All Forum Posts by: Rich M.

Hello

I didn't see Dave on IG? How can I connect with him

Hello

I didn't see Dave on the live?  Is there a reply of your lives?

When will Dave be on ? I submitted questions for him.

I saw someone talking about numbers for real estate investments

What time tomorrow

Hello.. David

I need your help... I have 3 units in the city of Gardena CA. I've been holding for 18years. There's a lot of building that's going on in the city. It's not the best area but not the worst. I have a 2% mortgage 30 year fixed on this property. I do have cash flow as it is currently positive $2,400. This property also is zonedR3 and it's a 10K sqft lot , property use R3 = 4 condo units, 4plex plus and ADU, 2 ADU added to what I already have or convert garage 644sft for 65K 2/1= 2,200 month. There's a coupIe of moves I can make. I bought for $469K 18 years ago I owe around 220K it's worth $900K- 1 Million Like you said, cash flow is slow money. I'm sick of slow money. I've been sitting here too long like this, it's a lot of money I need to make the right moves ...Please let me know which strategy is the best to start up my money machine. Every option is on the table...

Thanks Rick

Thanks Justin..

1st position HELOC? I never heard of that. Who has that product ? Can you send me information on it.

Thanks

Project ADU Add

Currently I have a property in California I'm looking to build two ADU. Should I use HeLOC, Construction Loan or Hard Money to build? I'm on a 2% 30 year fixed loan I have good credit, I owe $240K current Value $900-1 Million. ARV for 4 units not rehabbed is 1.4 . I plan on keeping unit for appreciation & Cash flow but for the right price I'll sale after I add ADUs. This is an owner occupied property Rents total $3,500 currently, with 2 ADU Additions rents total $9,500

HeLOC
I found credit union that will do 80% LTV up to $500K on HeLOC. 10y interest / 25 year loan adjustable rate

Construction Loan

With a construction Loan I heard they wanted 20 % down that I don't have.. I heard I could use my property as the 20% down. I have a three unit now with adding two more ADUs rents (2) 2+1 (1) Studio (2) 3+2 ADU total rent = $9500. An Investor I know told me to get a construction loan, I need to find a bank who would let me use my property as the %20 down.

Hard Money

I have another friend who says he uses a hard money lender because he doesn't want to show his money for tax purposes and its easier. I know he pays a higher rate than equity line maybe 9-11% I guess it works for him. I'm just wondering is it good to take a hard money loan on a construction project adding sqft 350 to a garage and building 1000sqft 3+2 ADU? Is that a good model to use when building?

Hard Money

I was told to get the hard money so I can do two projects at once. Get a construction loan take half for building on one property and the rest buy another property and do the same thing use the other money for the down on the other project. Then get a loan on that property and do it all over again. The only catch to this strategy is you have to refi out of the 1.4 loan in a year or 18 months, I was told if I can't qualify for 1.4 refi then I need a partner to help me with it... that's the part that I don't like.

Can someone help me with some great advice I would like to do this multiple time, I just need to know which strategy to move forward with. If anyone knows how to do one of these strategy please share..

Thanks in advance

Project ADU Add

Currently I have a property in California I'm looking to build two ADU. Should I use HeLOC, Construction Loan or Hard Money to build? I'm on a 2% 30 year fixed loan I have good credit, I owe $240K current Value $900-1 Million. ARV for 4 units not rehabbed is 1.4 . I plan on keeping unit for appreciation & Cash flow but for the right price I'll sale after I add ADUs. This is an owner occupied property Rents total $3,500 currently, with 2 ADU Additions rents total $9,500

HeLOC
I found credit union that will do 80% LTV up to $500K on HeLOC. 10y interest / 25 year loan adjustable rate

Construction Loan

With a construction Loan I heard they wanted 20 % down that I don't have.. I heard I could use my property as the 20% down. I have a three unit now with adding two more ADUs rents (2) 2+1 (1) Studio (2) 3+2 ADU total rent = $9500. An Investor I know told me to get a construction loan, I need to find a bank who would let me use my property as the %20 down.

Hard Money

I have another friend who says he uses a hard money lender because he doesn't want to show his money for tax purposes and its easier. I know he pays a higher rate than equity line maybe 9-11% I guess it works for him. I'm just wondering is it good to take a hard money loan on a construction project adding sqft 350 to a garage and building 1000sqft 3+2 ADU? Is that a good model to use when building?

Hard Money

I was told to get the hard money so I can do two projects at once. Get a construction loan take half for building on one property and the rest buy another property and do the same thing use the other money for the down on the other project. Then get a loan on that property and do it all over again. The only catch to this strategy is you have to refi out of the 1.4 loan in a year or 18 months, I was told if I can't qualify for 1.4 refi then I need a partner to help me with it... that's the part that I don't like.

Can someone help me with some great advice I would like to do this multiple time, I just need to know which strategy to move forward with. If anyone knows how to do one of these strategy please share..

Thanks in advance

Project ADU Add

Currently I have a property in California I'm looking to build two ADU. Should I use HeLOC, Construction Loan or Hard Money to build? I'm on a 2% 30 year fixed loan I have good credit, I owe $240K current Value $900-1 Million. ARV for 4 units not rehabbed is 1.4 . I plan on keeping unit for appreciation & Cash flow but for the right price I'll sale after I add ADUs. This is an owner occupied property Rents total $3,500 currently, with 2 ADU Additions rents total $9,500

HeLOC
I found credit union that will do 80% LTV up to $500K on HeLOC. 10y interest / 25 year loan adjustable rate

Construction Loan

With a construction Loan I heard they wanted 20 % down that I don't have.. I heard I could use my property as the 20% down. I have a three unit now with adding two more ADUs rents (2) 2+1 (1) Studio (2) 3+2 ADU total rent = $9500. An Investor I know told me to get a construction loan, I need to find a bank who would let me use my property as the %20 down.

Hard Money

I have another friend who says he uses a hard money lender because he doesn't want to show his money for tax purposes and its easier. I know he pays a higher rate than equity line maybe 9-11% I guess it works for him. I'm just wondering is it good to take a hard money loan on a construction project adding sqft 350 to a garage and building 1000sqft 3+2 ADU? Is that a good model to use when building?

Hard Money

I was told to get the hard money so I can do two projects at once. Get a construction loan take half for building on one property and the rest buy another property and do the same thing use the other money for the down on the other project. Then get a loan on that property and do it all over again. The only catch to this strategy is you have to refi out of the 1.4 loan in a year or 18 months, I was told if I can't qualify for 1.4 refi then I need a partner to help me with it... that's the part that I don't like. 

Can someone help me with some great advice I would like to do this multiple time, I just need to know which strategy to move forward with. If anyone knows how to do one of these strategy please share..

Thanks in advance

3 unit n Cali 2% 30 fixed, mortgage 1,200 cashflow 2K, ADU approved but not built out yet converting garage. I owe 280K Value 1.1 Mil Want to invest n flips do I use line of credit 90% credit union or sale. If sale I'm not sure how to invest with the money 1031 exchange or sale and pay taxes? Once ADu is complete ARV 1.3- 1.4

I have just rebuilt my credit 795 is my score. I'm looking to build corporate credit with lines and high limit credit cards

for my personal as well as business. Anyone know of any books that can help me with this? Who is the authory when it comes to credit?

Thanks