All Forum Posts by: Stephen Underhill

hey everyone, it was truely a pleasure meeting you all, and I hope we can do this again sometime soon, @Taylor Jennings , I think you did a great job and would be happen to have you host again! Great turnout for an impromptu meetup!

im fairly certain that the terms for FHA dictate you may only have one loan at any given time, and must pay off/refi out of it before you are allowed another.

I.E. somebody may get qualified for 200k, but cant use it on 5 $40k properties over 5 years.

Hey Brandon, its always nice to have unexpected investor interest. I feel as though if you decide to take the investment, that it should be treated seperately from his contracting work on the property, partly for documentation purposes, but also so everyone has clear expectations to responsibilities.

I agree that having a stake in the deal would most likely motivate him to pay extra care to work quality and deadlines, but im not sure if you will be able to necessarily get a better deal on repairs from conflict of interest; as an investor he makes more from cheaper rehab, but as a contractor that's his work income.OTOH, if this makes him more motivated to come up with creative/alternative methods for cutting costs, that would help both sides of his profit margins.

Is this something you need to make the deal, or just exploring for possible benefits? Like the scenario above, from your POV, if you cut him in, you may receive a better deal on the work, whether speed, quality, or cost, however, such benefits might be negated by his investor share cutting into your bottom line.

I am mostly familiar with the fha rather than va, but I would assume that if there is no unit range stipulation (I.e. Fha 1/4) then it wouldn't be an issue. Usually the terms are readily avail. So if there isn't anything saying you can't, I would thin it'd be okay.

il try to be there, should know in the next few days. Where do you have in mind for location so far?

@Pete Nater which company was it?

hey there Jay, and welcome to BP, its a great site for beginners, as well as people with a few deals under their belt, there is an excellent community here and youll love it here. There are a few podcasts you might be interested in checking out. the latest of which was #36 with Keven Perk.

Side note:@Pete Nater how did your indy turnkey property work out? i from the area and was curious of your exerience

hey @Chris Masons thanks for the imput, i do like the property initially, but at this time i dont have any access to anyone who is ready to commit to an investment at this time. of course i would not really want to do any downzoning, i just wanted to confirm it was a prohibitive as i suspected, thanks for the help guys.

Kerry Edwards welcome to BP! There have been a quite a few members from indiana as of late, myself included, we were planning on having an unofficial BP meetup in the near future if you'd be interested :)

Charles Thomas thanks for the response, I was headed in that direction myself, I was just verifying there wasn't anything big I was missing that would make it more doable. Back to the drawing board I suppose, MF properties are slim pickings here and at least for my first prop. That is what I'm wanting for my strategy To have a strong start.