All Forum Posts by: Kevin M Finley

Welcome! House hacking is definitely a great way to get started. 

I'm still flipping, and building. 

In my opinion, the ends of the market may suffer, but that's not where I play anyway. The guys flipping the million dollar house may find that their million dollar buyers are now looking in the $750k range. The guys flipping the $40k junk may find those buyers are just no longer qualified to buy. Additionally, banking on appreciation or trying to get every penny possible out of a house will become even worse strategies.

In my area, 70% of the buyers lie between $125k and $275k, so my model has been to pick a price point for a property, and make it the best property at that price point on the market, so the entirety of that 70% of buyers is fighting over said property. If the buyer pool shrinks, at least my pool will shrink last, and my properties will be the best in the bunch. 

Just some food for thought. Every area is different and everyone runs their business differently. 

I'm doing a house next week or whenever it stops raining. SW Cabot for the body, Snowbound for the trim, and Navy blue shutters. Throw a red front door on if you want to go crazy. 

not a person in the world hates that color scheme. 

Also interested in this. Had a 30 year Non-qm no DTI rental property refinance dry up post-appraisal and have another I'll need to get done in the next few months. Hoping someone will get off the sidelines sooner rather than later and take advantage of a wide open market.

I offer 2 points and 12% on a 100% funded flip or rental aquisition with all renovation funds disbursed upfront. After a deal or two I dial back to 1 point and 10%. I kicked off a deal with an established lender this week though and went back to 2 and 12 due to added corona risk. 

I called about a dozen nationwide Rental Property refi lenders a few weeks back and all were frozen indefinitely. I'm not sure this is changing any time soon unfortunately 

I've purchased from wholesalers quite a few times but DO NOT TRUST THEIR NUMBERS. 

I buy when they miss. Here's a few examples:

1. Proposal: $72,000 buy. $20,000 rehab. $130k ARV. Actual:$72,00 buy. $82,500 repairs. $225k sale price.

2. Proposal: $82,000 buy. $15,000 rehab. $119k ARV. Actual: $82,000 buy. $40,000 repairs. $172k sale price.

3. Proposal: $30,000 buy. $20,000 rehab. $78k ARV. Actual: $30,000 buy. $28,500 repairs. $102k sale price.

4. Proposal: $95,000 buy. $25,000 rehab. $149k ARV. Actual: $96,000 buy. $5000 repairs. Rented at $1650/mo.

If a wholesalers numbers are absolutely correct, you will maybe make money. Look for the misses. Jump on the misses. 

I have a few albums on my website: Acadiapropertieswi.com. If you see something interesting I can send over full photo packages. 

You'll probably be deleted for advertising or something by a VA, but it's good to see that they're pulling back on the initial pause... they probably realize that paying 50 employees to answer the phone and tell people they aren't lending is not making them any money.

Hopefully soon some of them will get back to doing rental prop refi's (fingers crossed)

If you can borrow money at 3.5%, do it.