All Forum Posts by: Brant Richardson

Hi Justin

I am a PA also, I never thought about jobs in the Virgin Islands. Is there good opportunity there?

Check out the Bigger Pockets pod casts they are excellent.

Like Rodney Kuhl, I am using Affinity in KC for replacement cost as required by Wells Fargo.

Check out pocast 65. The speaker talks about cooperating with your competition (other wholesalers). Basically, you let other wholesalers in your area market the property to their buyers and give them some of the profit. Sounds like the deal may already be thin but maybe that would work for these properties.

1k rent for a 23.5k purchase puts the 2% rule to shame. I'm glad you have high turnover factored in, sounds like there are some red flags like low rent and other units being rented by the week. Way to put that boat money to work for you!

Good luck on the remodel, 5000sqft is a lot of remodeling.

Get on craigslist and see what level of finish your competition is using.

In Kansas City I have found them approved for either regular or renovation loan. The regular Homepath loan you do not need an appraisal and there are a huge number of approved lenders. The renovation loan properties need much more rehab and would not qualify for a traditional loan, they require a new appraisal by your lender, a higher down payment and there are far fewer approved lenders.

Get on the phone and start calling lenders to see what they will do for you. I have talked to 4-5, they all wanted 10% from an investor. Also make sure the property is approved for just a Homepath loan, not a Homepath Renovation loan, in which case the lenders I have talked to want 25% down.

I would not consider it unless I currently lived there and had lived there for many years to know the areas intimately... and I take a lot more risk than most investors.

When you are an owner occupier the tax deductions are better than investment properties. Tax advantages for investment properties held in your name vs. in a LLC will be the same. Things get more complicated if you only own a portion of the LLC.

Are you in a situation where you have to have seller financing in order to do a deal? If so that makes this deal a lot more interesting. If not then you could go to the bank and get a better rate.