All Forum Posts by: Tyler Caglia

Aaron, thank you for your feedback, I'm glad you found my post helpful. And you're right, it is super competitive. We've averaged a little over 2 months looking for each deal, and you never know when they'll come to you. You gotta jump on them fast, and if you can buy with cash that's definitely beneficial in many ways. On the podcasts all the time Brandon talks about the only reason for doing your first deal is to get to your second deal, and I couldn't agree more. If you look at as a learning experience in the beginning, your expectations become much more reasonable. Not at all saying to buy a bad deal, just suggesting that you can't wait around forever for the "perfect" deal. I'm ok with base hits until I have the resources, knowledge, and network to consistently hit home runs.

 Thanks Maurice! I really appreciate your feedback. Sounds like you've got a solid network around the country you're building and that we're very like-minded in the way we approach investing. Look forward to connecting again in the future!

 Thanks Elias! Yes, you're in a very expensive area, as if California in general wasn't expensive enough. I'm semi-familiar with Lompoc and Santa Maria, and both seem like solid areas to live. Not too familiar with the rental market, and I guess that would depend on your target price and neighborhood class. I would assume the price to rent ratios for long term buy and holds is not super attractive. Have you considered short-term rentals? Or student rentals close to UCSB?

 Thanks, glad you appreciated it. Best of luck towards your continued success!

Thanks Curt, that's the plan... I hope you're right! 

Thanks Marlen! I appreciate it. Hopefully this is only the beginning.

 Absolutely. And to think so many others on BP have done so much more in much less time.

 Sounds good man! Best of luck, let me know if I can help at all along the way.

I assume you're referencing the 6-month seasoning requirement for refinancing a property. For a conventional refinance, you cannot do a true refinance until 6 months after purchasing the property (regardless of what method you used to purchase it initially). However, there is something called delayed financing, which allows you to refinance at any time prior to 6 months of ownership, but you are strictly limited to financing up to the original purchase price, or 75% of the appraised value, whichever is lower. If you wait the full 6 months, you are able to finance up to 75% of the appraised value, regardless of purchase price. This allows you to include rehab costs (and potentially more money than you have invested) in your loan, therefore allowing you to keep less of your money tied up in the deal. There are many ways around this, but it seems to be a common hurdle for most people to get around in the first handful of deals.

 Thanks Ryan! I used BP actually and found previous forums talking about recommended hard money lenders in Columbus. If you haven't tried it yet, the search tool on BP is phenomenal. I've found a solution to every problem I've had throughout this process just by searching for prior threads. The process was very easy, they are interested in the basics (credit score, income, etc.) but are just as interested in the deal itself. If your deal is solid it should be a pretty easy approval process. I have 12 month loans @ 12% interest, can be paid off anytime in that 12-month span without penalty, but I am required to pay a minimum of 3 months interest no matter when I close out the loan. I'd search on BP for previous threads discussing hard money lenders in your state and see what you find. Let me know if this helps or if you have any other questions.