All Forum Posts by: Jason H.

@Chris Lopez

Thanks for the reply!  I actually signed up for the meet earlier today and will see you there!  I am excited to hear what others have had success with in our market.

I have one flip under my belt but from a few years ago when the market was not as hot.  I would love to have buy and holds in the future, but with the capital and time I have on my hands at the moment I can devote the majority of my efforts to fix and flips.  How long did it take you to find your buy and holds in the midwest?

I have been searching for fix and flips in the Denver market for 3 months now while working with a realtor who specializes in investments, with no results.  I have also been driving for dollars and get property notifications from a local wholesaler (which are complete dumps).  I bumped my 70% rule to a 80% rule and still cannot find anything that meets my criteria.  One aspect that is hurting me is using hard money, the cost of the hard money is definitely hurting my evaluations.  However as a self employed electrical contractor as of a few months ago, I cannot go the conventional 20% down route for another year.  

I have almost been thinking of purchasing buy and holds in out of state markets but keep reverting back to the "there is a strategy for every market" mentality, but cannot obviously get one to work.  

Does anyone have advice that has worked in markets similar to Denver?  Any recommendations for a realtor who can help with off-market deals?

Myself and my realtor have been looking south of i25 using MLS. I have recently began contacting some wholesalers but haven't locked anything down.

Rules are rules, if you knowingly sign documents stating you will occupy a property for X amount of months with the intent to never occupy, then that is considered mortgage fraud.  

A few weeks ago I left my w2 job of 7 years to start my own electrical contracting company. My biggest concern is showing enough INCOME for 2017 (when applying for conventional mortgages in 2018) to be able to qualify for mainly cash out refinances (BRRRR proerties). I am projecting $30-40k for the remainder of 2017 which is not enough to qualify for a $400K mortgage.

I do have personal capital I would like to invest into the company mainly to show higher income for the year in order to meet the financial requirements for a $400k home.  Is it possible for me to invest say $40k into the company and show it as income? I realize i would pay income tax on this but I am OK with that given I potentially could pick up two rentals next year.

For the past month I have been searching for a fix and flip in the Denver area and have found nothing.  Is anyone actually buying and rehabbing consistently and profiting here?

Andrew, essentially you are saying the best way to go about this situation is to refinance the property through the OP's personal income? Would this not hold true for all residential investment properties? It seems having an LLC is counter productive to residential investing aside from the obvious liability one can be protected from.

The ultimate goal is to generate enough positive cash flow via rental properties to hopefully quit the day job.  I am sure many of you have more than $100k but am curious what some seasoned investors would do vs. my plan.  What would you do?