All Forum Posts by: Ben V.

Hey @Tomeka Wray @Chris Seveney I got it! 

thank you for your advice. I eventually found that I can use the PO box as my personal address and for the company address I used a virtual address. So now no one knows where I live. That is nice!

Thanks for your input! 

Cheers

I'll never buy a single condo for cash flow purposes...the numbers just aren't there. Actually...my general rule of thumb is that I wont buy anything with an HOA, or at least an HOA with a boat load of strict rules.

Good luck!

To answer your question @Jose Vernaza - You cannot use a DSCR loan to fund the rehab. DSCR loans are exclusively for properties that will be used for rental purposes. The property needs to pass an appraisal. The other consideration is the minimum loan amount. Generally speaking you are looking at 100K minimum. So your 30K purchase price is a no go.

Buy the home with hard money, then rehab it with cash. 

If you don't have cash then a Fix and Flip loan will work also. There are many different types out there. 

There is no greater teacher than experience. You wont get much of that with a syndication. Buy your own home, house hack, do repairs, manage tenets, pay your taxes, ensure escrow is correct, meet agents of all sorts, GET INTO THE GAME! It's fun and you will learn a whole heck of a lot more doing it yourself. After that, the world is your oyster :)

Cheers!

Depending how bad they are, I would paint them myself. I rehabbed a 1978 home with all original cabinets and I repainted them, added new hardware and I swear you cannot tell the difference between them and new ones. Total cost? maybe....200 bucks. 

Replacement cost? - $2,500. 

No brainer. 

I would have been in that condo the day after the storm repairing that ceiling. Long as it's not something too dangerous or out of the scope of my knowledge, I'd repair it myself and move on. 

But even now where you are at...i'd probably do the same thing and just repair it myself. 

A washer and dryer is standard. Unless you live in a tiny apartment in NY. 

Buy a good, used set and install them. It's not a lot of money, and it's worth it for your tenets. 

Hey Jake, 

Welcome to BP!

I'm not licensed in Kentucky so I cannot directly help you. I could however recommend one of my colleagues who specialize in first time buyers if you want. Up to you. 

Anyhow! You'll want to look for three main things in a Loan Officer when you are shopping. 

1. Do they reply and pick up their phone? A loan officer should be relatively easy to get ahold of. Understandably you might not get them on the phone with your first call but they should text or call you back that same day or early the following day. Don't bother with people who aren't going to show you the respect you need to get the job done. 

2. They explain things in an easy to understand way. If they are using acronyms like LTV, DTI, CD, CLTV, DPA, LE, P&I, PITI, PMI, UFMIP...and so forth, that isn't great. You're a first time buyer and you shouldn't be expected to understand those types of acronyms and when a loan officer uses those you can lose important information along the way. As a buyer, YOU need to understand as much as possible because at the end of the day it is you that is responsible to pay back the mortgage.

3. Did he/she provide solutions to your problems? Not every borrower is making 100K+ a year, has 100K in the bank and has a credit score of 800. Odds are you're probably going to need financial assistance, or need to be put into a good buying program so that you can purchase. A loan officer that tells you "sorry, but you don't qualify for anything at this time" isn't doing his job. There are plenty of people who just need a little help depending on their situation. Some people have good credit and a good job but no money? Did your loan officer tell you about their down payment assistance programs? Or did they just tell you that you need to come up with the money. How bout with complicated appraisals that come back and the loan officer tells you the deal is dead? Are they the kind of LO to explore every avenue before killing a deal? Or do they pick the low hanging fruit?  Loan officers need to be problem solvers, we are the ones with all the knowledge and knowhow.  

Hope that helps!

Cheers

Cars mean nothing! Show me the hustle! Sell my home or find a home for me. Do thy job! 

But seriously some realtors have such a dumb look about them. All dressed up with fancy cars...means nothing if you can't broker a fantastic deal for me. I've seen realtors with 10+ years and all they do is submit a dumb offer on a home and don't even bother to fancy it up, put a nice note on their for their buyers do something....anything to stand out. 

A car means nothing. Just do your job. 

Hey Adam,

Welcome to BP! Would love to connect :)