All Forum Posts by: Julia Fair
Julia Fair has started 3 posts and replied 66 times.
Post: Construction companies have poor presence on BP
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Jay Hinrichs:
Originally posted by @Julia Fair:
Originally posted by @Jay Hinrichs:
Originally posted by @Julia Fair:
Originally posted by @Jay Hinrichs:
Originally posted by @Julia Fair:
Originally posted by @Jay Hinrichs:
Originally posted by @Matthew Paul:
I am a contractor , I have no web site , I am booked into next year . Prices are up . I have never had the need . And I have to agree with @Jay Hinrichs there is no money in working for investors .
this Is why I take the position BRRR as talked about on this site and endorsed.. is just so Risky to a first time investor.
these can work .. but boy can they go bad if you have no experience dealing with contractors or out of state and you think your first investment is going to be a sub 100k house in a rental area of the US>.
@Jay Hinrichs, I know you don't love the BRRRR strategy, so what is your recommendation for a first-time investor? One with a bit of money (not what you have in developing of course, but also not needing to do the whole job with other people's money, as is often touted here). What's the middle ground? If you're a first-time investor, how do you get from A to B? I'm always interested in what you have to say, I know you have a really diverse experience in real estate.
I love the BRRRR I did a few thousand of them.. my point is in low value assets and managing a contractor that will take on a 15 to 30k job out of state where you cannot over see it.. is fraught with risk .. how U mitigate that is
1. no advances
2. find an construction inspection service like banks use.. they are out there.
there is only so much a dream team who works on commission is going to do for you.
and or your in ATL there are plenty of deals to be had there were you could over see them
Also using a good HML will keep you safe as they will demand inspections..
Ah, I see. We plan on investing no more than 1.5-2 hours outside of Atlanta and hoping to quickly scale up to multi-family. The only part about BRRRR that scares me is possibly being over leveraged once the refinance happens. I've seen you mention that so many people get stuck on the refinance part. That really does concern me.
yes we are seeing post after post on BP of those that think they are getting all their cash out but don't.. not the worse case scenario of course but more equity in a property than they intended.. we handled that when I did this for a living by having the refi loans approved and ARV appraisals done before we even closed on the B side of it.. I am a little out of touch how it works now in the mortgage market if that's acceptable practice like what we did.. but I would sure want to be fully vetted and approved at least on the financial end before I did the B part of the transaction.. I can see people doing all this and then for whatever reason the refi does not happen .. I guess worse case they could be flippers and just sell and hopefully make a few bucks for the value add they did or at least get their cash back
Would those processes be started in the due diligence period or before you're even under contract? At the speed the market moves down here, we'd lose every house we were interested in if we did that before each offer.
I also don't understand how one goes about getting an ARV before putting any work into it. Do you just talk to the appraiser and show him your planned renovations? And how in the world do you get pre-approved for a refinance before you even finance the first time? I'm NOT arguing with you, I'm just new enough not to understand how that portion would work.
same way an owner occ gets pre approved before they shop for a house to live in.. you send in all your financials and get pre approved subject to the home your buying.. which is much easier for owner occ than investment loans.. talk to your mortgage professional.
then you make your offer you should already know your ARV yourself.. appraiser just confirms for bank..
So is your method here not needing to take an original loan out for the initial mortgage? I'm not understanding how you could get pre-approved for both a single loan as well as the re-finance. I'm guessing you're assuming using hard/private money for the initial purchase and not a traditional bank?
Post: Construction companies have poor presence on BP
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Jay Hinrichs:
Originally posted by @Julia Fair:
Originally posted by @Jay Hinrichs:
Originally posted by @Julia Fair:
Originally posted by @Jay Hinrichs:
Originally posted by @Matthew Paul:
I am a contractor , I have no web site , I am booked into next year . Prices are up . I have never had the need . And I have to agree with @Jay Hinrichs there is no money in working for investors .
this Is why I take the position BRRR as talked about on this site and endorsed.. is just so Risky to a first time investor.
these can work .. but boy can they go bad if you have no experience dealing with contractors or out of state and you think your first investment is going to be a sub 100k house in a rental area of the US>.
