All Forum Posts by: Jordan Venjohn

@Henry Lazerow I miss the old bigger pockets.

A friend of mine who knows me very well and knows I have been slowly buying rental properties asked me if I would be interested in buying his brothers house. I said sure let's go look at it. He walks me thru it and I can tell from my experience, the gutters and roof need replaced but the inside of this 5/2 2200sqft home is really nice and has a tenant moving in and they will be paying 1300$ a month. Ok cool, soo, Today I looked at comps and the ARV for this house would be 210k-220k. I got some of the financials and they owe 134k on the 1st and 7k on a 2nd mortgage. His brother has been living out of state for the past 8 years and is over owning 2 homes. He said he would take 15k " "cash" to just walk away "as is" right now. Which I can do but I'm not familiar with how to structure a deal like this? I like the equity this property has and new tenants already moving in. I would like to avoid a lender but would want to own the property in my name and refinance some time in the future. I'm still below the 10 house cap for my own name. What do you guys think, ? Please comment ! Thank you -JordanV

@Mike Flora its a 30 year fixed and the payment is 1040$ on the 1st mortgage . I dunno about the 2nd yet I just started spit balling with my friend about it. He wants 15k cash to wash his hands of this, so I would have to pay off the 2nd as well. I know the cash flow isn’t very high but me paying him 15k for the amount of equity that’s in this house makes sense. I would pay off the 2nd and pay down the 1st and refinance some day in the future. I’ve never done a SuB to” ?

A friend of mine who knows me very well and knows I have been slowly buying rental properties asked me if I would be interested in buying his brothers house. I said sure let's go look at it. He walks me thru it and I can tell from my experience, the gutters and roof need replaced but the inside of this 5/2 2200sqft home is really nice and has a tenant moving in and they will be paying 1300$ a month. Ok cool, soo, Today I looked at comps and the ARV for this house would be 210k-220k. I got some of the financials and they owe 134k on the 1st and 7k on a 2nd mortgage. His brother has been living out of state for the past 8 years and is over owning 2 homes. He said he would take 15k " "cash" to just walk away "as is" right now. Which I can do but I'm not familiar with how to structure a deal like this? I like the equity this property has and new tenants already moving in. I would like to avoid a lender but would want to own the property in my name and refinance some time in the future. I'm still below the 10 house cap for my own name. What do you guys think, ? Please comment ! Thank you -JordanV

Don't go over budget. Don't buy marble countertops for a c/b location etc, etc, you can have a really nice attractive house with Home Depot/Menards stuff than having private companies do the custom work. Stick to ur budget. coming for a oil field worker " we not building rockets'!

Bill S. looks like i wont being doing much with this property now. cash flowing good. i just wanna pick up a new project is all. i had a couple talks with my commercial lender (also investor) he feels the same way to just wait. i was wrong on the 70%. they do 75% actually on cashouts, little better i suppose. thanks

Thanks friends i appreciate the response. maybe i should look at a heloc then? im trying to buy another property soon.

Hello, so this being my 3rd house now i have a question about this cashout refi. little background on the house. its a nicely rehabbed 4 bed 1.5 bath at 1400sqft in a nice neighborhood . On the same street there are 2 other houses for sale, one at 175k and the other at 183k both similar in size and condition. so im sure my appraisal will come back just were i want it. I owe 114k on my property and its renting now at 1200$ a month. How much cash could i get out ? the one bank i have all my houses held at does cash outs at 70% . so is this spread between the 114k and 175k or is it 70% of 175k?? im confused and i think i have not been doing this brrrr strategy correctly... ? i live in Wyoming

Wait, is this duplex finished?

bump