All Forum Posts by: Julie Chai

@Jonathan Taylor Oh I see. What is the usual down payment amount for a SFH using DSCR loan? At that time, my lender told me it was 15% down.

@Paul N Marklevitz I sent you a message for the details.
@Jonathan Taylor Hi Jonathan, fourplex is still considered residential so I only had to down 20% with the dscr loan.  Anything above 4 units would be considered commercial loan... in that case, 25% down is needed.  Lender said as long as the rent can cover the mortgage, it'll be approved. Hope that makes more sense.

To decide on which mentorship program to go with depends on which investment strategies and how big you want to scale. I picked Jake&Gino because they specialize in the multifamily market and they have a big community of investors you can connect with from all over the states.  From your post, it sounds like you would like to partner up with other investors to help fund your next multifamily and that's exactly what their about. I'm still new to the community but so far everyone has been very friendly and helpful. It is a bit pricey but it's a lifetime of community support that you get so it's worth it.  Best of Luck to your investment journey!

@Danny Jasper @Christian Bachelder

Hi Guys! I'm from SoCal area too. La Palma to be exact, which is near Long Beach and Orange County. I've also been looking to connect with local investors and partnering up on a Multifamily deal. I currently have a fourplex in Houston (Longterm) and a SFH in Houston for AirBnB. Let's connect!

Hi Brad, if you want to get into the multifamily market, Jake&Gino's mentorship is all about that.  It's a good amount you'll pay for the course but you'll be able to meet the whole community at their events.  If you want something more a la carte, one of their coaches, who is also my coach, has his own program that has less cost.  Check out his website below https://realestateraw.mykajabi...

@Mauricio Arroyo  Sorry for the late reply, I found Bill Hampton from Georgia, who's on Bigger Pockets also. 

Hi all,

I just found one but will keep these referrals just in case!  Thanks!!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $750,000
Cash invested: $150,000

I bought this as a Buy&Hold and planned to have long term tenants in there. While we were in escrow, the seller/builder had used their property manager to create lease contracts for all 4 units. They said it was corporation leasing it out for their employees, but later we found out that it was for an Airbnb Arbitrage. They signed a 3 year lease and now I cannot get out of it.

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

I wanted to scale in the multifamily investments

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

It was listed for $800K on the MLS and I offered $750K and they accepted it.

How did you finance this deal?

I used my personal reserves to down 20% and got a DSCR loan.

How did you add value to the deal?

I did not have to add anything since it was a new build from 2020.

What was the outcome?

There was a discrepancy in the lease that I had missed and it ended up giving the tenants (Airbnb Arbitrage) a rent free month for their "staging".

Lessons learned? Challenges?

I'll make sure to not let the seller bind any lease contracts without me reading it first.

Hi everyone,

Can anyone refer me to a real estate CPA/Accountant?

Thanks so much!

Julie

@Steve Tran  I had that same question when I just bought my houston property.... My agent and PM said it was not necessary to provide a washer/dryer, so it's really up to you as the landlord.  I did not.  The tenants just moved in and provided their own.