All Forum Posts by: Tiffanie Aiken

Hey Bryan,
Would love to do that, except the properties already sold. The sellers got tired of waiting on our so called private lender.

Hey Everyone,
So we lost all three of the properties that we had under contract thanks to our private lender who failed to fund them. We lost a ton of money, but we are not giving up. We are now moving on to wholesaling to help rebuild our $ for real estate investing.

Thanks everyone for the additional info.

Thanks everyone

Bryan,
Yes I was buying a few apartment buildings. Two of the three fell out of contract. We are still waiting on the first one to close, this same lender was supposed to finance the two properties that fell out of contract. I am trying to build our cash reserves to help open more options for apartment financing.
As far as rehab loans from a smaller bank, I thought they lent based on LTV and not ARV, so I would have to come out of pocket for all of the rehab costs versus using a HML who would lend based on ARV. I may have a private lender whose interest rate is much better than a HML but I want to have my business plan together before I meet with them again.

Robert,
I would do hard money because it would be a rehab. I am trying to find out what the analysis process would be of a property that I rehab and then rent. I don't know why I didnt say that in the original post. So how would I know if the rent I am charging is enough to cover expenses if I get a renter before I refinance?

Thanks

Jon,
I was thinking using hard money to cover acquisition and rehab and then fix it up. How would I figure out how much rent to charge, if I rent it out before I refinance? How long before I can refinance? Could I refinance with Fannie Mae?
Is there a difference between doing this with a SFH or a 2,3, or 4plex?

What is the process for rehabbing and renting? I tried doing a search, but I'm not sure I am using the right words or combinations to find recent info.
I am working on my biz plan and my realtor is telling me there is a stronger demand for rentals than resale here in Columbia, SC, so I am trying to figure out how to make the process work.

Thanks

Any one heard of or use one? Can you point me in the direction of more information? This was suggested at a REI workshop I attended recently and I am thinking I want to use this for my rehabbing business. From what I understand a PEO is a company that hires, takes care of payroll for businesses and also gives worker's comp and benefits. So you can hire yourself to work for your company, giving you W-2 income and avoiding self-employment tax.
Can anyone suggest disadvantages to using such an organization?
Thanks!

Hey Everyone,
Quick update. We are still waiting to close on our first property. From there I think we are going to focus on rehabbing to build up our down payment pot. My plan is to hold some, sell others. Still working out the details. Also, my husband was finally able to find a job. So I am really excited about our new focus.