All Forum Posts by: Jack Yen

Hi BP world,

I came across the office that I like and would like to place an LOI to move forward and inspect the property. I'm wondering if anybody can give me some guidance on how to do that? Is there's a template I could follow? What else should I be aware of?

Thanks,

Jack

Thankyou @Jake S. @Jerry Padilla @Michele Wax @Tarik Turner. I'll look into this. It seems this type of product really exist. Is it called portfolio loan? Is it basically lender will take on the first position on the debt of all properties and 2nd position on the equity of the properties for line of credit(LOC)? Thank you guys!

Investment Info:

Single-family residence other investment in Morrisville.

Purchase price: $308,000
Cash invested: $60,000

Pre-BP: House hacking by accident. While my wife took a job in GA. We knew she's moving back to NC after her training program finishes in three years and we will need our own place to live. I use the HELOC from the first property as a downpayment. I ended up getting this one because it has so many rooms. My plan was to live in one and rent the rest of the room out. It works out pretty well.

Investment Info:

Single-family residence other investment in Morrisville.

Purchase price: $308,000
Cash invested: $60,000

Pre-BP: House hacking by accident. While my wife took a job in GA. We knew she's moving back to NC after her training program finishes in three years and we will need our own place to live. At the time, we were living with my in-laws and it was about time to get our own place. I use the HELOC from the first property as a downpayment to buy this property. I knew the market was climbing locally but did not realize how hot it was until I start researching and making offers. I ended up getting this one because it has so many rooms. My plan was to live in one and rent the rest of the room out. It works out pretty well.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,500
Cash invested: $27,900

Buy and hold using HELOC from my old primary home. Rent at $1450 and the current market at $175K.

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

This particular area has many new developments and convenient to highway

How did you finance this deal?

conventional loan

How did you add value to the deal?

ride the appreciation. It was back then I did not know BP...

What was the outcome?

gain quite a bit of equity and very good cashflow

Investment Info:

Single-family residence buy & hold investment in Charlotte.

Purchase price: $66,000

Cash invested: $66,000

We found this through HUD while I was in grad school. We made an offer during the period of time when only bids from owner occupy were allowed, we got the offer accepted, pay cash with insurance money from my mom. Rented the other room to cover my bills and extra. The "Accidental owner-occupied Airbnb" then turns into long term hold student housing rental. We used the equity to get a HELOC to make a downpayment for another investment property(was primary home and we househack out of it).

Update: one of my goals this year is to optimize the process. I found a fantastic property manager to manage to help me manage all my properties in Charlotte. We also did light rehab to increase our rent and minimize vacancy. On the backend, I'm working on getting the LOC from all the properties in order to have more flexibility.

How did you add value to the deal?

Current market value is ~$150K I'm able to use HELOC to buy more.

Hi BP experts, I'm looking for ways to get a line of credit that could borrow against multiple properties. I have a small portfolio that has accumulated quite a bit equity by paying them down and appreciation over the years and they are all stable asset with good cash flow. I'm wondering if there are ways to get those equities out. I've talked to bigger banks and they could do refinance one by one which takes time and money and inflexible. I'm looking for flexibility. Could anybody help and give me some comments? Thank you.

@Lydia R.Thank you for your response. It makes complete sense. It's about time for me to try something new, too. All my properties at this point are from MLS but I've always thinking about working on off-market deals. Time to BRRRR ! :)

@Ray J. Thank you for your response. It makes sense. Our market is probably somewhere in the middle in terms of the price. I feel the BRRRR will be perfect in this situation and I just have to be creative to make it work :) Thanks for sharing your experience and it's very helpful.

Hi BP world! I recently found a property from a wholesaler from another forum. The property is in NC. I've bought many property from MLS and agents so this is very new to me. He asks for LOI to get the conversation started which I think it's pretty standard? I'm wondering from start to finish what are the steps?How does everyone usually fund the deal besides cash or hard money? Is loan a viable option? Any comments and help are very appreciated, Thanks!