All Forum Posts by: Katherine Chastain

I am also relocating to Amarillo, TX for a position in their healthcare system. I was hoping to make this my first Buy, hold, rehab and sale after two years. Reading the above comments does make me a little more weary but I was curious if you guys thought this area was a good place to start with my first home purchase with a FHA. I have bought one home that was so distressed I used out of pocket and another triplex with a partner. I have kept those and they will be BRRRs.

Any advice on this or contacts will be greatly appreciated.

Hey thanks for the quick responses. This was a project I chose for a buy and hold. I have been advised by my mentor that I shouldn't invest in anything else and get this property finished. As well as get more done before taking out a loan so that I don't contract out most of the work and use the funds for hvac, cabinets and etc. I have been thinking that maybe I should invest in a multi unit that is occupied. Use that revenue for funds for this one then in a couple of months get a refi and use that to rehab the first purchase. I haven't ran the numbers on the tri plea yet so I haven't really put that down as a solid option as of yet. I suppose my question is developing into this: should I go for larger loan amount for the rehab or look into another purchase with possible renter occupied while I finish up the things I can do on my own? If I'm way off base here, feel free to let me know. My father is an experienced rental property/property manager for low income 10-30k houses. However I do not think this is the strategy I want to go since I don't have the plans of being a PM after about five years.

This is my first post. I made my very first investment purchase in July of this year. It was a 2/1 single family home three blocks from the only high school in town with an appraisal of 86k. The house was gutted by previous investor who rehabs and was going to live in it but married and wanted it off their hands. I bought the propertyY for 10k and was advised by an experienced buy&ahold guy to just pay as I go and rehab it myself. Holding costs of 286 a month and having finished complete electrical and plumbing, some windows walls and outside work myself, I've spent about 3k already. I am now at a loss, I think that I should just take out a rehab loan and get the property finished. But I am afraid of narrowing my profit margin . Should I swallow the holding costs and just pay as I go or go for the extra loan. Any and all opinions are welcomed. -katie