All Forum Posts by: Dieggo Goncalves

@Dieggo Goncalves

Yes, Dieggo- all of these are in Columbus, GA.

@Leighann Davis,

I did finalize the deal and close on the house.  To address a few of the points I made in the first post:

• Seller actually had a sales contract ready, so I didn't have to draw up one myself
• The inspection was a little problematic:
  • The financing bank hired the appraiser, and they (inspector) were generally hard to deal with.
    • I've since bought 2 more SFH's finance thru this bank and had similar problems with their appraiser - - so next time, I may try a bigger bank that can bring better tools to deal.
• Seller and I signed the contract at the same time, but due to the appraiser problems, I had to go back to him to offer an extension to the closing date.
• Closing went very smoothly.

The seller was also a landlord/investor/flipper - so he was pretty easy to deal with during all the bumps.

Things I should have done differently:

• I should have spent more time negotiating, so I paid a bit too much for the house, but I was in "first-house fever" and wanted a set of keys pretty badly.
• I should have researched more banks.  I chose the one I did because they were small, and I felt I would get a higher level of service - -- I got that, but it came with a higher level of hand-holding, too.

This is a pretty low-income housing area, so the rent is consistent, but not always timely.  I've turned this house over to a property management company, and the 10% per month, and markup for repairs/calls has been worth my time saved.

Now, I'm looking to start acquiring small apartments, but I'm always looking for a good SFH deal, too.

@Dieggo Goncalves

Please explain why you want to use the 5% conventional loan AFTER the renovation. If you fix up the property, that usually adds value and the deals what we all search for here mean you forced appreciation and therefore gained that equity. Closing and operating in an LLC is very possible. Seems like you are adding an unnecessary step adding it back into your personal name. Please clarify if Im missing something.

We are in some unsettling times and many of you have questions about financing options available for investors. Others have questions about the lingo/structure of RE financing. Opening up this forum to send me all you questions you have. I'll do my best to answer all questions submitted here. 

Lets hear them!

@Dieggo Goncalves Just sent you a DM with the recommendation!

Hi @Jessica Luan! I just referred you to a great Metro Atlanta home inspector via DM.