All Forum Posts by: Kyle Boughton

I've had one experience with a fire damaged flip. Do you due diligence and inspect every inch of the house. Run your numbers on the worst possible scenario. As stated above smoke damage is difficult to deal with and will need to be professionally handled. On my project the previous owners had actually covered previous fire damage that was not discovered until we were running full force on the project and opening up the walls. This put a hardship on the project financially.  

Take the necessary steps to cover yourself and it can be very profitable. 

Good luck!

Don't get discouraged from the MLS. I have done many deals off the MLS when flipping and profited well. Big thing is to jump on it as soon as it comes on the market and get an offer in. I know in some areas its harder but has worked for me.

Of course there are many other ways that others are already talking about.

Good luck!

 It is at 5% now but was 4% when I opened it about 3 years ago. That is with the .25% discount for having auto payments. 100K line.

Interesting information! Have never came across a 2nd appraisal being needed on my flips where the buyer financed through an FHA.

Podcasts were big for me at the beginning. Also finding a real estate agent that was trust worthy and investor friendly. She was able to help me with numbers and what made sense starting out. Then just diving into my first deal and doing the best I could. 

Honestly for me the most educational thing was getting hands on and doing a project. Gathering connections as I went was one of the most beneficial things I could have done. Just do your homework and before you purchase your first property try and get outside perspectives from someone experienced in the field.

When was the 1st appraisal done?

I believe the 45% limit is a strict Fannie Mae guideline. The lenders I work with will run your info through a system and if your surpass the DTI you will automatically be rejected. I believe they just raised the DTI from around 40 to 45. So it's a little easier now. But maybe a lender can overrule the guideline. I would be curious to know.

Maybe a lender on here can give some insight but my guess is you will need to play with some numbers to meet the DTI requirement or look at other lending options.

Nice! Looking good! 

Congrats

If there is opportunity to make money and she is willing to sell her half with terms your agreeable with then I would absolutely. If your right with your numbers it seems you could make a good amount of profit by buying her out and doing a rehab and selling. If that is your intention with the property. 

As far as the process for buying her out I am unsure of. Someone else will have to chime in on that.

Good Luck!

There are plenty of ways to gather money for projects. Don't let student loans hold you back. You could always speak with a mortgage broker to see what options you have and there is always hard money or private money. Do some research on different types of financing to see which will work best for your situation.

Welcome to the site and the world of real estate!