All Forum Posts by: J. Henriquez

Hi @Kalib Williams,

I know of one way, but it would take some cooperation from the seller. With permission from the seller and terms negotiated for the sale of both properties, you could pay a licensed land surveyor to do what is called a Lot Consolidation Plat. A Lot Consolidation Plat is essentially a re-mapping of two or more adjacent lots or parcels of land, combining them into one larger parcel. Once that process is complete, you can buy the "new" combined parcel of land with 1 FHA loan because it is now legitimately one piece of land with two structures. Hope this helps. Good luck and let us know how it goes!

Hi @Joseph Smith, 

I think you are in a prime position to house hack now that you are planning on selling and moving into another home. Instead of looking for another single-family residence, you could look for a small multifamily property in a better school district. You would live in one unit and rent out the others. If you do it right, your part of the mortgage will be cheaper than a single-family residential mortgage because of the income you will pull in from your tenants. Also, you will be gaining experience being a landlord and that will prepare you for more rental properties down the line. There is a webinar hosted by Brandon Turner coming up on December 2nd here on Bigger Pockets called "How to Buy Small Multifamily Properties!". I suggest you tune in so you are better equipped to buy a small multifamily property. Good luck! 

Hi @Matthew Diamantis,

Brandon Turner wrote a great article called "10 Tried & True Strategies for Finding Cash Buyers". Here is the link...

https://www.biggerpockets.com/...

I would add bandit signs to the list. Whenever you are driving, keep a lookout for signs that read something like "we buy ugly houses" on the sides of the road. You can always contact them and offer your deals.

Another one I would add is just a good old google search. Search for something along the lines of "buy houses for cash" followed by your city. A bunch of local investors will pop up and they can be your cash buyers.

Good luck on your wholesaling journey!  

Hi @Demetrius Ward,

When using the BRRRR strategy, here are a few things to consider before putting in an offer.

Financing - You mentioned you want to use hard money. Before putting in an offer you should get preapproved by multiple hard money lenders. This will allow you to shop rates and terms and determine which hard money lender will work best for the deal. It is best if you have them pull your credit within a 30 day period so that it doesn't affect your credit score negatively. 

Rehab - Once you choose a property, you should reach out to a few contractors and have them each walk the property and provide a quote. This will allow you to verify your rehab estimate, which is very important. Also, you now have a contractor ready to go once you close on the property. 

Refinance - I would look into lenders that you will want to refinance with. This will make it easier to do once you are ready to refinance and pull your money back out. Also, you want to see if they require a seasoning period. If you are not ok with a seasoning period because of holding costs or what have you, then you can look at delayed financing. This type of financing is set up ahead of time so you can pretty much skip the seasoning period. 

These are some considerations to account for prior to submitting an offer. Hope this helps! Good luck!