All Forum Posts by: James Lee

Hello David,

I hope you are well and made it through both the Rona and the hurricane season down there. I too am looking to invest in the Mobile are and was wondering if you ever found a good RE attorney to help with your needs. Any feedback or a point in the right direction would be greatly appreciated.

Thank you,

Eric

Hello Kayla,

I hope you are well and made it through both the Rona and the hurricane season down there. I too am looking to invest in the Mobile are and was wondering if you ever found a good RE attorney to help with your needs. Any feedback or a point in the right direction would be greatly appreciated.

Thank you,

Eric

Hello Jared,

What are the tenants currently paying?

Thanks,

Eric

Hey Jared, what do you think this would ARV for after the paint and carpet? Do you know what rents are going for in that area?

Thank you,

Eric

Hello BP,

Looking to invest in the Mobile and Baldwin County areas and would like to develop a relationship with a few wholesalers down there. Anyone have any recommendations or wholesale themselves?

Thank you,

James

Hey @Gabriel Green-Lemons, thank you for this as it is very reassuring to hear. I agree @Alexander Felice is the man and very knowledgeable. If you haven't yet, check out his website brokeisachoice.com. There is some really sound insight and detailed examples of deals.

Thank you,

Eric

Thank you @Alexander Felice and @Brad Shepherd for the quick responses. Sounds like portfolio lenders are the way to go. What are their rates typically, 6-6.5%? 

I have also heard them say terms for 3-7 years and then an ARM with a max amortization of 20-25 years.

I have a small understanding of this but would one of you be able to further explain and maybe provide an example? 

Much appreciated!

Hello BP,

I have been reading a lot about the BRRRR strategy and have found a partner to put up the capital. My questions are the following:

1.  If we pay all cash for property/rehab and have a renter in place with a contract:

A) Can we refi right away?

B) What lenders will do this? It is my understanding that traditional requires 6-12 months

C) What financials will they need if we are using it as an investment property with renter in place and leased signed?

D) Can we avoid having to personally sign for the loan if we are purchasing the property through an LLC?

E) What is the max LTV I can expect to receive?

F) I hear mixed responses on what value the banks will loan against. Is it purchase price, purchase price + rehab, or is it newly appraised value?

1 property in particular I have come across is off market being put up for $48k which needs 18-20k in reno but will ARV for $90k. Leaving 25% in the property we could refi for 75% and pull out $67.5k in an ideal world. Is this wishful thinking or is it actually possible?

Thank you all in advance for your comments and help

Eric

Thank you Christopher and yes prices do make it hard to get in but I’m going to go for it. Any recommendations on certain towns to start in? Thank you for your help and let me know if I can help you with anything.

Hello Everyone,

I am considering flipping in the Long Island, NY area. Inventory is low and prices have been steadily climbing. Is it still a good idea to jump in now?

Thank you!

James