All Forum Posts by: Joe Jung

Depends what you are trying to do, but if you work with a private lender and you have a great track record and a good deal these shorter-term deals can often times be preferred. Just keep in mind fees for shorter deals are more expensive (not because they are higher, but because they are all in a shorter period)

Hi Zachary, so my plan is to use the HELOC I have to buy cash, fully renovate and then do a cash out refi. So technically it's a long term deal for them.

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Quote from @Jack Mawer:

Joe - an immediate cash out may be tough to find, most lenders will have seasoning requirements of at least 3 months. Are you looking to flip a house and then cash-out?

Hi Jack, yes, the ultimate goal is to of course, BRRRR. It would be ideal to have no seasoning or 1 month seasoning max.

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Hello,

I'm looking for reliable hard money lender (or local lender in Kansas City) where I can do a no seasoning cash out for 30 year fixed. I searched the forum and have Google several (mostly lenders who says they can help) and they all seem to have bad reviews. So I want to get some reviews from people who have used these lenders. Of course, local credit union is preferred, but any help would be great.

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@Jonathan Greene any markets and only for some. My heloc is 200k which would be my limit, but I have hard money lenders I can go to or if it's possible, get a conventional mortgage and refim

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Quote from @April L.:

I've been working with an agent for a few months now to buy my first STR property in the North Georgia mountains, but it feels like I'm doing all the work. She has me on an email drip but the criteria stinks and I can't even search for things, so I basically find homes on my own (Zillow or Realtor.com) and she makes appointments. It's exhausting because I have a full time job.

I just found out that she does NOT pay for the MLS to have access to Blue Ridge, GA, a big area of interest for me.

My agent says that she can contact agents and still book appointments for properties I send her, but I think I'm missing out on opportunities. I have two properties I really want to see, and after 5 days, she "has not heard from the selling agent."

Would she have more success if she had access to the Blue Ridge MLS?

Should she have a more active role in helping me finding property?

I hate to give up on her. I mean she has already showed me a handful of properties and spent at least three full days on the weekend driving all over North Georgia, so I'd feel crappy replacing her at this point.

That's just a terrible agent. As a part-time agent and full-time worker myself, I think it's lazy when an agent just sets you up for an MLS with crappy criteria and does not even vet them. Doesn't sound like she'll represent you well. I have agents who I do all the finding, all the negotiating and they just write the offer and ask them for 25% money back. Though to be fair, that's everyone except one agent I have. May I ask where in GA (other than Blue Ridge) you're looking? I'm looking to expand, including STR and was wondering where you're looking and why these places resonated with you.

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Quote from @Nicholas Weckstein:

Quote from @Joe Jung:

Quote from @Nicholas Weckstein:

Hey Joe, Local investor and Realtor in the Wilkes Barre/Scranton areas. We enjoy some of the highest cap rates and cash flow at the price point. The area has seen a lot of growth and promise and in my opinion has more to go. I have a website with a free report about Luzerne County on my profile in my bio. It is pretty accurate for all of the NEPA area.

Hi @Nicholas Weckstein would be interested for sure. Can you please PM and send something over? I would like to run the numbers and see if it still works with a PM. Again, just want to emphasize they're in B class neighborhoods.

Sure can! There are B class neighborhoods throughout the north east section of Pennsylvania, and Luzerne County, that have seen a boom in rents due to the tri state area states getting way too expensive. Almost every investor has a PM and if you underwrite with pro forma numbers you can easily reach a 20-30% COC. Most municipalities require PM if you dont live within XYZ amount of miles. Wage growth has been very strong, manufacturing/warehouses/transport, the medical industries, and dinning/hospitality have seen the most growth. Luzerne County itself has seen continuous development and improvement.

Feel free to send some homes my way with rent, ARV/comps, repairs if any, etc!

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Quote from @Jeffrey Renfroe:

Quote from @Joe Jung:

@Jeffrey Renfroe I personally rely on my property manager. But you have to trust them, too. They charge fees, but I'd rather pay fees and get a good deal than give it up for no deal. You have to make They take those on. I fired a property manager for doing nothing for 6 months. Should have fired them the first month.

Thanks for replying, I never thought about property management, I only thought of them for finding and keeping renters.

Yep! It was an eye-opener for me, too. I had a contractor keep me on the hook and ditch me 2 months later, I'm like, wtf. Like if he couldn't do the work, he should just say so. Can I ask where you're investing? I'm looking to expand and find other locations.

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@Stuart Fox following. Let me know if you pull the trigger. I have 5 doors in Cleveland myself.

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Cleveland, Ohio

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@Jonathan Greene can you personally connect me with some off market dealers?

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All Forum Posts by: Joe Jung

Joe Jung has started 4 posts and replied 27 times.

Post: Reliable Hard Money Lender - Too much Fluff...

Post: Reliable Hard Money Lender - Too much Fluff...

Post: Reliable Hard Money Lender - Too much Fluff...

Post: New Investors: Ask Me Anything

Post: I'm Doing All the Work. Is This Typical with a Real Estate Agent?

Post: Cashflowing Area - US

Post: Out of state investor looking for advice on handling GC's

Post: Marble Property Management

Post: Out of state investor looking for advice on handling GC's

Post: New Investors: Ask Me Anything