All Forum Posts by: Brandon Cooper

@Dieter W. The approval is your only leg to stand on unfortuanetly. If you didnt sign an approval and youve paid, theres not much you can do at this point. Yes he could resale the taller ones but if he doesnt want to, youre just stuck

@Dieter W. How deep is the beam? When u had to pay to have a design and measure wouldve been where i stopped. Ive been a cabinet installation professional for 13 years, and you just dont charge for that. At the point of this, you wouldve had to approve drawings and dimensions so both would be at fault. I feel that the beam removal wouldve been a key conversation though. This is where field checks save cabinet guys money and they didnt do.it

@Ryan Plasencia you can always try to find an owner financed deal! Youre kind of stuck with traditional financing and not having the 2 years under belt. Im a sub contractor also, so i feel your pain a bit.

Hi all, i found this property on the mls and was able to walk thru it the next morning. The ask was 65k. Arv is approximately 80k. It needs about 20k in repairs, new roof, windows, a bit of electrical work, water heater, some exterior maintenance and paint and a few other misc. things. I came in with an offer of 30k and with a bit of back and forth we settled on 40k. Thru due diligence and inspections i wasnt comfortable with paying 40k so i stood firm on 30k and didnt think i had a chance of getting it. Well on final day of due diligence, they accepted the offer.

So my plan now is to BRRRR it. After renovations i will be all in for around 55k. Ill refi out 60k into a 30 year mortgage. Itll rent for 800. After expenses itll cashflow $250. With no money in the deal (after refi), ill basiaclly have a free cash flowing rental and a free 20k in equity. Pretty sweet deal imo

@Dallas Hall i dont understand why it has to be an owner occupied loan if youre putting down 20%! You should talk to another lender. 20-25% down will get you into an investment property without having to be an owner occupied loan

@Tanaya Fisher personally, if they have been a good tenant, id just buy a new mattress for them. Its a small cost to keep someone happy

@Matthew Banks i called my local cedit union last week that i carry my auto loan thru and within a few minutes had a 20k LOC. I was going for 30 but she said i was approved for 20 and would have to go to underwriting if i wanted the 30k. I didnt bother as 20k was enough for what i needed. I do have great credit, good income and low DTI. Hope this helps

@Jack B. It sounds like you already know your answer haha it seems to be a solid deal for personal residence

@Steven Andrews private money badically comes from people you have relationships with. Ive had no luck finding a good HML. They will usually fund 80% of the project from my understanding. They want you to have some skin in the game too

@Jack B. Yea its a good deal but whats the goal? Rental, flip, personal residence? That will change the dynamic of the deal imo