All Forum Posts by: Jason Shaffner

I have taken out $15,000 in one loan, but I don't know if there is a maximum amount. That was all that I needed at the time. I have done this a number of times.

Any more than that and you get into mortgage or hard money territory.

Good Luck,

Jason

MC,

A signature loan is the same thing as a personal loan. Banks and Credit Unions do them, so do places like Beneficial, CitiFinancial, Wells Fargo etc. They are a loan for no specific purpose. The amount you can pull is credit based just like any other loan.

I used them when I started out becuase I could get a check cut within three hours. Paid them back when the project was completed.

Good Luck,

Jason

To follow up on what don said ...

Get references from your bids. Talk to their customers. Do a drive by. Also get a third bid with references.

Replace the old insulation. Even if it's not moldy, once it gets wet it's less effective and its accessible at this point.

I am also not a fan of overlays and it usually work the other way ... overlays are usually the cheaper alternative.

Since you were injured by mold I don't think you're being paranoid. A good healthy dose of caution, yes ... paranoia, no.

Good Luck,

Jason

Not much to add other than what mach said.

Congrats on the savings ... very few people have that level of discipline.

And that rentals can be as big if not a bigger risk than rehabbing.

Good Luck with whatever you decide,

Jason

Dude,

If you are going to live in the house while you are rehabbing it, then you will want to work on the primary sections of the house first. IE the kitchen, the bedroom you are going to use and the associated bathroom. Living in a construction zone is a pain in the #$%.

Note what Wheatie said ... he spent as much time making space to work as he did working.

Outside of that, your plan is the way to do it. Find a beater, live in it while you fix it up and then sell after two years and take the tax break. Rinse and repeat. I've done that, but I have three kids now and the wife put a kibosh on the moving thing. But a buddy of mine has done this for the last six years like clockwork. 24 months and on to the next house.

A little caution on starting a rehab with little secured funding. You are not under the gun, so you have that working for you, but a lot of projects have ended up sitting for years if not forever because of a lack of money. Just make sure it's not your house.

Good Luck,

Jason

Cap,

I have a number of resources. I drive around and look for the places that are falling apart or have significant deferred maintenance. I find them through complaints to the township or city. Grass is too high or there is trash everywhere or whatever. I get the address, which is listed in the minutes, and go take a look. I talk to people. Let them know what you plan on doing or do. Let them know how to get in contact with you. I have realtors that I work with who pass leads on to me. My friends also know what I do and they pass things on to me that I can take a look at.

What 4rmgt is talking about is mailings. He mails post cards to people with what he does (solves their problem) and how to get in contact with him. Similar to the bandit signs that you see on the road, just more personal.

Good Luck,

Jason

MAO = Maximum Allowable Offer

It refers to the most that you can pay for a property and still move it at a profit.

Good Luck,

Jason

MC,

Typically, lenders want to know when you are investing in real estate.

That being said, and I am not a lender, you could probably take out a signature loan from any number of places and use it for whatever you would like. This deal is not much money in terms of a loan, so I don't see why you couldn't do it that way, excluding any legal restrictions on the load.

I'll let the mortgage experts weigh in on that point.

Good Luck,

Jason

As cash had suggested, I do the cut and paste into word. Works fine.

Good Luck,

Jason

Hey DJ,

Welcome to BP.

You're off to a good start with the plan. As to the advice, well you'll probably get lots of advice off of the board, but a lot of your direction will come with experience.

Best thing to do here is to read, read and read some more. And then get out and get started.

As to moving to Texas. There are a lot of them here on the site and they can give you a terrific amount of local advice.

Good Luck,

Jason