All Forum Posts by: Joel Barjon

Thank you for your answers. I am only buying turnkey properties, so I need at least a 10-year term loan. Which lenders would you recommend?

Thanks,

Joel Barjon

Does anyone know about Easy Street Capital? I am trying to get a loan to buy an investment property, and they have been contacting me, but I am not sure if it is worth going forward or not unless someone has already done business with them. Please let me know if you know this lending company.

Thanks,

Joel Barjon

Thank you very much for your help.

Hi everyone,

Can someone recommend me a professional that can set up a nice-looking website for my Rea Estate business? I would greatly appreciate it.

Thanks,

Joel Barjon

Thank you very much.

Hi guys,

I am purchasing and renovating a property in North Carolina. I contacted a company called Mamba Mortgage, who promised they would lend me money for both purchase price and renovation. Does anyone know about that company? Please let me know as soon as possible so I do not waste my time, and money. It is a great deal; I have an estimate from a contractor and ARV from a Realtor that work the area. If I cannot find a loan to complete this project, I am willing to share the deal with anyone that has money to invest. Please reply to me.

Thanks,

Joel Barjon

Thank you very much, Baer for breaking it down for me. Now I got it.

Question: how do they calculate cashflow? I believe cashflow is the NOI minus mortgage. Please tell me if I am wrong. I was trying to make an offer on a duplex just to see how much cashflow it will generate. The cashflow was over $600, and the cash on cash return was 34%, which got me excited. However, when I went over the analysis, I found out the cash flow the calculator gave me was the NOI. Listen, I may be wrong, but I would like to get an answer. How much cashflow, will I get each month?

Price 179,00

Down payment: 10%

Interest: Principal only

Gross monthly income: $1,500

Loan terms: 30 years

Closing cost: $4,000

Property tax: $90/month

Homeowner insurance: $70/month

Vacancy: 5%

Repair maintenance: 5%

Management fee: 5%

Capital expenditures: 5%

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $60,000
Cash invested: $12,000

It is 2 bedrooms and 1 bathroom detached single family home with a total living area sqf of 960. I found that deal on MLS. Right after I had toured the property, I offered $60, 000 and the agent called me and asked me to make it $70,000 and I said I can only offer $60,000. She called the next day and asked me to bump the DD from $500 to $1000, and I accepted. I wrote a new offer, and the seller signed it.

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

It is a great buy and hold that will generate $300 cash flow every month.

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

I found the deal in MLS. I did a CMA and found out the value of the property was about $90,000. The seller lives and a different state, so I believed she was motivated to sell. So, I offered $60,000 and my offer was accepted.

How did you finance this deal?

The bank with 80% LTV

How did you add value to the deal?

I have not yet but this is a plan. I will do exterior painting, upgrade the bathroom, and the kitchen.

Lessons learned? Challenges?

I could have bought the property for a little bit less than $60,000, because the seller lives in Florida, and she is over 80 years of age.

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

I am a Real Estate agent.