All Forum Posts by: Andrea Sealey

@Julia Rockwell great advice on watching the youtube video. Did you ever use another site?

What were some of the other data points you wanted to pull in? We launch in a month and are similarly curious

Thanks @Andrew Postell and @Scott D Burrows your advice has been extremely sound and helpful. I think I'll move forward with securing the Fannie Mae homestyle loan to start. Can one be pre-approved up to a certain amount with the homestyle option? Waiting 30+ days for the loan to close before having the ability to write an offer may be limiting. Otherwise, the close timeframe is a bit concerning but where we are targeting, it may not be a disqualifying factor because as-is properties do not sell at lightening fast speed. Another financing option we are exploring is a home equity loan that would have a faster close timeframe I imagine, can someone confirm that for me? 

Firstly: Can one typically get traditional bank loans that include the expected costs to fix the property? What financing routes are best if the investor doesn't have the rehab cash on hand? If one is able to obtain a loan that includes rehab costs, should the mortgage number include that when the monthly mortgage expense is calculated? Should the cost to rehab also be included in the rehab cost line in the cash on cash return box? 

Secondly: What if the tax and insurance is included in the mortgage? I'm using the calculator on realtor.com and the calculator assumes these are baked in to the monthly mortgage number. Anyone who can help provide clarity, it would be much appreciated!