All Forum Posts by: Julian Barnes

Thanks Jeff.... :)
I appreciate your positive feedback/outlook..

To answer some of your questions...
1. Advertising? At my hotel where I work we get several NEW hire fa's coming in that will be stationed here in NC. I advertise to them personally! Second, i've got several pilot buddies who place my ads on the bulletin board of the fa breakroom directly.

3. Security? This one I'm not to worried about because the Airlines that these fa's work for are already screened/drug tested. I doubt that level of screening would cause any "fights" to break out. These are professionals. Not fast food workers... Not saying pros in any profession always pay on time but I feel comfortable knowing half the job is done for me. (screening/drug test). House rules will be set...

4. Availability? My target area IS the airport, so it works out:)
All the props I look at are about 5-10 mins from the airport. My hotel of employment will allow me to use our shuttle van if the fa is within a 3 mile radius! I also know several taxicab drivers that'll let me purchase gift cards of $20 bucks or more to offer to my tenants if my van is unavailable. This is a huge benefactor!

5. House cleaning? I know sev. companies here in Charlotte that'll clean a house every other week for no more than $50 bucks. Deal! Plus, as house rules apply, clean up your own s**t!

6. Lastly, Turnover? Thought about this one. Not a big deal. With my deposit structure, I collect a non-ref 3 month rent deposit UP FRONT. So, after the 2nd month, they have 3 weeks to renew or be gone by the 3 month deadline. Keeps my headaches down trying to collect rent on a girl who's not even in the country. Constantly finding new tenants is a good thing. (jetcareers.com) To me, it's fun meeting hot women with flight benefits! :) When I tell them what I do, they all either know someone looking or are more than willing to help advertise for me. (in the breakroom)

In closing, when I first started this thread, I was fully expecting my fellow bp'ers, telling me how this COULD work, instead, all I got was naysayers and knife throwers telling me how it could NOT work! Disheartening, but still a great idea that is in the making...

Thanks Jeff for your positive feedback and creative analysis...

Hi guys.. name is Jugo. Have'nt been on here in awhile but I had a question. After MUCH brainstorming about how to maximize cash flow from a rental, I've decided to turn my home into a Crashpad. That is, renting BEDS versus just the rooms of a home, to flight attendants/pilots.

Not too much detail, but here it goes:
1. I wont be renting by the month, but rather by the quarter. (every 3 months) This way, I avoid the "chasing" money headaches every month. All tenants pay on a 3 month minimum..UP FRONT. This is stated in lease agreement.

2. In a 3 br home, that's 7 beds! (including sofa bed in living room) @ 3 month minimum. At $250 per bed, quarterly, this adds up to $750 per tenant. With 7 tenants this equals: 5,250dollars! The best thing is, this figure is every 3 months.
(5,250 x 4 quarterly months) = 19-21k annually.

I chose this method of renting b/c I hate chasing tenants down for rent / the tenants will be travelling 90% of the time (maintenance costs down) / tenants already have background checks done thru their employer (USAir/Delta, etc.) / I work @ the Airport and know several pilots/fa's already! :)

So, that being said; I could'nt find ANY info on here, so I was wondering if the vets here can give some insights on pitfalls, warning signs, etc. Maybe some helpful tips?
Thanks in advance... :)

Jugonaut
:cool:

Thanks for the reply MikeOH...

From my research, (phone calls) I'm having zero luck finding the portfolio lenders here in my city.
I've done a search on the internet (4 hr search) and have found a PDF with ALL the HardMoney Portfolio Lenders per state.
I think that's a start....

Here's the link. Can you tell me if this is what I'm looking for?
http://www.scotsmanguide.com/pdfs/Matrix_Res/HardMoney.pdf

Thanks in advance... :mrgreen:

Jugo
"Think BIG, it's the only way to fly"
-Steve Jobs

Hi all...

Just a question for the vets....