@Jay Hinrichs, I know you don't love the BRRRR strategy, so what is your recommendation for a first-time investor? One with a bit of money (not what you have in developing of course, but also not needing to do the whole job with other people's money, as is often touted here). What's the middle ground? If you're a first-time investor, how do you get from A to B? I'm always interested in what you have to say, I know you have a really diverse experience in real estate.
I love the BRRRR I did a few thousand of them.. my point is in low value assets and managing a contractor that will take on a 15 to 30k job out of state where you cannot over see it.. is fraught with risk .. how U mitigate that is
1. no advances
2. find an construction inspection service like banks use.. they are out there.
there is only so much a dream team who works on commission is going to do for you.
and or your in ATL there are plenty of deals to be had there were you could over see them
Also using a good HML will keep you safe as they will demand inspections..
Ah, I see. We plan on investing no more than 1.5-2 hours outside of Atlanta and hoping to quickly scale up to multi-family. The only part about BRRRR that scares me is possibly being over leveraged once the refinance happens. I've seen you mention that so many people get stuck on the refinance part. That really does concern me.
yes we are seeing post after post on BP of those that think they are getting all their cash out but don't.. not the worse case scenario of course but more equity in a property than they intended.. we handled that when I did this for a living by having the refi loans approved and ARV appraisals done before we even closed on the B side of it.. I am a little out of touch how it works now in the mortgage market if that's acceptable practice like what we did.. but I would sure want to be fully vetted and approved at least on the financial end before I did the B part of the transaction.. I can see people doing all this and then for whatever reason the refi does not happen .. I guess worse case they could be flippers and just sell and hopefully make a few bucks for the value add they did or at least get their cash back
Would those processes be started in the due diligence period or before you're even under contract? At the speed the market moves down here, we'd lose every house we were interested in if we did that before each offer.
I also don't understand how one goes about getting an ARV before putting any work into it. Do you just talk to the appraiser and show him your planned renovations? And how in the world do you get pre-approved for a refinance before you even finance the first time? I'm NOT arguing with you, I'm just new enough not to understand how that portion would work.
Post: Construction companies have poor presence on BP
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Jay Hinrichs:
Originally posted by @Julia Fair:
Originally posted by @Jay Hinrichs:
Originally posted by @Matthew Paul:
I am a contractor , I have no web site , I am booked into next year . Prices are up . I have never had the need . And I have to agree with @Jay Hinrichs there is no money in working for investors .
this Is why I take the position BRRR as talked about on this site and endorsed.. is just so Risky to a first time investor.
these can work .. but boy can they go bad if you have no experience dealing with contractors or out of state and you think your first investment is going to be a sub 100k house in a rental area of the US>.
@Jay Hinrichs, I know you don't love the BRRRR strategy, so what is your recommendation for a first-time investor? One with a bit of money (not what you have in developing of course, but also not needing to do the whole job with other people's money, as is often touted here). What's the middle ground? If you're a first-time investor, how do you get from A to B? I'm always interested in what you have to say, I know you have a really diverse experience in real estate.
I love the BRRRR I did a few thousand of them.. my point is in low value assets and managing a contractor that will take on a 15 to 30k job out of state where you cannot over see it.. is fraught with risk .. how U mitigate that is
1. no advances
2. find an construction inspection service like banks use.. they are out there.
there is only so much a dream team who works on commission is going to do for you.
and or your in ATL there are plenty of deals to be had there were you could over see them
Also using a good HML will keep you safe as they will demand inspections..
Ah, I see. We plan on investing no more than 1.5-2 hours outside of Atlanta and hoping to quickly scale up to multi-family. The only part about BRRRR that scares me is possibly being over leveraged once the refinance happens. I've seen you mention that so many people get stuck on the refinance part. That really does concern me.
Post: Construction companies have poor presence on BP
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Jay Hinrichs:
Originally posted by @Matthew Paul:
I am a contractor , I have no web site , I am booked into next year . Prices are up . I have never had the need . And I have to agree with @Jay Hinrichs there is no money in working for investors .
this Is why I take the position BRRR as talked about on this site and endorsed.. is just so Risky to a first time investor.
these can work .. but boy can they go bad if you have no experience dealing with contractors or out of state and you think your first investment is going to be a sub 100k house in a rental area of the US>.
