

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59
Nicolas, Can you point me in the direction of some of the DD providers? Thanks, Doug

Post: Jacksonville REI

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59
Scott Malatesta I'm a new investor just getting started in Jax - I've lived here for 10 years. From what I've seen a lot of the properties hover around the 1% rule but better deals can be had if you search for them. I'm going to be putting together an investor presentation soon and need to do the macro work on Jax. Just curious what led you to select this market?

Post: How to start multi family underwriting?

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59
I receive emails from Joe Fairless and he mentioned some non-traditional ways to begin working with multi family properties. One of them was to outsource underwriting for investors that have a lot of deal flow. I'm interested in doing this and seeking advice on how to get started. A little about my background: I spent almost 20 years working in financial services. I started with commercial lending at a large regional bank (SunTrust) where I did some underwriting for commercial properties. The bulk of my time was spent as an investment analyst where I analyzed companies. I have an MBA in finance from a top 20 school (Emory University) and hold the CFA charter (Chartered Financial Analyst). I am well versed in financial analysis and spreadsheet modeling. How should I go about starting a business as an independent (outsourced) underwriter? Thanks for your help.

Post: Awesome Deal (See Numbers) Stalled by Financing - What Next?

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59
If you want to use your Ira for some or all of the purchase, you can without having to cash it out. You can do a self directed Ira where you own the property inside the Ira. One issue is that any profits from the Ira portion of the funding have to go back into the Ira.

Post: New to REI - Jacksonville FL - Recommendations?

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59

Attorney:  John Miller - Rock Solid Business Law 

Mortgage Broker:  Ryan Whitaker @ Northmarq.  He specializes in Multi-Family and generally only does $1MM+ deals but will go down to $500k (but his fees are higher).

Post: Jacksonville, FL: Looking for Attorney or Title Co.

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59

I've only done one deal so far but used Sunshine Title and they were great.

Post: Hire a contractor or not?

Doug LovettPosted
  • Investor
  • Orange Park, FL
  • Posts 63
  • Votes 59

I just bought my first flip from another flipper who sold it to me as a wholesale deal.  We had a good interaction and he offered to share some of his subs.  One of them is a renovation contractor who can do the whole job - and actually give a bid on this house before the flipper decided to wholesale it.  I haven't gotten bids on all of the work but this contractor said his bid was $11-12k.  I'm guessing that I could save $3-4k if I hired the subs and did some of the work myself.  

I can do basic tasks such as painting, changing out doorknobs, installing wood flooring, etc.  There are a few items that I would need to contract out to plumbers, tile contractors, etc.

Should I hire this guy that can do everything and spend my time on finding another deal or do the work myself/hire subs?