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All Forum Posts by: Andrew Pugh

Andrew Pugh has started 2 posts and replied 18 times.

Post: 3 bdrm SFR in good neighborhood

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

@Cathy Malmrose I was following this and wondering how it all worked out in the end, any updates?  Hope it went well for you!

Post: Open Door Capital and K1 Investment losses

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15
Originally posted by @Ben Leybovich:

Probably depends on the investor. Sounds like you've done a great job of increasing the value of the property, congrats! Personally, I'd be happy to have my original investment back plus the profit ASAP so I can reinvest into more deals... rinse and repeat.  

Post: Feeling stuck- what would you do?

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

Good luck @Anne Williams!  You bring up a good point about the providers of advice... having skin in the game definitely gives you a different perspective and focus.

A fast nickel is better than a slow dime. (Don't recall when/where I heard that originally, but it has stuck with me.)

-Drew

Post: Purchasing 8 units under personal name or LLC

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

@Account Closed. Absolutely!  To be 100% clear, I was assuming that's what the loan officer was telling Sam without being explicit (have been told this myself) and I'm definitely not advocating for that approach unless Sam actually intends to occupy one of the units.  He needs to sort out how the properties are deeded an then speak to a few competent and trustworthy mortgage brokers to get the best loan for his particular situation.

Post: FHA 201k Loan Provided

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

Raymond, you can search this HUD site for lenders in WA that have done a 203k in the past year and you should get 28 lenders (many are duplicates).

-Drew

Post: Purchasing 8 units under personal name or LLC

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

Sam,

That lower rate mentioned might be available by claiming you will be an owner occupant and getting a residential loan (which assume they are titled separately and you're really buying 2 separate 4 units).

I'd figure that out first and then take this deal to a few other loan/mortgage brokers and see what options they have for you and whether or not closing in your personal name or LLC matters. Residential loans are far more standardized (i.e. less flexible) than commercial.

-Drew

Post: Feeling stuck- what would you do?

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

Regarding the balloon, does your hard money note have options for an extension built-in?  Some do, some don't.  If it looks like you won't be able to payoff before the balloon happens, then you should speak with the lender ASAP and let them know you're either trying to sell or refi (whichever is the case). You may be in a better position to discuss/negotiate an extension now as opposed to after a default, but not necessarily depending on the motivations and values of the lender.  

Sitting on it seems like the worst option... either list it or refi/rent it ASAP.  As for the >10 days concern, if it's not listed you've essentially tagged it yourself and have a near zero chance of selling.

Personally, I'm not a fan of rehabbing.  It's been a while, but I've done a number of "prehabs" where we just clean the place up (cleaning crew, trash disposal, light landscaping) and put it on the market. Have sold to a variety of people, including other investors (landlords and rehabbers) and owner occupants that have some fixup skills or are just looking for a "deal".

-Drew
 

Post: Flipping Homes for Beginners

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

Hi Christian,

I've flipped a number of homes in a couple of areas/cities and would suggest asking a specific question so we'd know what you're looking to understand better. There are also lots of prior posts to search, they are a goldmine!

-Drew

Post: Bigger Pockets and Brews

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

I was planning to attend tomorrow, but will be out of town for a memorial service.  Hope it's a good time, I'll try to get there next time!

Post: What’s the percentage you can raise your rental?

Andrew PughPosted
  • Investor
  • Washington, DC
  • Posts 19
  • Votes 15

@Michael Neves Good advice above and I would only add that unless you're already at the top end of what the market will tolerate, I believe in raising rent every single year even if it's only $10/month.  

If you don't do this, then they will be "surprised" when you do raise it and be more likely to move.  You want them to expect an increase.  Plus, you can always negotiate it down if you start with a rent increase of say $40/month and they protest, you can be kind and drop it down a bit.  But not down to zero increase.

Just my 2 cents, let us know what you decide to do.