All Forum Posts by: Kyle Lewis

Check out Patch of Land

Rumpke. Hope this helps!

The only 2 I've been able to find are lakesidelaundry.com and cscsw.com

@Vincent Macauda - congrats on a great vacancy rate.

@Clifton L. - while something like a 2% vacancy rate is the goal, I would model a much higher vacancy to stress test the investment and ensure it can support a higher vacancy rate. Additionally, it sounds like this may be your first property in the area, which means it may take some time to get your team in place, etc and could result in higher than desired vacancy rates while you work out the kinks in the system. I would allow for at least 8% vacancy and also run the model at 10% and 15% to see how that would impact the investment. Lastly, your staying power is a factor as well. For instance, if you run into issues with a bad contractor, etc which results in the property sitting vacant for 4 months, do you have enough reserves in place to be able to make mortgage payments, utilities, etc? Best of luck!

$350

I'd recommend calling a few insurance brokers (instead of going direct) in the area and they can assist in getting quotes for you.

@Reese Davis - To add on to Taylor's advice, maybe spend an hour on the phone with a RE lawyer  familiar with auctions to assess options? Hope this helps. Good luck with the deal!

I recommend Erie Title Agency Inc. Happy to introduce you to my contact if you DM me with your email address. Hope this helps!

Hi @Jason T. - I don't have experience with seasoning requirements for HELOCs specifically, but I do know all lenders have different underwriting seasoning requirements for refinances and I'd assume the same applies to HELOCs. In my experience, the most common from Wells Fargo and the like is 6 months seasoning. There are some lenders that don't have any seasoning requirements as long as an appraisal can prove the equity exists, so I'd recommend shopping around until you find one. Hope this helps!

Congrats on the great deal! Rehab looks great.