All Forum Posts by: Stone Jin

I've owned them for about 6 months.

Hi all,

I have 2 investment properties that I own out right? Total equity would be around 130K. How can I leverage that to borrow money from the bank? I understand that banks don't do heloc on investments. Can I transfer the properties into an LLC and have the LLC take out a business loan?

Thanks in advance.

On properties I really like, I sometimes put a contingency that allows me to up my offer in case a higher bid comes in. I haven't ever had it come into affect and would hope that I never does get used.

Good luck

I'm new to the real estate game myself. The only advice that I give people starting out is that they should start small. Go through all the motions of a small deal before going after the big fish. I feel like after I did a couple of deals I felt more confident and know a lot more of what I want out of it.

Best of luck.

Thanks everyone for the input. I'm in contract with option B.

Wish me luck!

Hi guys,

Wanted to run a couple deals that I'm looking at by y'all.

Option 1
Price: 79000
Down payment: 10%
Rehab: 3000
Rate: 6.25ish
Rental range:900-1100

Option 2
Price:27500
Down payment:27500
Rate:N/A
Rehab: 2000
Rental range:650-750

What do you guys think? Need any other info? We'd like to buy and hold, not fix and flip.

Also side question on this 50% rule of thumb. How does that work for a hard cash deal, when mortgage is 0 so you'll have positive cashflow. What's a good indicator in that situation that its a good deal?

Thanks

Stone

I'm trying to do similar things in the AZ market and have found it very difficult to finance in that price point.

What I've learned:
Competition against cash buyers is fierce.

Banks charge many extra discount points for a tiny loan like where it almost doesn't make sense to finance.

Banks won't lend based on the community, if there are too many investor owned properties or if there is a ton of outstanding HOA dues, then banks usually won't lend.

Hope this helps somewhat, though I expect each market to be different.

Thanks for all the info guys.

This is for a 2500 sqft home that was built within the last 3 years, so I can't exactly let tenants bring window units. We're going to budget 3000 for it.

Is there a specific brand that I would request bids for? Also, would you guys suggest 4 tons (2 2 ton units), do you think that would be enough?

Thanks

Stone

Hi all,

We are looking to make an offer on property. When we went to see the property we noticed that the outside air conditioning units were "missing". The setup was for 2 units, I'm not an HVAC person and since I don't own the property I haven't gotten around to get a quote. Does anyone know ballpark how much it would be to replace them.

Thanks

Stone