All Forum Posts by: Cody Campbell

@Stan C. I haven't had an issue with empty units. Actually I get most of my properties appraised while they are empty. Just let them know what the unit rents for and start the vetting process for a new tenant. So it should not affect the appraisal. Also, I am usually there on site when the appraiser is there and I'm very up front with them and tell them what I'm trying to get out of the property. I tell them I need to get this (amount). Usually goes well for me. 

Sounds like you need to look at other banks, having multiple options is great, I'm not sure why they wouldn't go with the new appraisal. I think I'm missing something, most banks will want to appraise the property. Even if you called the big national banks, tell them what you feel the value is and you to refinance with cash out and they will send an appraiser out to make sure it appraises for what you think its worth. 

@Joe Riley there are several options,  you just have to find out what works best. Talk to a local community bank and ask about an unsecured line of credit. Hard money lend if you can rehab and flip relatively quickly. I have found that the local community banks are willing to work with people who are trying to invest in the local community. 

You know your tenant best. If its a ring type doorbell camera I would allow it, but if you feel it for other reasons you are protected by the lease. Use it when you need to, but also these types of cameras are the new rage in home security. 

Ive had the best luck with young professional or young professional students. They are trying to make the best for themselves and therefore tend to be more responsible and dependent. They also listen to authority figures still, well that's been my experience. 

@Nitin John Abraham I don't use fannie/freddie....if you get a hard money lend and buy a house with cash, on paper you own it outright...so you can walk into the bank the next day and put it on a note...ive done it...I do it, that's my modified BRRRR...its quicker and allows you to expand faster too. Let me know if you have any other questions.

Always, Always be weary of a tenant that finds your listing and states, "I want the property, I want to move in this weekend, I have deposit and first months rent" You will usually get these from tenants who have just been removed from their previous property. Just complete your due diligence and put them through the process, the application, the screening, and don't fall for the, they have the money they must be legit. 

I would just find the closest bank to property and walk in. Banks like loaning on properties that are close to them. 

Michael,

I guess it depends on your city/county rules and regs. Where I live you can "GC" one house a year and pull your own permits. You can get professionals to do the big stuff ie, electrical, plumbing, but in all reality you should be able to pull the permits or have your guy pull them for you without any problems. 

I would simply reach out to the bank and ask. If its a small community bank, they may be ok with it.