All Forum Posts by: Derrick Aragon

@Katelyn Convery If you have some information that i can sign up for I have some investors always looking for flips. 

@Chris Daliani  Before going to a broker or another bank, go to the lender you have now or the servicer and tell them the situation sometimes they would rather keep the loan, do a new appraisal and up the mortgage amount and convert to a new interest rate. Depending on when you closed the loan and who it is with it may not be possible to ask for a pmi waiver depends on the loan. 

@William Savage

I have built 7 building modular, 1 infill in NE portland 13dekum.com if you know what you are doing you can make it work and in this labor market, I don't know Denver all that well but I have friends that developed in the city and they are having labor issues as well. It can be very cost effective. 

The person early in the post talked about LA and yes there a quite a few SFR modular builds in LA.

The shipping container is going to add another component of complexity to the process, design, engineering. All that stuff can be worked out but the financing using shipping containers is the hardest part and I don't know of anyone able to finance shipping containers. Financing means traditional bank local or majors with the uptick in this type of construction maybe it has loosened. 

They give it a personal property valuation and you and move them that is the hardest part. 

Modular housing you need some scale 3,5,8 homes at a time. 

Good luck. 

@Kyle Lewis explore a construction loan financing. They will have interest reserves so you can fix the place up while not having any rental income.  

@Chris Parrish agrees freelance is a big component... If you have any of those 12 plexes send them over I am always looking for multi with upside

@Brad F. send me a message with some further details. 

@Matt John I agree, every bank is different and depending on the loan type. It is the "perm" bank you have to work out to refinance your invested capital or equity out. 

@Taj T. Send me a message with what you have going on and timeline and I can connect you with some people I know or if it is a fit I can help you. 

Every bank has a seasoning period. Sounds like you guys are talking about SFR so you probably will have the same seasoning period for most banks.. I have had to season for 1 year before, some are 6 months. You will probably pay a higher closing cost like .5-1 point higher loan fee for cash out but you can roll that into the loan.

you either take your money out or as much as you can and get less cashflow or you keep your money in and get higher cash flow through the lower first mortgage. 

you will want to go into a conventional loan so no pmi... BRRR idea is great for newbies so they can buy owner occupied home and put min down payment 3-5% fix it up and build enough equity you can pull your initial investment or convert to a conventional loan and be 80/20 no pmi so you get the additional revenue. When going to an investment property you will probably pay more in interest so you have to see if the new payment allows you to still cash flow.. or you are still owner occupied and will still get the good rate except you have no pmi..

If you have renters in the property some banks will only allow you to realize 75% of the rental income as your personal income and you will have to qualify for the loan. There are a lot of banks that have different rules and guidelines. 

BRRR is executed by knowing the ins and outs of your financing mapping this out with a broker or your bank so you know exactly what to expect on the buy and the refi. The second is being able to know the market and knowing what you need to do to get your property to appraise for the higher amount. Just increasing the rents will not do it you have to make your property compare to higher sold property in your area. It helps if you are in an appreciating market.

@Account Closed you can look up the answers to your questions last jobs report I read about 8 months ago so it was probably 6 more month in the rear to that was 10% job growth and the bottom $40k and below 3%$40-80k 10% 80k and above. 

Google, air b and b, uber, pandora those are some tech that have moved in say in the last 24 months.