All Forum Posts by: Ikenna Okoye

@andrew Does this work around strategy work with HML into conventional or DSCR as well? Would you essentially have the LLC hold a note/lien for the difference between the HML payoff and 75% LTV?

Scenario:

ARV = 200k

Purchase + Rehab (HML) = 120k

LTV = 75%

LLC lien = 30k cash out with reminder of LTV limit

@Joe Splitrock @Bill B. or anyone with insight. It's illegal to send unsolicited texts, I get that. I then ask myself the question, If I'm pulling lists of contacts and cold calling them, how is this different? Is cold calling legal then as well since it's unsolicited? I'm asking a genuine question here because it almost seems like one marketing form was made illegal maybe because lawmakers themselves found it annoying. 

Hey all, I have a similar predicament. I did allow my tenant to sublease and use the unit as a place of business (hes like a social media influencer) but now he has the unit on airbnb which i did not apporve. Is he within hiw rights to keep running the airbnb if I allowed his business to sublease? 

Thanks guys, this makes sense! I asked since I believe it's ok to mention for like pre-forclosure sellers and the like. I appreciate the feedback.

Hi all,

I just found out how to obtain code violation lists from my city records and now I'm thinking ahead for marketing. 

How would you yall go about messaging property owners via SMS when their properties have code violations? Do you mention the violation, don't mention? Any example or input would be huge, thanks!

@Erik Estrada I was referring to the number of loans comment because I think you can only have a certain number of loans with each lender at a time. Not sure if this is totally true or if its just Fannie Mae/Mac loans. 

Investment Info:

Townhouse fix & flip investment.

Purchase price: $74,000
Cash invested: $25,000
Sale price: $138,000

Fix and Flip using the Novation agreement method. This allowed the purchase to be paid off at the sale closing and minimal upfront capital to be used.

What made you interested in investing in this type of deal?

Low cash barier of entry

How did you find this deal and how did you negotiate it?

Found it through my contractor and negotiated directly with the seller

How did you finance this deal?

Novation agreement and personal LOC

How did you add value to the deal?

Rehab of the two bathrooms and cosmetic updates throughout

What was the outcome?

made a profit of $25k

Lessons learned? Challenges?

Have a full scope of work laid out from the beginning of everything you want done to meet your budget, this allows you to buy right as well.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dwayne Pano - agent, highly recommended

 Thanks Jay, I will definitely reach out!

Hi,

I just wanted to reach out to see if there are any investor-friendly lenders that work in Texas that:

Qualify rental income immediately when applying for a loan
Use ARV immediately for properties to evaluate property value
Has Low (3 months or less) to no seasoning period on loans
Allows multiple loans at a time
Allows title change to LLC is needed
Preferably has no loan minimums

*This would be all for rental properties*

The first 3 points aren't very flexible since financing on BRRRR strategy is critical, but I'm willing to concede on the last points. Please let me know of you can help, I would love to work together on many deals, thanks.

Ikenna

@Andrew Postell Thanks for this really enlightening post! I have a few questions about your screening questions before I am able to put them to use.

1. 1. When you mentioned minimum downpayment, are you referring to the equity you have to leave in the deal for a cashout refi, aka the LTV? I ask this from the perspective of a HML being covered 100% and using the cash out to pay off a HML.
2. 2. With changing title from you to an LLC, is this a question you ask because you might purchase in your personal name?
   
3. 3. Selling mortgages? Are you asking this question for simplicity in paying loans monthly?  
4. 4. What would you say are reasonable reserve requirements?