@Jay Hinrichs, I know you don't love the BRRRR strategy, so what is your recommendation for a first-time investor? One with a bit of money (not what you have in developing of course, but also not needing to do the whole job with other people's money, as is often touted here). What's the middle ground? If you're a first-time investor, how do you get from A to B? I'm always interested in what you have to say, I know you have a really diverse experience in real estate.
Originally posted by @Lyndal McMurphy:
@Felix Torres I was saying watch for other for-rent signs and call them to make connections and learn about the market. I've done that quite a few times and have yet to receive a hostile response. A few not-so-friendly, but nothing angry. And about 1/2 turn into very worthwhile conversations.
Do you just call and ask them if they're interested in selling?
Post: Living in Atlanta and running Airbnb cabins in Gatlinburg/Pforge
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Richard Lee:
Originally posted by @Julia Fair:
I'm curious to know what you all think of staging a cabin...not like a cabin? We eventually want to buy a cabin that we'd be happy to visit as a family, often, and rent out when not in use. Well, the cabin decor is not my style at all. I've always wondered if there's more like me out there (I'm sure there are) that might gravitate towards that rather than traditional log cabin decor?
We had an aframe (3 story, 3150 sqf) for 13 years, 8 of those it was rented out. When we lived there we went with a modern / rustic mix up.. the architecture was rustic but we went all modern with lights, figures, furniture etc. didn't turn out too badly :)
I love that idea. With it being so large, did you live in it full time, or was it always a vacation home and then later turned rented?
Post: J Scott - Author of Flipping/Estimating Book - Ask Me Anything!
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Andrew Syrios:
Originally posted by @J Scott:
Originally posted by @Andrew Syrios:
If you get scarred half to death and then get scarred half to death again, do you die?
Did I miss something???
An extremely stupid joke perhaps.
I feel like you're just 1/4 alive at that point. Now, I don't know how long you can do that until all your 9 lives are gone.
Post: Bill introduced to shield unpaid federal workers from Landlords!
- Atlanta, GA
- Posts 66
- Votes 32
I hope your day is as pleasant as you are.
Post: Bill introduced to shield unpaid federal workers from Landlords!
- Atlanta, GA
- Posts 66
- Votes 32
Originally posted by @Jim K.:
The banks are not going to give a tinker's damn about us when we can't make the mortgage payments when the rent nonpayments start stacking up. We can tell them "federal worker tenants yadda yadda yadda" all day long and they'll still ding our credit.
I very simply don't know anyone who works for the gubmint who isn't working for the gubmint for a steady paycheck and benefits. They wanted all that stability in their lives, they should have saved for a few months of runway just in case their sure thing went away or was suspended temporarily. But we all know they didn't really want stability. They wanted someone to take care of them, like most people do. The right coattails to ride. The right gang to join.
Well Daddy Paycheck's on vacation, now it's time for them to go sell their sorry little skillset to someone else. Will they? Hell, no! There's gubmint-worker mentality to be accounted for. It'll be, "I'm so sorry, but there's a shutdown, and I thought, maybe, until it's over...but...but...I just KNOW I'll get back pay!"
What is this? The federal workers need a helping hand, they get it. The banks need a bailout, they get it. When am I going to get my own damned safety net? Who's going to float the landlords some cash to tide us over when something we don't expect happens in our business enterprises? Are all the voters gonna get together and establish the Landlord Relief Fund?
I'll get a sneer and an earful of shoulda, coulda, woulda if something goes wrong. So will you. You'll get that all day.
But we should cut gubmint workers a break. For God and Country. Because they'd do it for us, right?
I guess my cousin who works high level IT security for NASA just wanted to ride someone's coattails. Got it. I'm glad he and his spontaneous TRIPLETS are going to be struggling in another month if this continues grabbed ahold of some coattails to ride.
Post: Newbie (kinda) from Louisville, KY
- Atlanta, GA
- Posts 66
- Votes 32
@Paul Savage Go Cats! ;) What area of Louisville are you in? My husband is from Louisville and we plan on working our way to investing there eventually.