All Forum Posts by: Bobby Beard

I have had all good experiences if it’s a family. They have always paid and taken care of the place. They are worried to get in trouble and risk being deported.

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Thank you @cainmcneil.

How you doing in Panama City?

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I have been away for several years and sold all my properties. I now feel the need to do it all again but with better properties. First place to start was with BP. Feels good to be back on a great site. I have a lot of catching up to do!

Anybody from the Panama City FL area that would like to talk send me a request!

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in your case I would have walked too. I personally wouldn't buy one with owner still living in it. They can take everything out and strip it to studs before giving possession and then your screwed. I only buy vacant or tenant occupied units. That's just me.

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I have bought 3 on county auction site here in bay county florida. It's been a nervous experience but so far so good. I was watching a beach front condo and was ready to jump on it but the day before I spoke with HOA and found out the fees were 4 years behind and an assessment of 6k to boot. Roughly 30k total that would have to be paid on top of purchase price. Think God I did the research. I would have been crushed to find that out afterwards. They are scary deals and takes a gambler of sorts to get in. But the deals make it worth it. Example foreclosed at 158k assessment of 60K paid 13k.

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Originally posted by @Shaun Weekes:

@Bobby Beard

How many financed properties do you have currently have?

Your first 4 will mortgages will be fine but after that you'll have to qualify for delayed financing. You'll need to own the home for less than 6 months as well as other guidelines to adhere to.

Since these are all 2 unit properties you max LTV on cash out is going to be 70% on the first four and anything under delayed financing you're going to need a 720 fico and max LTV is 65%

I hope this helps Sir.

Most lenders don't go under 50K for a loan amount so keep this in mind as well Sir.

Hey Shaun, I currently have a small loan on a flip house in tn. less than 30k. nothing else has a loan.

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All Forum Posts by: Bobby Beard

Bobby Beard has started 26 posts and replied 258 times.

Post: First "official" BRRRR Completed

Post: New to Bigger Pockets

Post: After 2008, is the market getting easier for first time buyers?

Post: Is 48 years old too late to start from scratch??

Post: Illegal immigrants as tenants

Post: Back on BP! Panama City FL area.

Post: Back on BP! Panama City FL area.

Post: Sheriff sale gone bad: What would you do?

Post: Sheriff sale gone bad: What would you do?

Post: 5 duplexes to cash out refi.