All Forum Posts by: Justin Pumpr

Quote from @Hsiang Lo:

Quote from @Justin Pumpr:

@Andrew Postell I actually managed to set it up, so that my contractor was cut multiple checks that my property manager then held onto, so that part of it worked out. It's getting those costs included in the refinance that has become the issue, as my lender can't find anybody to purchase the loan with the rehab costs included. The method you linked is likely what I'm going to have to do. As a CA resident this isn't ideal though, as I have to pay an $800 annual fee for the "privilege". I'm also not looking forward to the added paperwork!

 Can you elaborate on how your "contractor was cut multiple checks that your property manager then held onto"?

 I split the total rehab budget into multiple line items on the settlement statement. Then at closing Title sent those checks to my property manager. As the work was completed I told my PM to release the check to my contractor, similar to doing draws from a hard money lender

Quote from @Dave Foster:

@Chris Seveney, Yah, actually @John Kaspar has to split it out.  Since it is two dwelling units (even though attached) he owns a property that he lives in and an investment property that happens to be across the wall.  The good news is that he gets both the primary residence exclusion of sec 121 and the tax deferral from sec 1031 on the investment portion.  

Hey @Dave Foster. I'm actually in a similar position, except I rented out the portion i was living in for the last year. I still loves in it for 2 out of theast years though. Can I still do an even split on this and 1031 the investment portion and keep the profit from the portion I lived in?

cheers

Hey @Hemrajsinh Waghela, @Jacklyn Robins and @Michael Craven I've just started investing in Dayton and am looking to buy more properties there, but am unsure about certain parts. Does anybody own in this area?  If so, how has it been managing that? Is there a lot of turnover? Are the properties well treated by tenants?

Thanks

Hi all,

im trying to find a solid property management team that works well with out of state investors and was wondering if anybody has used any of the companies on this list and can recommend, or advise against any of them?

https://www.propertymanagement...

If there are any other recommendations for a great PM company I'd happily take that too.

Cheers,

Justin

Hey. Did anybody ever use these?

Quote from @Ramón Cortez:

Generally, to get 80% or up would need FICO 750+ and excellent property cashflow

 I have both :)

Thanks for the responses all! @Jared Rine I'm looking at properties in the $500k to $1m range. At 75% LTV I can just about scrape enough for the $500k but are much less desirable and the million dollar ones are out of reach. 85% LTC wouldn't be too bad depending on the renovation required, but then we are getting into high interest bridge loans.

Hi all,

Does anybody know of a commercial lender that will give 85% LTV or higher? I'm only finding 75% at the moment and that is a significant down payment on most larger multifamily properties. I'm looking in OH, IN and TX.

Cheers,

Justin

@Bob E. and @Brian Garlington can you please share the name of the company that screwed you over, so that I don't make the same mistake?

Cheers

@Michael Magno Can you PM me with your rec too