All Forum Posts by: Simon Burton

@Alex Howard this is a great post, thanks for sharing your experience. I’m probably going to use some hard money next year in my first deal so I’d really appreciate if you could share any of the docs you mentioned.

@Nicholas Doyon can you explain the numbers a bit more, I’m a little confused as to why a hard money lender would get 50% equity for putting in 20% + repairs cost. That’s 20% of what? Could you not arrange repayments to the lender instead of giving away so much equity?

I can understand why your partners might need you to put the mortgage in your name, perhaps they’re already over leveraged or have other properties in their name. Where do you get the remaining 423k for which your getting the mortgage?

@Jaysen Medhurst have you ever worked with family or done deals with a significant other’s family? If so, any advice?

@Jaysen Medhurst thanks for the input. BRRRR is the option I'm leaning towards, just gotta find the right deal and line up the refinancing for after the rehab.....I've thought about the potential complications too so anything we do will be done officially - contracts, operating agreements etc. I want to keep it strictly business, just in case

Any idea on when the next meet up will be? 

So my girlfriend's dad has expressed interest in investing up to $150k in real estate. He knows I'm planning to get started in REI and is open to any viable investment opportunities that I present to him. Part of me is thinking about splitting the money across two or three properties as down payments and using leverage, while the other part of me is thinking about using that money to buy a property for cash and use the BRRRR strategy to pull the capital back out.

What would you do?

Hello!

I'm from Dublin, but currently living just outside of Washington DC. From what I know of the market back home, if you have the funds to get approved a mortgage then you're in a great spot to capitalize on the high rents in the greater Dublin area and some of the other hubs across the country. The lack of supply of housing has sent rent prices through the roof and combine that with the influx of tech companies to Dublin it means landlords can charge what they want. There's also a lack of supply for college student accommodation so if you have a property, you can make big returns by renting by the room.

As I mentioned, the barrier to entry is the Irish banks. They've somewhat learned from prior mistakes and won't lend very easily. If you have a pot of cash or some investors to partner with, you'd more than likely make good returns.

Best of luck.

Thanks for the great info @Cassidy Burns! I'm currently in negotiations with my significant other to consider house hacking and that might be my biggest hurdle. If we were to do that, small MF would more than likely be the most viable option so we have our own space. But you're right, at this early stage house hacking is the ideal start particularly as I'm not starting off with large cash reserves. I'll have to get somewhat creative. Just finished reading Matt Faircloth's Raising Private Capital and learned a lot. Next step is execution....

Thanks @Solomon Morris! Appreciate the insights on the local area. It's very interesting to see how well people interact on here. I'm going to have to get out of my comfort zone a bit and get more active.... Looking forward to connecting. 

Thanks @Ozzy Sirimsi!