I understand that when you BID as an "Owner-Occ", you have to actually occupy the home for @ least 6-12 months BEFORE refi'ing or selling.
And when you BID as Investor and win, you can do whatever, immediately. Refi, Sell, etc.

Okay, got that, but how does HUD know whether or not, you are ACTUALLY living in the place? Do they send the HUDPD out to your door, kick it in, and get proof? It says OO but since I am making payments on the prop, doesnt that entitle me as OO?

Thanks in advance... :mrgreen:

Jugo.
"Big players, make Big plays.."
-John Madden

MIKEOH, Shine...

Thanks for the info guys..
I have made a few calls to some local banks here, and I was told by one of the loan officers that not too many banks are portfolio lenders b/c of the current down market. Is this true? Does this make sense?
I strongly believe that he was just telling me this to get me into HIS bank...
He mentioned that since the FMae/FMac crash, most investors are buying up these mortgage loans/securities to help strengthen the market and that finding one of these banks these days is going to be hard.

I know portfolio lenders offer better flexibility, but should I be so concerned w/ my mortgage being sold in this market? What are some of its disadvantages?
Do brokers have access to these types of lenders?
(I'm going to see my broker Monday)

Thanks in advance... :mrgreen:

Jugo.

Wheatie,
Man, you are fast like Batman to Gotham! Thanks for the info buddy...

Helpful always you are....

No matter how silly/stupid/repetitive/lame/contradictory our novice questions are, you guys/gals on BP are on top of your game! Big props!

Jugo. :groovy:

Hi all...

I had a brief question for the vets out here....

Can you provide some info on how to go about finding local banks that hold their mortgages "in-house"?

I've read several posts from novice to seasoned alike, that smaller banks that hold their notes in house, make for much smoother, more flexible loan requirements.
After several calls, I have found that the "smaller bank experience" was much more personable in answering my questions regarding loan programs, etc.

So, if you guys/girls can provide some info to us novices that will help us going forward, that would be.. 8)

Thanks in Advance,

Jugo

An additional question:

In light of the market downturn / frozen heloc's;

Are smaller/local banks the way to go for LOC's?

Thru online research I read that the BIGGER banks (Wamu,etc.) are freezing existing HELOC's like subzero and placing ballbusting restrictions on the new ones.
How can one avoid this calamity?

Jugoroian
"Be content to seem what you really are."
-Marcus Aurelius

MGill,
Be easy...
Wow, us rookies have to go through ALL THAT just to get financed on a 1st loan?

I was, and still am, under the impression that you build relationships and "ins" through ACTION. By actually doing a deal! I know that networking is key, as I totally respect your position, but my 9-5 takes the majority of my time. Honestly, I found that NO realtors/lawyers would even talk to me, seriously, if I was'nt already pre-approved and ready to move. The ones I did get contacted to were all sucking on the teet of Mr. Whale @ BigBank&Trust and treating me like as if I were a nobody b/c I did'nt have 10 houses under my belt.
I dont know, call it bizarro world...

When you say "contacts" do you mean people who can make decisions @ the bank?

Whatever happened to "Hi Mr. Loan Officer, I'm Jugo. Can you help me find a good program for my 1st time homebuyer needs? I'm looking to build a solid longterm relationship with a bank I can trust."

As for a "team" as you mentioned, my attorney, my contractor, even title company are all in the game and ready to score me some huge buckets. The only one on injured reserve is Mr.PreApproval.

Jugo
"A man's worth is no greater than his ambition."
-Marcus Aurelius

Ohh..TC -Thanks greatly for the info.

After searching diligently to no avail, I'm trying to find out how long you have to wait (after home purchase) to refi? I know there's different refinance programs out there, duh, but I was interested in the FHA refi program.

Can you please provide some sources where I can find such info?
Lending Tree?

Thanks in advance ....

Jugonion
"I never feel comfortable in the womens dept. I feel like I'm this close to trying on a dress." -Jerry Seinfeld
-Kramer