All Forum Posts by: Nick C.

Sounds like you might have to go the hard money route. The money is more expensive, but it's available. If the deal is good and you've got money to put towards the purchase it shouldn't be hard to find a lender.

If you're planning on refinancing through a bank, why not shop your plan around now to the small local banks and find out if it's going to be an issue or not? Show them pictures of the property, all the numbers of the project, and your plan for refinancing. Make it really hard for them to say no. 

You may get advice on here, some may say yes, some may say no. But why not go directly to the banks and find out? No need to wait until after the purchase.

The short answer is 20% but that could go up or down depending on the scope of the work involved, and the market velocity of the area. 

I'd sell and stretch that 100k into as many rentals as you can. I don't know purchase prices in your area, but if you can pick up 4 of them for 25k down each or 5 for 20k down, to me that would be better than having one rental. 

I've never seen an REO property that was assignable. You would have to double close on the property to resell it. Your best bet is to have the bird dog send you off market leads.

If you're only getting 50% LTV I'd say you're at the wrong bank. We're getting 75-80%. I would look around for smaller, local banks and try again. If the underwriting is outsourced and you can't explain to the underwriter what your plan is for after the refi you're at a big disadvantage. If you're taking the refi money and traveling the world that could be an issue, but if you're planning on reinvesting why would they object? Although the LOC would be your best bet since you won't have to make payments on any money you're not using at the moment.

Network with some wholesalers and REO agents down there. Call the bandit signs, craigslist ads. Just make sure to do your own due diligence and don't believe anything they say except the address and asking price.

Why depend on someone else for the information you need? Just get licensed, that should be your first step. It's great that you have a friend who is an agent, but doing research for free isn't a good use of a realtor's time or energy. I wouldn't feel comfortable asking a friend to do it. 

Yikes, sounds like the CA legislators don't think much of landlords. 

Good for you. If I had started when I was 17 I'd be retired by now.