All Forum Posts by: Jacob Anderson

@Chris Mason I can tell that you have done this before. I love to hear from all the knowledgeable people here on B.P. Thank you.

@Daniel Montes hover over anything with, FHA 223(f), blue dots under it. @Miguel Rubio I agree with @Upen Patel that you need a new lender, he doesn't seem to know much. You will need a Commercial loan like stated about. Unless you go Hard $ or the like.

Good luck!

@Jessica Taylor I think that you do have something, especially if you have a program to show what things could look like. I know from experience that most people lack vision, (they just can't see what things could look like finished). They really have to have trust in the designer to move forward. It will take you time to get this trust, esp. if you do not have the software to show them in 3D. Even if you have the 3D, then you will have to prove that you can do what you say, (or that contractors that you suggest can do it).

I often thought of doing the same, but the programs are not cheap.

Keep up thinking outside of the box.

Welcome to B.P. @Stephen Sorensen. Having young kids is tough and great. You should know that they use up time (worth it) as they get older. I suggest you jump in as soon as you can. You already have a great start by owning a home. 

Good luck.

@Jason Pelch Your situation sounds a lot like where I was. I read all the books, went to meetings and seminars. Talked things out with my partner. We talked with suits. There is only 1 CPA in our town and they told us not to LLC. Everything I read says I should. So far I don't have an LLC for real estate but we are not holding onto anything yet because we need some "kitty" meow! We also plan to be cold, "BRRR". We also do other deals to make the quick money, and focus on those. I'm not sure if we are doing it right.

I can tell you that in the past, I started an LLC when I was in Utah for Real Estate. It turns out the CPA didn't know jack and just robbed me. I had to fight the IRS for 10 years to clear up what he did wrong. He even went to jail for robbing so many clients and also including the IRS. So I'm still trying to find a decent CPA, I'm a little worried......

@Julie Marquez I will have to agree with @Bryan R. that it will be hard to get a loan on this house. I think that they have seen too many owners buy a place with an intention of fixing it up.....

I believe you will need to do quite a bit of work before you can refinance.

If there is a crawl space then you won't save money by pouring a slab, you will have to build the new floor to hold up the slab, so really you're doing double the work & cost. Unless there is space to put up and take down forms to hold the concrete while it hardens. Also you will most likely have to add more supports. 

Good luck!

Unless I really know the investor/ person I like only to get paid as a bid on the job done. Then I get paid whether the house sells or not. If I was to partner and front the money and labor,  I would want the $ spent, including labor & then what ever we agreed upon. Which would depend on home much $ the partner is putting in. 

I suggest you go to "creditkarma.com". It is free for everyone, and a way to monitor your own credit and even dispute things!

It also gives you the loans that are best for your situation (c.c., lines of credit, auto loans). They even rate which ones you will most likely get approved for. 

It is the best! 

@Shannon K. and @Chris Jackson If your credit is great, apply for all the banks at the same time, just as you could with credit cards. If you do them all the same day or two, it helps you in two ways, that I know of:

First, it usually counts as one "hard inquiry" on your credit, even though you are doing multiple applications. Equifax, etc, assumes you are shopping around. 

Second, your application of different banks doesn't show that you were accepted or denied for several days, (they are not reported to the Equifax, etc. that quickly). The banks just see it as if you are shopping around. 

I have done it this way and was approved for all of them at the same time, and denied one. I have done 6 credit cards and an auto loan at one time, lol, they all went through.

Hope that helps!