All Forum Posts by: Loyd Tomlinson

@Paul Welden yes I’m aware- I said appraisal has to be 90% because 110% of purchase + rehab is +/- 3% appraisal lol.. I’m too lazy to do exact numbers

@Coco Poyet there’s definitely something wrong here- I agree with @Paul Welden that the lender clearly thinks you are purchasing the property for 287k and not 261k.. the contract sales price should be a separate line item from the 26k rehab escrow. Due to seller is 261k. What you work out with the lender for rehab allowance should be based on the arv of purposed upgrades

Hey coco- I closed on a 203k loan today which is considered a Reno loan. Is this the loan you are going for? In the case of a Reno loan you pay a down payment of the purchase price plus the renovation number. 

So in your example.. if you wanted to purchase a place for 261k and put 26k into it and it’s a 3.5% down 203k loan you would be in for .035x 287k= 10,045. NOW! There are fees and oh man are there fees.. so realize it will be closer to 18k by the time you close. Also, you have to hire a contractor and that Reno cost goes up too. 

Most lenders are going to take the contractor bid of 26k and the purchase price of 261k and give it to a 3rd party appraisal company and it’s going to have to appraise for 90% of the loan cost in order for them to move forward.

There should be a clear loan cost estimate that is itemized when you do this with your lender.. and you should call them out if you want clarification. Before you close you should get a loan disclosure or CD outlining cost associated and if stuff doesn’t line up let them know.

I know that’s a lot of info- since I’m currently going through it right now and have dealt with a lot of interesting scenarios, feel free to message me and i will be able to better understand where the misunderstanding is occurring 

cheers! Loyd 

Nice! It looks amazing! You guys did a fantastic job on the finishes.. I will definitely shoot you a message once we get started and questions start coming up!

We are buying in west Bradenton as well.. closer to the downtown area- We really like the area and it seems to be gentrifying more and more every month. 

That’s a home run deal! What part of Bradenton was it in? What were the biggest challenges in renovating a 1950s home? Did you have to bring any of the mechanicals (electric and plumbing or roof) up to code? What was the size of the home? Did you guys do most of the work yourselves?

currently looking at a home in Bradenton that’s a 1950s home and it needs some serious work so I am super interested in your experience! Thanks for sharing!

@Account Closed 

@Karen Matta-Toomey

@Karen A.

thanks for the suggestions gals! Waiting to hear if it goes under contract and will update you on who I use for sure- all 3 of your suggestions look like they would be a great fit!

Hey there-

Does anyone have a home inspector they would recommend in Bradenton? I wouldnt think that there is much of a difference between an investor friendly home inspector vs a retail home inspector but I thought i would ask some people that have been in the game a lot longer than I have.

Thanks!

Loyd Tomlinson

Hey there-

Does anyone have a home inspector they would recommend in Bradenton? I wouldnt think that there is much of a difference between an investor friendly home inspector vs a retail home inspector but I thought i would ask some people that have been in the game a lot longer than I have.

Thanks!

Boris-

Thanks for posting this resource! You wouldnt believe how many times i have tried to price out the cost to outfit an air bnb in order to factor it into the ROI. Have you found that design and quality of pieces you put in the bnb matter to the renters - whether it shows in the reviews or in the rental rate/price?

Thanks again for putting this together!