All Forum Posts by: Aaron Millis

Okay Helen thank you so much!

Does anyone know of any good real estate agents in the Auburn Alabama area that work with investors?

thank you everyone for clarifying.

As far as I can tell I have definitely set up my key word alerts on here but never receive an email or anything when people use the words? Help would be appreciated. Thanks

So from what I've read in bigger pockets books and seen online you can use an FHA loan and a VA loan to purchase multi family properties if you live in them for a year, and maybe some other rules I'm not positive about. But today I had a realtor tell me that that is not true and it is not possible. All the information around me is saying he's high as a kite but I wanted to ask the bigger pockets veterans as my final yes/no. Thanks

Forgive this possibly dumb question - I'm still very new I am having a realtor send me properties from the MLS so I can practice analyzing potential deals. I just read "the book on rental property investing" and plan on re-reading it.. But I specifically remember in the analyzing chapter he talked about all of the expenses you need to consider such as mortgage, insurance, taxes, etc. My question is - Do some/all mortgages already have property taxes and insurance and other things already thrown into them? Because I've been using mortgage calculators, and I just pre qualed for my VA loan and I've been told that my monthly payment would be "****" dollars including insurance taxes etc. Is all of that just part of the mortgage? Or do I also need to brace myself for paying taxes and insurance completely separate from that? Thanks

@Jerry Padilla thank you that was very helpful.

Alex Saleeby thank you that was helpful. So I am guessing that before you even make the initial purchase on the property you want to fix, you should find a bank that is willing to refinance it afterwards. Is it possible to come to them with a scenario and tell them your plans just to make sure you don't get denied when it is crunch time and you need the refinancing? Also if I got a hard money loan for the $70,000 that I spent, I'm guessing that when I refinanced after the rehab- that would be the time where I could pay them back?

Hi everyone, I am new to bigger pockets and recently learned about the brrrr method. I understand everything about it except the refinance part. I actually just don't think I know exactly how refinancing works... So if I got a loan for a house that cost me $50,000 and then put in $20,000 for rehab that's $70,000 I spent right there. Let's say the house ARV is $100,000... After fixing up the house I can go refinance it for probably a better rate since its in good living condition I understand that. I don't understand how it puts money in your hand. Especially since I've heard you can get it refinanced for up to 70% of ARV. What about the other 30%? How is the only money coming out of pocket the possible closing costs that would follow? Again sorry I'm new to this so its probably an easy concept I don't understand yet, any help would be appreciated!

Wayne Brooks this is where it took me when I looked for houses in my area. https://mls.foreclosure.com/start.html?listingid=47766140