All Forum Posts by: Amanda G.

Congrats, Philip! You'll be able to keep a close eye on your tenants. Downside, they will potentially be knocking at your door... 

Hi Husam,

It depends on the state. In Georgia I just signed a paper with my closing attorney and they filed it for me as part of the service.

Reimer Law specializes in real estate in Georgia/North Carolina. They are in Columbia county. They haven't done a quiet title for me, but they have closed one. Nice people, they charge by the hour for title work but they will bill you fairly. http://reimerlaw.net

Hi Michael,

Talk with potential lenders, some will look at you funny if you don't own your primary and want to buy rentals (they want to be SURE you aren't going to live in the investment and mess up their loan). Others will totally understand. if it makes more sense to rent than buy in your area and life situation, just look for the lender who is willing to play. Good luck! 

Hi Jens,

This sounds like a version of the BRRRR strategy, without doing much rehab. Your risks are having the funds locked up for 6+ months (assuming you keep it in your own name), not knowing what the appraisal will be (ie how much you can take out), and the future interest rate.

Run the deals for your best and worst case scenarios- do you like the cash flow after the refi if you get 75% of $10k less than you think it is worth at 6-7%?

These are not terrible risks to take, they are just some of the ones to consider. Also make sure you have padding in your savings for that surprise cap ex which is going to show up even on the well maintained home.

The advantage is speed- you can commit to closing, and your first close is going to be cheaper than the later one with the refi. It also gets you in the game, which is valuable by itself.

If you aren't already members of your local REIA, hunt them down. You may feel better using some of that capital as a ride-along partner on the deal of someone with experience while you look for your own.

Good luck whatever you choose!

Hi Ariel,

Rule of thumb in low cost of living markets like mine is $10/sq ft for light rehab, $15/sq ft for medium and $20+ for heavy. Then add 20% (at least) for surprises. If Zillow has no interior pics, watch out. The devil is in the details, once you have done 20+ of these for practice, start finding your local people to do walk throughs with and learn what it is REALLY like in your market. Good luck!

Hi Andrew, 

Are you watching these in your market? Real estate is so location specific, this strategy might outlive its usefulness to you. Maybe take your local Zillow and track the asking price, selling price and your best guess at the renovation level needed from the pictures. And cross as many local thresholds as your time allows! Good luck.

I think he has his template up on his website pauldavidthompson.com. (not positive). He presents a cash, an interest only, and a principle only option. There's a spreadsheet for determining the MAO in each case. He set it up as a google file, and then had someone do the code so one could press a button and drop the numbers into a form letter. I'm trying to find someone who is willing to split the cost of having someone code that for me/us. Then print, sign, and bam, it is out the door.

The cracks are in the panels, not the frame part. I hadn't heard of automotive bondo- I'll check that out. Thanks, @Bradley A.

I was at my new project at the right time of day yesterday to notice daylight coming through the front door. It is a four panel wood door and two of the panels have splits in the wood. Can this be solved with wood putty and paint, or am I looking at needing to replace it? B/C neighborhood, so it isn't about high-end aesthetics.