All Forum Posts by: Kyle Deutschmann

Is it a bad idea to use a hard money loan as a downpayment for a turnkey property? I have one in mind at Rent to Retirement.

I recently purchased a property in Jacksonville, FL, and plan to execute a BRRRR strategy with a coliving model (renting by the room). The property is in a B-class neighborhood, and while I'm comfortable managing coliving setups, I'm curious about any potential nuances around refinancing and insurance for this type of property.

Are there specific loan types or lending policies I should know when refinancing a rent-by-the-room property?

Do lenders or appraisers treat properties with coliving setups differently?

Are there any insurance policies or providers you recommend for this unique use case?

I would love to hear from anyone with experience navigating these aspects of a coliving BRRRR strategy!

Hi Jaycee, thanks for your response!

The listing for my property is here:

https://www.zillow.com/homedetails/682-Washington-Blvd-Baltimore-MD-21230/36535551_zpid/

I currently have the house listed for $2,800 after decreasing the rent multiple times over the course of 5 months. Interest has been very low since the property has been listed. Any feedback on the listing/suggestions from anyone would be greatly appreciated! 

Hello BP Fam,

Most DSCR lenders I've spoken to have a penalty for selling a property within the first 5 years of purchasing the property. Does anybody know of a lender that has DSCR loans that do not have this penalty? Or maybe not as severe a penalty as I've heard so far? What I have heard so far is 5% penalty within 1st year, 4% in year 2, 3% in year3, etc.

Let me know your thoughts!

Thanks!

Rich

I am seeking a private or hard money lender to finance the acquisition and rehabilitation of a single-family home in Youngstown, OH. The property is currently under contract.

If you are interested in discussing this investment opportunity further, please contact me.

Thank you.

Hi all,

My partner and I are looking to buy investment properties in Alabama, specifically Birmingham. We are both out of state investors. We both own 1 property at this time. I had a few questions and would appreciate any advice in general.

Strategy / Goal: BRRRR but no major rehab at first to lower the risk. Plan is to purchase a couple homes over the next year. We want to get a few rentals up and running and then (if all works well) begin bringing other friends/investors in to invest with us. Current goal is focused on growing a portfolio and reinvesting cash flows. We are not focused on the passive income at this time as both working W2.

Questions:

1. We will be investing 50/50. What is the best way to structure the partnership? Should we start LLC?

2. For financing, would we then want to get a DSCR loan under the LLC or should we start with conventional loans under our name until we hit a certain number and then move them over? I heard that if you move the personal mortgages to an LLC they could get called and we would want to avoid that

3. Generally speaking, have any of you invested in this area and been successful? Did you look into renting to Section 8 tenants?  Would love to learn from your experiences.

4. Any advice for out of state investors that would be beneficial?

5. Any general advice for someone starting out in a partnership and looking to grow a portfolio?

Thank you in advance,

Steven

Is it ever a good idea to "BRRRR" a primary residence, minus the renting part? Just buying a distressed home, renovating and refinancing it to recoup costs that can be used for future investments, then living in it permanently?

I just saw this post and was disappointed I missed the meeting.  Will this be a regular event?  I'm a residential landlord looking to branch to commercial property and would love to connect with likeminded investors.  

Do anyone have any favorite cities / counties to invest in in Maryland? I'm curious to hear why.

Morning, does anybody know how the solar panels work in a rental property, or it's the same as primary residence?