All Forum Posts by: Matthew Jordan

Hey Investors! I'm building an ADU on the back of my primary home in Austin, TX and need a reliable lender in a 2nd lien position. Looking for:

• 75% ARV coverage
• 3+ year term
• 20 yr+ amortization
• No hard money

Your suggestions are gold! Please drop lender names below or DM me. Thanks all and look forward to connecting.#RealEstateInvesting #ADUProject #LenderRecommendations

@Joseph Vu it's all based on your investment goals. Do you care about appreciation or cash flow. To me in San Antonio you can have both although the cash flow returns will not be as great in the first couple of years but if this is a long term investment San Antonio is the way to go. 

@Sergey Ku I have a good insurance contact for you that has the best rates I've seen in Texas. For property management you definitely want boots on the ground if you are doing it from California. 

@Diego Omar Jaime welcome. There are a lot of investors on BP and in Texas that were former military and have been successful. If you want to walk through the lending options that are out there to help get your next deal started please DM me. 

@Elliot Tan Any bank account will be fine. This is less important when you're first starting out and is really a later stage problem. My only focus right now would be finding deals and underwriting them. If you focus on little things that don't matter as much right now you run the risk of never actually getting started. 

I wish you the best of luck. Reach out if you need any help, happy to share any knowledge I have. 

@Jordan White I have an insurance person I use in San Antonio that to me is the cheapest and easiest to work with. Please message me and I can give you her contact.

Umbrella policies can we difficult from a lender's perspective by the way. 

@Shaviv Delkhah Getting started will depend on your financial situation. House hacking would be a great option but can you qualify for a conventional loan if you haven't started a job yet? It might take you 6 months or longer before you qualify. House hacking might still be tough depending where you are trying to buy in LA. You will want at least a 3 bedroom place to house hack. How big of a loan can you get with your current job?

If you want to get started as soon as possible I would look in the mid west for cheap options you can either fix & flip or BRRRR.

@Steve S. Have you thought about a private mortgage? Today pricing is very close to that of conventional and a lot less hoops to jump through. Please send me a DM if you would like to discuss it further.

@Joe S. Have you tried a google search for Airbnb property management companies? There are a lot that have come up over the last few year. You could also reach out to other hosts in the area where it looks like they are run by a professional management and ask them.

@Agustin Farias The advice you received above from @Joseph Cacciapaglia is perfect. Calling the city after you have done some research will help a lot. it sounds like you are doing this correctly but I thought I would point out to make sure you get approval and proper permitting from the city so that you can count this as part of the rent when you go to refinance. I'd also make it a min of 500 sqft since most lenders have sqft minimums for it to count.