All Forum Posts by: Gene Hacker

There are a lot of ways to find off-market properties. 

Some of the main ways people find off-market deals: driving for dollars, direct mail, TV or radio commercials, cold calling, door knocking, billboards, ringless voicemail, and bandit signs. 

Check out the wholesaling section of this forum, as that is the main task for wholesalers...finding off-market properties.

You can also get deals from other investors or your network.  I get a couple of deals a year from my network.  

You should dig into the local data.  Is the local competition mostly booked or do they show a lot of availability on their calendars? And check the pricing of your competition.  

I have had to decrease my prices by around 25% to have the same occupancy as a year ago. There has been a huge increase in available STR units and this has driven down prices. I have also booked vacation stays in St. George Utah and San Diego and I was able to get dramatically better rates than last year.

But focus on your local data.  All markets have their own issues. Your local data will give you more clarity on what is happening.  

What is the value? How long have you owned it? 

It may be possible to do a cash-out refi if you have owned it long enough to fill seasoning requirements.  

$1200 rent should cover DSCR loan coverage requirements. The issue could be the loan-to-value requirements as the DSCR lenders I have worked with seem to want 75% LTV or lower. But there could be other products out there.

You should talk to several lenders.  Not all have the same experience or products to offer.  It could also be worth talking to local banks as they sometimes have more flexibility than big lenders. 

Check out "Furnished Finder".  They focus on traveling medical professionals and have considerable traffic. To list it is a one-time fee where AirBnB charges a percentage of every stay. 

A friend of mine bought a 5-bedroom house near the hospital that he worked at specifically to rent rooms. The hospital staff would send new incoming staff his way. Once your place is "known" by the local hospital staff, you could get referrals from them. 

When I see "private money" being advertised, it is generally "hard money" terms.  They just changed the name, trying to get more interest.

I have worked with several true private lenders.  They were mostly family members and friends that saw what I was doing and liked the idea of a steady, relatively low risk return.  I also did several loans with motivated sellers that agreed to carry back financing.

The last few years, my rates were generally 7% with no fees or points. 

This summer I have increased it to 8%. This particular lender actually stated that I didn't need to do that.  But I want it to be win/win for everyone.  

I keep LTVs under 75% and I would do ANYTHING to make sure they get paid back as agreed.

I never make my problems my lender's problems.  I went through the entire 2008 crash with not missing one payment to any lender. Another example: I had a major fire in one of my units with a private loan.  I called the lender and told them about the fire and assured them that it was fully insured and their payments would continue as promised.  8 months later, they got another call saying the home was fully repaired and it was rented again.

 They are generally the third Thursday of each month.

Message me and I can send you a link to the meetup group to get notifications. 

Your net worth is directly proportionate to your network!

Our group is all about networking with others. If you have an interest in real estate investing, flipping, wholesaling, buy & hold rentals, building wealth, loaning your own money, partnering with others, AirBnB, short-term rentals, or just want to learn from other locals, this group is for you!

Rusty's Pizza (Laurelglen location - corner of Ming and Ashe)

6675 Ming Ave, Bakersfield, CA 93309

The meeting room is a separate entrance to the left of the main entrance.

We openly welcome everyone and encourage everyone from newbies to seasoned pros to attend our meetings!

Bring a friend and pass this invitation along to anyone that could benefit from networking with others about real estate investing.

Our meetings are always free. There are no speakers selling expensive training or pushing products.

 Hi Crystal, if you want to get email updates on future meetups, send me a personal message, and can send you a link to the meet up group.  

Our group is a great place to meet other investors and real estate professionals for our monthly networking meetup.

Rusty's Pizza (Laurelglen location - corner of Ming and Ashe)

6675 Ming Ave, Bakersfield, CA 93309

The meeting room is a separate entrance to the left of the main entrance.

About our group: People in our group, network and do deals with each other, and make a lot of money! Our group is all about networking with others. If you have an interest in real estate investing, flipping, wholesaling, buy & hold rentals, building wealth, loaning your own money, partnering with others, or just want to learn from other locals, this group is for you!

We openly welcome everyone and encourage everyone from newbies to seasoned pros to attend our meetings!

Bring a friend and pass this invitation along to anyone that could benefit from networking with others about real estate investing.