All Forum Posts by: Duriel Taylor

@Colton S.

thank you again for the feedback. In prior purchase, I used a PNC personal loan and I had some reserve thus, I used that PNC 8k loan and my 5k and made my duplex purchase. I also used an FHA loan, with the PNC unsecured loan I placed the funds in my personal account for 90 days and then I went to wells fargo and purchased my property. I completely understand your concerns with the debt to income ratio, however, I have seen several podcasts (on BP) to were people have done the exact same thing. Of course, they do not say exactly how they did this but they usually say; "we/i with conventional loan after I used creative funding." This tells me they had multiple mortgages under their name and or businesses. There was one guest BP's podcast (sarah prickett) who mentioned she had several mortgages under her name and her debt to income was awful but she had the desired income she wanted along with working for the US government as on a reserve status. Any further comments and or concerns please do not to make communicate. I will make contact with bankers all this coming week to see who can help me, I could keep you updated if you would like to use this same strategy.

PS. with my 1st rental all the repairs you mentioned are the same that I dealt with. I changed a water heater, huge leak in one of the units, electrical issues, and I even had to dig a 3 foot hole under the house and personally fix a pipe. A plumber told me he will charge me $500 just to come out or I could youtube it and do it myself.  

@Colton S.

thank you for your prompt feedback. From my understanding, you can take a FHA loan out on a fourplex or less (ie triplex, duplex, SFH). In the past I took out a FHA loan on a duplex and the water bill at max was 130 per month, I recently sold that property. On the potential FHA loan property I will manage that one but the other potential three I will like to get property management services. Here in FLA most, property management companies require 6% of the collected rent. Unfortunately, my current employment will not cover the additional properties but with the tenants' rent I could pay for all said expenses. I understand the debt to income ratio concerns, I was thinking maybe I could place them under a LLC or INC and or not be too worried about that if I am in the six figure bracket. My credit score is highly important to me however I could eventually pay all my debts off in a matter of 10 years along with substantial income. Also, understand the two-year requirement of the income limitations. Thank you again for your feedback, I welcome more. I look forward to hearing from you soon.

Hello BP Family,

I need advice from everyone with experience in the following plan(s). In the next 15 months, starting in October 2016 I would like to purchase 4ea. fourplexes for investment rental purposes. The first purchase I would like to use the FHA program, thus allowing me to only put down 3.5% for the property then rent out the other three units. I know the area of pompano well, for a 2/1 you can get up to 1,200 per month with section 8. Numbers will be as follows. In order to get the down payment funds, I will take a loan out of 10k, which will give me a 176 monthly payment for 60 months (5 yrs). These numbers are approximately and based on financial institutions that I contacted and gave me quotes.

1. 220k x 3.5%= $7700 down

tenants pay: 1200 x 3= 3600

mortgage: 1387 (tax, PMI, etc included)

water: 170

cap x: 200 (appliance depreciations, repairs, etc)

loan: 176 (10k loan; my personal loan obligation)

PROFIT: 1,667 mon. (20,004 yr) **I could save 6 mons from the profits and pay off the 10,560 from the personal loan.

Property 2; I would write and notarize a contract up between me and a relative or close friend that will state that if they apply and qualify for a 30k loan which their monthly payments will be 528, I will pay them 10k over 12 months (834 per. mon). I would also pay for their debt for the next 5 yrs (60 months, or even sooner).

2. 220k x 20%= 44k (I will put the money in 3 months after the first purchase, most banks require to have funds in your account for 90 days)

tenants pay: 1200 x 4= $4800

mortgage: 1055 (tax, PMI, ext included)

water: 170

cap x: 200

property mgn: 288

loan payment: 528 (loan for 30k to the institution)

loan payment: 833 (loan for 30k to someone for 12 mons, totaling 10k)

Profit: 1726 mon. (20,712 per yr)

I would repeat number 2 for property 3 and 4. My goal is to quit my 9-5, which I been at 10 yrs and create a six figure income thus I can focus on my desires to form a construction business. I would like to purchase these four properties by the end of 2017 then quit a few weeks shy of 2018. Please give me all the feedback and concerns that may interfere with the above plans. I look forward to communicating with you all. Thank you in advance.  

@Robert Grant

Thank you for your prompt feedback. I will be in touch shortly to submit my information and my potential deals. 

Regards, 

Sounds great, do you lend I'm South Florida?

Hello Everyone,

As in embark on the flip and hold investment strategy , I find myself confused. All the legal talks, terms, conditions, etc with hard money lender options, I want to make the best decision for my business. If there are any experienced flippers/fix-n-holders that is willing to teach me I will compensate greatly. I will put up all the cash, my credit, my business name, etc; I just need guidance. I want to be able to analyze the various funding options, a strategy to pay back my lenders, exit strategies, limiting all risk factors, GM selections, EVERYTHING. Im willing to work; just call the plays and I will execute them. I am humble enough to understand my shortcomings but hungry enough to overcome them. The BP platform is great however, I am a visual learner; actual deals. I have full MLS access and I understand how to run comps, find foreclosures. My immediate REI scope is to create a six figure salary in the next 6mons to a year on just fix and holding; either apartment complexes (up to 30 units max at $1000-$1500 per unit) or combining duplexes/triplexes/etc. Then in two years or sooner; I will aggressively fix and flip 6-10 properties per year. I hope I made it clear of what I am looking for and how an expert flipper can benefit from just teaching me.

Thank you all in advance for your time and feedback.

Regards, 

Hello Everyone,

As in embark on the flip and hold investment strategy , I find myself confused. All the legal talks, terms, conditions, etc with hard money lender options, I want to make the best decision for my business. If there are any experienced flippers/fix-n-holders that is willing to teach me I will compensate greatly. I will put up all the cash, my credit, my business name, etc; I just need guidance. I want to be able to analyze the various funding options, a strategy to pay back my lenders, exit strategies, limiting all risk factors, GM selections, EVERYTHING. Im willing to work; just call the plays and I will execute them. I am humble enough to understand my shortcomings but hungry enough to overcome them. The BP platform is great however, I am a visual learner; actual deals. I have full MLS access and I understand how to run comps, find foreclosures. My immediate REI scope is to create a six figure salary in the next 6mons to a year on just fix and holding; either apartment complexes (up to 30 units max at $1000-$1500 per unit) or combining duplexes/triplexes/etc. Then in two years or sooner; I will aggressively fix and flip 6-10 properties per year. I hope I made it clear of what I am looking for and how an expert flipper can benefit from just teaching me.

Thank you all in advance for your time and feedback.

Regards, 

@Eddie T.

Thank you for the feedback. I have been in communications with that firm and they do in fact lend to Florida, decent program. Unfortunately, I am encountering the same problem, down payment obligations. I was seeking a firm that will borrow money based on the high value of the ARV of a property. In other words, if a property is valued for 490k and its selling for 69k plus liens of 75k then minor rehab of 10k. The lender would borrow me the funds of 70% of 490 which is 343k thus they can have the property if I do not my the payments back on the property. I have no intentions of ever not paying I want this for my family and myself plus my morals would allow me to do so.

Regards, 

What are some competitors of this company? A financial institution(s) that provides funding options for fix and hold or just buy/hold rental properties? This business model fits great for me; they provide funding for investors that have little capital and they lend based on the performance and or potential rental income.

@Marc Frage

Congrats on your recent deal and the next one. Are you a wholesaler or a realtor? At your earliest let me know you availability this coming weekend. I would welcome a meetup to discuss potential collaborations. I look forward to hearing form you soon. Take care. 

Regards,