All Forum Posts by: Jason Hirko

@Travis Johnson What value can you bring to an established investor? Figuring out your value-add from someone else's perspective will help you convince someone to help bring you along. 

As others have said, it depends on the lender. For example, I look for specialized market knowledge, (do you have crews to do the work there, do you know this side of the tracks from the other, etc.,), and your experience in that market. That's only one piece to the puzzle though, as I have clients who invest in multiple states as well, but their track record supports it. 

 My business partner is a 100% disabled vet in the Air Force as an Officer  and he assures me he would make sure his guys all paid their bills and followed through on their commitments. How he did it I can only imagine!

@Jose Campos Your properties are always top notch! I'm sure you'll be able to rent it again quickly.

I would also ask to speak with his/her CO and ask for their assurance that the tenant will leave the place spotless. That goes a long way if the tenant knows his CO will make his life hell if he gets a call from the old landlord saying his guy trashed the place on the way out

Get the answer from a pro (like you are doing) and be prepared to retrade the contract with the seller to get that money (or more, preferably) off the price. It could end up being a win for you!

Full disclosure: I'm a big fan of debt. However, I understand the appeal of paying down a loan to try to own it outright sooner. The one thing I always caution people is to hold enough in a savings that can see you through a tough time, if ever needed. Your mortgage company doesn't care how many months ahead you've paid down your Note if you don't have the money for next month's payment. 

I guess in all fairness, the OP said monthly rent is equal to 2% of the purchase price... not cost basis. With some serious rehab dollars, you could easily rent this for $600/mo, or 2% of $30k!

3737 Lakeshore Dr, Port Arthur TX

That is a cost of doing business... not a cost of going on vacation

@Silo Mansaray I sign one of those with my Realtor but it is specific to a house that they are showing me. It's not some blanket form that ties to me them indefinitely. And I think that's a fair way to do it. If they take their time to find and show me a property, I'll use them if I make an offer. If I find a property on my own or with another Realtor, they have no expectation of anything. 

There are plenty of lenders that will do a second lien (I'm not one of them) for your rehab. Presumably the Note for the three properties is significantly more than the rehab and at favorable terms, so in some scenarios it can make sense to pay the higher interest of a second lien for a short period of time, rather than refinancing the whole thing.