All Forum Posts by: Christian Harris

Jeffery, Sounds like you're off to a good start!!! I'm always looking to connect with other investors in ATL and would be happy to get some additional deals your way if you are looking for flips and holds. Keep up the good work,

Wade Pittman I'd love to answer and questions you may have about investing in ATL. I'm and agent who's entire focus is on investment properties and guiding investors into a lucrative asset (buy-fix-sell or buy-hold). Anyone else who is looking in the Atlanta area is free to contact me as I get about 20+ deals a month (majority off-market).

Cameron, I grew up in Woodstock! I got my real estate license and joined an investment brokerage here in Atlanta that aggressively pursues investment deals for investors like yourself to fix and flip or buy and hold. Feel free to PM me or call/text on my number below if you are interested in hearing how my company helps beginner real estate investors find their first deal.

Good luck and happy investing!

Dylan,

Research and consider the option of a cash out refinance of your rental property. Depending on the bank/lender of choice you may be able to get 70-75% of your cash back out of your rental to invest elsewhere and still pay low interest rates in today's market.

With cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference. You essentially trade equity for cash that most be repaid over the course of your new loan.

Here's an example I found on Bankrate.com:

"Let's say you still owe $80,000 on a $150,000 house, and you want a lower interest rate. You also want $20,000 cash, maybe to spend on your child's first semester at Princeton. You can refinance the mortgage for $100,000. Ideally, you get a better rate on the $80,000 that you owe on the house and you get a check for $20,000 to spend as you wish."

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Do some more studying, talk to more people, and consider your options.

Hope this helps!

Charles,

I cannot give you exact answers for your questions because banks have different terms to do a cash-out refi. However, I do know that most banks and mortgage brokers usually require that the property has been "seasoned" before refinancing. Basically, you need it to have a tenant and cash flowing for a few months before refinance.

Per online sources I also found this, "The average American mortgage refinance costs between 3 and 6 percent of the home loan's value. For example, if a borrower is refinancing a $100,000 mortgage, the closing costs will range between $3,000 and $6,000"

In addition I found this, "The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers your interest rate by refinancing your existing VA home loan. By obtaining a lower interest rate, your monthly mortgage payment should decrease. You can also refinance an adjustable rate mortgage (ARM) into a fixed rate mortgage"

Let me know if this helps at all!

Keep hustling!!! Gotta love the grind and the education process.

Hi Tony,

It's pretty tough from what I hear and what I try to dig up to find out exactly what Mr. Market is going to do in the imminent future. However, there are historical trends that you can look for to take a guess at where you local real estate market is within the cycle. Let me know if this article below helps at all!

http://www.dce.harvard.edu/professional/blog/how-u...

@Account Closed

I would like for you to elaborate a little more so I understand, did you just talk to Jon? In terms of insurance, are we talking about title insurance when purchasing a deal?

Thanks,

Ok. Sounds like you wanna wholesale the deal and not renovate it and resell.

I would be careful closing on a property you are going to wholesale. Odds are the property may have title issues, and if you close on it you will soon be responsible for those title defects if you don't get them cleared by an attorney prior to closing. Usually, those who wholesale make sure they have buyers lined up to purchase the property from them if they are choosing to double close. You will be responsible for holding costs for the duration you hold title and are trying to find a buyer.

Have you considered trying to get the property under contract with due diligence and then assign the contract to an end buyer?

Apologies if I am confused about your situation and what you're trying to do here.

Hi Mara,

Do you know where you need to improve upon next time? You could have faulted in a number of areas and you wanna be sure you get it right next time! I have seen investors lose money by:

- Choosing the wrong GC to do the job

- Not clearly communicating what needs to be done and supervising the work done by the GC

- Getting too attached to the rehab and overdoing it (match the comps!)

- Buying the property at a higher percentage that doesn't leave room for error

- Buying based off emotion (fall in love with numbers not houses!)

- Not pulling comps correctly

- Choosing an agent that doesn't list the property well and get it sold quickly