All Forum Posts by: Kaitlyn Beard

I'm ready to buy my next property. I am already pre-approved, and am looking for the right property. There is a 3/2 SFH built in 1954 with a $10,100 foundation issue. Seller said they'll fix it. If I do offer down I'd ask for a hydrostatic test to see if any of the plumbing got damaged when lifting the foundation. If there is, they cover those costs. Is this something worth doing? I'll take any insight or advice. TYIA

2 Votes

Wow! This is a fun story. I have to admit, I saw "crack house" was instantly interested. How much money did you end up rehabbing the property for? Thank you for sharing!

0 Votes

Hey all,

Looking for a reliable crime finding data system. Any suggestions?

1 Vote

My best advice, as I started when I was 19 years old, is to simply start up conversations. Find a lender in your area. Find one that is real estate investor friendly, if you can, and call him/her. Simply tell them what you wish to do. It does depend on your goals. I didn't have an REI friendly lender for my first two homes. For the process of buying my third, it all started by a recommendation someone gave me on BiggerPockets and I called a recommended lender in my area and Boom! He sent me the application and all went well. Have this mindset:

What's the worst that can happen? Lenders WANT to lend. It's their job! If it helps, read some books too that will help round your knowledge so you know how to find good deals, leverage your money and better yourself in sales. For your first house, you really don't need too much "game" to start. Feel free to ask me anything and I'm willing to help. Good luck!

0 Votes

How would you start your selection process for finding cleaning crew for Air BnB specifically?

1 Vote

Quote from @Jay Hurst:

Quote from @Kaitlyn Beard:

Quote from @Jay Hurst:

Quote from @Kaitlyn Beard:

Hey all,

I know for VA and FHA, that flooring should be within a SFH for the appraisal to come back good to go. However, I showed my agent a property that needs some work and that I wish to rehab myself. It does not have flooring installed but I am buying with a conventional loan. She says this is a new strict thing the appraisers have. Does this sound right? Typically, conventional loans are not as strict? TYIA

@Kaitlyn Beard When you say it does not have flooring, do you mean it is simply not finished concrete? or, it has bad flooring that is simply dated etc that needs to be replaced?

It has concrete flooring. It looks like carpet was ripped up and never replaced

@Kaitlyn Beard The appraiser is going to mark the appraisal as "subject to". That means the value will be subject to the property being fully put together in this case the flooring. Conventional loans require that the appraisal be marked "as is" to close. As is means the value is as the property is right now. You can ask the lender if they will allow a escrow holdback that would have to be funded by either you or the seller to fix the issue. Most lenders do not like escrow holdbacks but you can ask.

Alternatively, we will do a bridge loan in this situation allowing you to close. Then refinance the bridge as soon as the issue is corrected.

So "As is" you shouldn't offer less?

0 Votes

Quote from @Jay Hurst:

Quote from @Kaitlyn Beard:

Hey all,

@Kaitlyn Beard When you say it does not have flooring, do you mean it is simply not finished concrete? or, it has bad flooring that is simply dated etc that needs to be replaced?

It has concrete flooring. It looks like carpet was ripped up and never replaced

0 Votes

Quote from @Taylor Smith:

Curt Hale at PrimeLending is top notch. He is versed in all things REI and was even a guest speaker at the local REI meet-up a month or so ago about all the different options he can offer. (unfortunately I missed that one.) Sorry, I'm not much help in the way of property managers.

I talked with Curt Hale and he was of much help! Thank you!

0 Votes

Dallas, Texas

All Forum Posts by: Kaitlyn Beard

Kaitlyn Beard has started 22 posts and replied 103 times.

Post: How to Generate Partnership Deal

Post: Will the seller need to put flooring in for the appraisal?

Post: Should I stay away from a house with foundation issues?

Post: My intro to real estate "buying a crack house"

Post: Looking for a reliable crime finding data system

Post: What’s the best way to approach lending ?

Post: Which is the hardest team member for you to find?

Post: Will the seller need to put flooring in for the appraisal?

Post: Will the seller need to put flooring in for the appraisal?

Post: Abilene TX - Lenders / Property Managers?