All Forum Posts by: Jason Brown

 @Kyle Mccaw @Andrew Postell

I found a lender that did either the lesser of 70% ARV or 90% of the total project costs covered. Is that still not ideal to the 75% rule required to apply on your deals?

I did also reach out to Investmark. Thank you for the reference. They said that their max loan amount would be 70%. I asked what I can do to have it be 75% and need to wait for an answer.

I wish to accelerate my real estate investing and after buying my first property conventionally, I can’t tie up too much capital into another property. I think I’ll take a year to gain more insight and pay off my car loans and then look into a hard money or private money lender but I have to question if there is potential in San Antonio, Tx? What do others think?

I assume working with a wholesaler, a lender, contractor and property manager to get it figured out will be feasible.

What should I be asking these lenders?

Thanks for the read!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000
Cash invested: $54,065

Lovely 4 Bedroom 2 Bath home in Highland Farms. Features laminate wood floor covering and carpet. Eat in kitchen. Spacious main bedroom with main bath. Covered patio at rear yard.

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

Looking for a property with expectation of appreciation for the long term over cashflow.

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

Asked agent to send me deals with a set criteria on what was needed.

How did you finance this deal?

Conventional loan with 20% down and locked in a rate of 4.5% interest.

How did you add value to the deal?

Small repairs were needed and made on this property upon purchasing it,

What was the outcome?

Not as much cashflow that was expected but offer was accepted and appreciation is expected, and closing was very easy. I have developed many connections by actually going through with this property. I was introduced to a broker who is providing me with more resources.

Lessons learned? Challenges?

Being my first property out of state, I met a lot of people for the first time. I should have shopped around more with lenders to get a better deal on interest rates. Should have fact checked comparable rents better from what my agent assumed for the property before finishing the purchase.

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

I worked with Victor Steffen, Real Estate agent who was very professional and responsive!

@Maria Vargas If you're looking for a property management software that takes payments and also allows for rent payment reporting to credit bureaus you can check out RentRedi.

Who: RentRedi

Where: RentRedi Landlord Features - RentRedi.com

Price/Plan and for who: Entire Lease $3.99 month, 3 month plan $4.99 month, Monthly $5.99

There are other companies if you decide to pay for it yourself evoking that extra layer of enforcement on the tenant when not paying will effect them in the long run. Some landlords may try to share the expense with a tenant to create that comradery of benefits. You get the joy of helping them on this journey, and it will do a lot to improve your tenant-landlord relationship along the way. I made a list down below.
Good luck.

Who: Rent Reporters 

Where: https://www.rentreporters.com/... and for who: Renters. Monthly $9.95 + $94.95 sign-up fee or Yearly $7.95 mthly + $94.95 sign-up fee.

Who: Pay Your Rent

Where: PayYourRent.com - Prices for Rent Payment & Property Management Software

Price/Plan and for who: Landlords or PM Companies. $9.95 month for 1-5 units, $19.95 month for 6-50 units, Free for 50+ units.

Who: Payment Report

Where: PaymentReport | Report Rent to Credit Bureaus

Price/Plan and for who: $49 per lease.

Found a potential property and ran what numbers I could in San Bernardino. Never really questioned the source of the fire in this SFR until now. Probably a crackhead using a pilot to get a hit. I've definitely been looking at Riverside for an SFR hearing there there is to be expected a good uptick for appreciation. Until recently I heard from an agent to check out SB and now I can better reason out why if would be a bit cheaper.

I'd hate for a deal to blowup in my face dumping money trying to make a property an A- listing in a B- location like this SB property I found. But just across the street from the CSUSB it's just so tempting. I think I'll continue to save my money until I have plenty of reserved funding for vacancy and rehab costs. Thanks to Aaron Mazzrillo for the strong insight.

Are there any HOA fees in Lake Arrowhead or is that what everyone means by saying Lake rights? Maybe lake rights is if you have a place just off the water?

@Jazmine Stanek

Much appreciated and yes I will definitely accept that as well!! Thank you!

@Jaron Walling

Thank you. That definitely revitalizes my enthusiasm. Will continue on my path!

I'm 27 and currently have two jobs. My first job is an in-home support service provider taking care of my roommate which isn't too demanding. So far my healthcare job has allowed me to live with low expenses and high cash flow. My third job pertains to helping manage a small independent bookstore that I'd like to invest and own someday. 

My life style has allowed me to save up $40k in capital to work with specifically for real estate among other assets I've diversified my investment portfolio like stocks and lending. I currently reside in Whittier of southern California and I'd love to get into real estate. Until I make my first deal, I'm just not sure what to do first. 

I question constantly what I should focus on learning first. Should I earn a real estate agent license?  Should I continue educating myself on accounting and taxes? Maybe finish some of my Biggerpockets real estate books and continue to save for a deal and find connections?

If you have a second to drop a line it would be most appreciated! Thank you for the read!

Best,

Jason

Aside from opening an account on BiggerPockets to further educate my real estate interests, I've come to ask for some opinions and advice on my current situation with my landlord.

(MY BACKGROUND)

I recently inherited part ownership of a small independent bookstore located in Fullerton of Southern California called Half Off Books Records Films. I've volunteered and worked my way up arduously since 2012 and have learned a lot helping run and manage this store with it's founder Brad and his mother Diane. It wasn't until 2017 that the owners had to relocate from it's original Uptown Whittier area. I was then asked if investing into the business would be of any interest. Me being the high risking workaholic I decided to bite. I originally fell in love with the mom and pop shop because they supported me when no one else would. I grew to discover I partnered in the wrong way because in 2017 I signed as a guarantor on the lease for up to 5 years. I wasn't completely left alone to handle everything though. Things finally settled down and the stores been afloat since. Times unfortunately have changed since January 2019. The founder(my partner), who is the sole-proprietor's son had passed away suddenly which left almost everything on Diane and I. As the new manager I've been doing as much as possible from closing a 2nd location in Pasadena to being HR to figuring out paper trails and everything else while the sole-proprietor has been reflecting on her new life. I'm pretty proud of myself considering I haven't self destructed and still kept my other job as a in home support provider. At this point, among other catastrophes, it's summer in SoCal and I really can't stand this heat nor do I especially want to put my co-workers/customers through this next year.

(MY SITUATION)

From what I know, the founder mentioned, the landlord wouldn't want to pay to replace the 2 existing HVAC's. I've reached out for a couple quotes that stretch from 24k to 27k. I'm not surprised they wouldn't want to foot the bill but we never felt it wise to pay for units that could easily surpass our existing lease also. Until I hear back about what specific details are drawn on the lease, does anyone have any advice on what I should expect, look into and/or approach them with for a win-win scenario. I started with a HVAC fund where customers can drop their change/tips in. With that I've been saving that away at the end of every month in a high yield interest savings account. I know it may  not be the perfect solution but it's what we started. 

Thank you for giving this a read. I hope to hear from you soon!