All Forum Posts by: Eric Johnson

@Nydia Banuelos Start going to meet ups and put some serious contacts in your database!!

@Eric Creel I am also an MLO, but we specialize in finding financing for real estate investors and self employed individuals. These lenders do not require full docs, in most cases, hard money is based off of the deal. But, I can shop you around and get you some pretty sweet options. Feel free to shoot me a call at my cell. I'd love to talk!

No prepayment ONLY after 6 months?!! I would not go with that lender.. so you have have prepayment penalty if you try to give them back their money early...It sounds like you have a good deal, do you have a good contracting team? If not, you will be in for a good amount of learning during this first one!

@Johnoson Crutchfield Do you have an excel sheet to run these numbers?? It's very hard for any BP member tell you if it's a deal or not. 50% of BP members would say yes and 50% would say no. What do you do then..? 

I'm not just trying to answer your question, I'm trying to make a suggestion that will hopefully provide you with something so that you don't need to ask on BP. The answer is idk. Personally, I'd probably stay away because of the location. What are the recent sales comps for 5-10 unit buildings? how many have sold in the last 1-2 years? Is there a good PM in your area. Do you have any investors or buyers in your rolodex that you can flip this to?

Just too many questions and variables to give you a straight answer.

I agree that if you're only going to be using money periodically, it makes sense to be to go with a HELOC. See what type of offers you can get and how much you can pull. See if that works with your numbers. If so, then you have a game plan. Just wait for a flip deal to come up and pull from your funds.

Courthouse auctions vary greatly by the state. For Example in Oklahoma, you only need to bring 10 percent down, and you have 30 days to bring the rest. If you don't give them the money, they just give your deposit back. They're very nice. 

In CA you come with 100% up front or you can go shove. 

Anyway, I'm also an MLO that works with some pretty cool loan programs for self-employed individuals and real estate investors (that's our focus). If you need the rest of the money or help getting proof of funds, give me a call on my cell man! We can do all 50 states.

Research the houses that are selling the quickest in your target market and only buy that inventory. Or else, you will be stuck with longer DOM. My flip turned into a BRRR, turns out the tenant might buy it. But it tied up cash for awhile and I could've moved on to better deals.

@Kevin Deady I would run the numbers of multiple scenarios. If you've been studying by book for awhile, you will know that you need to have some sort of excel sheet or concrete method for evaluating deals.

Do you know all of your numbers involved, do you have sales comps to support your ARV, are housing with a second story even selling in that neighborhood (or are ranch houses the thing)? These are all very important questions to ask yourself, as you cannot think to yourself "Oh this looks like i can put a second story, let's do it!!" You need to validate all of your assumptions with reasoning and data. You can only go on gut feeling once you have done a couple flips and have racked up some experience.

Also, if you need help with the financing I'm an MLO with a loan brokerage that has some pretty awesome loan loan programs for investors and self employed individuals. Half doc and heavily modified underwriting. Let me know if I can help in any way.

Los Angeles/ California investors, my team has an off-market triplex in Venice available for 2.39M with a CAP of 4.8% and a GRM of 13.33.

Two back units are vacant and non rent controlled. Front unit is occupied and under rent control ordinance.

Here is the deal packet: (more pics coming this Fri) 

https://drive.google.com/open?id=1hdQNdkU1PDG-y-EpAUOnKXdGbBXGAZKx

Shoot me a reply to this thread if interested and let's try to work a deal!

-Eric

@Manolo D. yes I agree. I use Evernote for my personal system and it works amazing. I use David Allens GTD system and have had great productivity ever since implementing it. Thank you