All Forum Posts by: Bridgette Delva

@Vernon Calhoun okay I see what you mean for the loan. I’m not familiar with any bank loans that would offer that type of flexibility but there may be many private or hard money lenders willing to do so, assuming you’d refinance after a certain period into a traditional loan to pay them back.

@Jim Pellerin thanks for sharing! I don’t think I’m very familiar with take backs and subject tos, can you tell me a little more about those? Sounds very interesting.

Hi @Jesus Manuel Montiel-albarado welcome to BP!  I'd recommend you attend every free BP webinar they offer - that'll help get you started in your education journey and help you build some real action steps.

@Vernon Calhoun as everyone else mentioned, your price targets are going to be unlikely in Atlanta and surrounding metro Atlanta markets. The deals are certainly possible to find just not in Atlanta; if you're set on Georgia, I'd recommend researching Valdosta, Columbus or Augusta.  

I'm not sure if I completely understand your question about the loan.  If you're asking about the possibility to obtain a loan for a home that needs renovation, I am not certain but you could do a traditional loan and then refinance post renovation after the seasoning period. 

Hey BPers!  I'm hoping to solicit your stories on the most creative ways you've acquired funds for your deals. Primarily looking for those applicable to residential LTRs.  So, tell me, what did you do to get the funds?

What did it cost you? Would you do it again?

Hi @Jon Blackburn the only thing I would add is that there are BRRRR friendly lenders like @Alex Bekeza, who have requirements targeted to BRRRR investors so you may want to consider this as a refi option as well.  The seasoning periods are shorter and the qualification criteria are less extensive.  You'll have to compare the rates/costs but just wanted to point out that there are other options. Good luck!

Hi @Robert White, this is an amazing testament to your kindness and humanity!  I love how you have shown your tenant a shining example of what a true landlord means and that we aren't simply there to beat them down.  What a situation to be in with a sick child and no pay - so glad you worked with her and helped her throughout her situation! Nice job! 

@Juan Valdes Welcome to BP and congratulations on your first post! I think you're in an outstanding position that many people don't get the opportunity to have so it's great to see that you're looking to put that money to work!

I can't speak from an expert Accountant's point of view but since the property is not currently in your name, the $50K would be considered a gift from your parents.  As far as I know, gifts are not taxable.  You get tax benefits for a primary residence through mortgage interest paid and through homestead exemption but if you use it as an income property, there are many more tax benefits.

I advise you and your family consult with your Accountant before making a move.  Your parents could be liable for capital gains taxes so you'd certainly need to talk through each party's situation and the best way to meet your goals while minimizing taxes.  

@Alyssa Lebetsamer no they wouldn’t have tried that because I think their entire story was BS and they just wanted out of the lease!

@Dave Smith personally I think 4 weeks is too soon to post a "coming soon" rental.  What would be your goal for posting this soon?  You wouldn't have a secured lease until someone is actually able to do a walk through; if a tenant is truly needing to move in 4 weeks from now, they'll need to find a place that they can secure.  

I suppose it also depends on your market - in Atlanta, move-in ready rentals at the right price move fast.  Our last vacancy was filled in 3 days and we had 2 back-ups so if we had put it on the market 4 weeks before it was ready, it would really have served no purpose. 

The other thing comes to mind is are you even technically allowed to list it since you don't own it?