All Forum Posts by: Scot Evans

@Bolanle Ogunmakin So that was my initial plan to do a few flips and then use the capital for down payments on rental properties. I will also use HM for the rental portfolio as well. I have room for one maybe two more conventional loans after I close but I am leaning ,more towards private and HM. Have you began your process for your flip here? 

@Jonathan Greene My contracting company also warned me of this aspect of the current market. supply and demand is at an all time high at the moment and the wait times on certain permits can take up to 3 months to be processed before and construction is ever started. I believe that I will lean more towards the rental side of investing to say the least. Thank you so much for your input. 

@Brian Cole Yes I am fully aware of the new permit requirements. The good news about that is that they actually pushed the deadline back to June. It was originally set to be implemented April 22nd. Thank you very much for your input. 

Hello BP Family,

I am currently in the final stages of closing on my Cash Out Refi of my personal residence in order to invest in my first investment property. I have been reading the BP books and listening to the podcasts and I have also been practicing running the numbers of all of my potential properties I will pursue. My conflict at the moment is Im unsure if I want to Flip or begin my rental portfolio. I am interested in both in the long run and I incorporate each process as an exit strategy of the other. I am in the Atlanta Metropolitan area. I do have a contractor who is highly recommended and has past projects that vouch for his team's abilities. I am financing with HM. Im unsure which route I'd like to begin with whether its a Fix & Flip or a Rental Property. 

Please if you have done either or have experience with both in the Atlanta (hot market) area please any and all feedback is greatly appreciated.  

Thanks,

Scot 

Hello @Penny Brown , 

I love how you listed my lending options in order of precedence. Thank you so much. I am about to message to connect with you more now! 

Hello @Curt Smith ,

I am currently planning to attend my first REI here in Atlanta January 19th and I definitely am looking forward to connecting with experienced investors. I am a very detailed and analytical individual and I plan to tackle most if not all of the issues that those investors fail to place into their investment strategy. I can second that statement. I have seen many new investors fail to improperly estimate their expenses and end up losing lots of money instead of profit.

The homes I've been looking into range from 50K-90K. For the 3B/2ba I've been seeing on/off market has averaged at about 30k in rehab work but on my own personal side I double that number for issues that I may have left out from my inexperience. At minimum I try to double my numbers for money that I may have to spend. Im not looking to add rooms to my first project. 

I plan on tapping into the equity of my residence for any other expense that I may incur. 

Hello @Kai Kopsch , 

I believe my debt to income hinders me from obtaining a repair loan. I've looked into 203k construction loan with no luck. Am I looking in the wrong places? I just cannot afford any more inquiries on my credit when those lenders are not approving me. Any additional Information on these loans would be very helpful. My strategy is to find a great deal and factoring in all of the high rates and holding costs that. may be incurred using the HML route.

Hello @Kevin Polite ,

So I have a contractor who has rehabbed my farther in law's entire home. Very high quality work that I'd love to see in my investment properties. 

Thank you so much for the information of the hold times for the permits. I was unaware of that factor. That's definitely an important aspect of the investing. 

I have a few airbnb properties that I rent out and I really want to get my feet wet with buy-in a property and flipping it. I lease out and rent on Airbnb. The thing is that I do not own these properties. But I definitely agree that the rental market is booming tremendously in Atlanta. 

I am a new father and soon to be married and house hacking really is not an option for me at the moment. 

Hey @Mike Juliff , 

Thanks a lot! Good luck to you and your journey as well. 

Hey @Michael Dumler , 

Do you recommend HMLs through BP or there are others that you have heard of. I currently view the reviews of each potential lender of HML here on the BP platform. I definitely do not want to work with HMLs who do not have a common interest and who are not trustworthy. Thanks for the input.