All Forum Posts by: Jack Yen

@Account Closed congratulations on having these "problems"! It means you have built quite a bit of equity which contributes directly to your networth. I think you are on the right track that believes real estate can build wealth, now is the matter of how to use the equity efficiently to generate more cashflow and more wealth. I was in a similar situation, too. I think refinance out your primary home might be a good idea since the rate has been sooo low and it could free up some "cash" for you to do more investing. On the vacation rental I would probably refinance, too, and also explore the idea of Airbnb to maximize your income potential. 

On your other question, I would ask yourself that would you prefer to be active or passive real estate investor? Both has it's perks and doesn't mean one is better than the other. Active RE investor will have to take on more responsibility and need to spend more time on RE, in general, compared to passive investors. I've been to both sides and it really depends on what you like and what your goal is. There are so many resources on BP and I think would help guide you through this journey. Again, great "problems" to have :) 

@Scott Johnson thanks! I'll connect with Brian tomorrow! 

Hi,

I'm looking for a recommendation on property management in Greenville NC. Anyone could help recommend? Thanks

Jack

@Jaron Walling the purchase price is less or about market value. I'm not planning to BRRRR it all out. Just need a commercial lender to refinance with a higher LTV.

Hi BP experts,

I found a deal and found it could be great for BRRRR. I'm planning to buy with cash, put it under LLC and refinance using the commercial loan. The property doesn't need rehab and has tenants in place. Would you help suggest a commercial lender that could help refinance such property? It's in Greenville NC. Thanks

Hi BP! I'm looking for a multifamily property manager to help manage a 15 unit in Greensboro, NC. It's a class B asset in a class B/C neighborhood. Overall good condition and hope to get some recommendations. Thank you,

Jack

Saw this tread and is analyzing a gas station deal. It's a deal owning gas station real estate, 8 pumps and a c-store with a national brand as single tenant. off a major highway and close to everything. Any thoughts? What questions I should ask and look? thanks 

@Adam Schneider I am doing double close. but would like to see your opinion on both options. thanks 

@Adam Schneider Found this old thread and have a follow-up question. Let's say if I put my assignment property on MLS and has a buyer who wants to buy it. Would you suggest the buyer use the 2-T or my own assignment of contract that draft by the attorney? Thanks

Hi Lyn, where is this at? Is it off-market? The number looks good overall. I would try to find local commercial lenders and present the number to them and generate interest. For debt service, I would use at least conservative 75 LTV(25 down) 6% IR a 25 amortization for multifamily on a conventional term to get an understanding of cash flow after debt and calculate cash on cash. 30-year amortization is likely but it depends on the location and it's a case by case. You mention HELOC, have you found out how much equity you can pull out? If the deal is good, I think there will be ways to get your project funded and some banks might be a little bit more aggressive. If the seller own it outright, you could also consider proposing partial seller financing. Hope this helps