All Forum Posts by: ARMON PHILLIPS

Thank you both. I did a little digging into the bigger pockets resources after I posted and found some Good information. I feel I am ready.

Hi everyone,

I've made the decision to rent out my first house, What are the most important things I have to do when qualifying tenants? Also, does anybody know good sites to do background checks/credit checks and where to get a solid lease agreement??

Thanks in advance

Thanks @Scot Howat 

@John Truong 

Thank you. I am going to look into that. I really have my heart set on 80% LTV though.

I have no problem with waiting six months but I really don't want to do twelve. The next phase of the plan is to repeat the strategy except with a quad and get 60-70% LTV on ARV. I wouldn't mind 60 because I think that would help my cash flow. Fortunately, I have relationships with a couple contractors and an appraiser that can give me suggestions during the rehab process.

Ok. Thanks for your response. What i plan on doing is buying a distressed property in a excellent neighborhood with cash. Finance the rehab. Then go get a cash out refi (hopefully 80% LTV of ARV) on the new and improved home and live in it. This will be my first investment. Is there any roadblocks that i may not be aware of? Any suggestions on the strategy?

@Michael Herr @James Wise @Joe Impagliazzo 

@Michael Herr @Joe Impagliazzo 

If i bought it at a discount and renovated it completely, I would not be able to get it appraised for true market value?

I meant ARV when i said APR.

Is it possible to get 80% LTV of the APR, when doing a owner occupied Cash out refi? If yes does anyone know of a lender in the Saint Louis, MO area that does it??