All Forum Posts by: Tony Gunter

If the receptacles are two prong you can bet the wiring in the property is not grounded. You only looking at the “face” of the wiring. What’s behind the walls (wiring) is the most important thing to look at.

You might as well buy a bunch of the three prong adapters and stick them in the receptacles. Electrically, just changing the receptacle is no different than using adapters. You are still running off of an ungrounded electrical system.

IMHO $20k is a drop in the bucket.

Sure, it can get you in a property (or into a fix), but don’t underestimate the need to have reserves. It can topple the apple cart if you don’t.

IMHO, 99% of the time an agent working with an investor is going to be a losing proposition for the agent. Best and fastest way I can think of to go broke as an agent. Exception would be a buying whale, but they play the agent field too.

Investors, by definition are cheap. Look at a million properties, lots of low ball offers that are going to be rejected. So, heavy time commitment with low ROÍ. Sure, sign me up...NOT!

This is one reason why I got my own RE License, and now I love the agent I work with. Admittedly, not the solutions or everyone.

Nobody has x-ray vision. So until it is down to the studs surprises can still be hidden.

Think carefully about if you NEED to do this or just WANT to take it down to the studs. If not really needed it will only increase your rehab cost significantly and not provide much benefit to the value of the property. Find a way to not take it all down to the studs. Maybe just the reas needed. You be better $$ for it IMHO.

@Stephanie P.

Yes, I get it, but I know what fees are normal and customary regarding loan fees etc.

It’s the $800.00 non refundable application fees is what I am talking about. Appraisal, of course. Credit check, sure. Other fees in unusual circumstances. However no big bogus application fees. Lender’s business model should be focused on making money by closing loans, not closing applications. That is my point on upfront fees.

@Stephanie P.

No, I get those aspects of doing business.

I’m talking about BS application fees of several bucks to get strung along and the lender drop the ball at closing wasting time,money, grey matter in general. Lenders, make your money by closing. Simple as that.

Sure, I’ve had some issues, but as a general rule I try to learn from others paid tuition rather than pay my own. Sort of audit that class when I can.

@Mitch Messer

Thanks Mitch.

Just sent you a connect request.

Hello BP Family,

I am looking for lender recommendations from people who have closed cash out refi on BRRRR properties.

Properties in Georgia

Commercial product for property(s) held in an LLC

75% or more LTV - CASH OUT

No Seasoning Requirements

Leased or not - depends lender requirements.

Loan can’t be called if current.

30 yr fixed amortization

Money only trades hands at closing.

Can package as a portfolio loan with like properties to be added as completed.

If anyone out there has CLOSED a loan for something similar please let me know. You know how it goes, the entire world is happy to take your application, but I want to close, not play games.

Any help is greatly appreciated.

Tony

Constituents vote based on emotion.

Politicians act based on constituent opinions.

The politicians aren’t necessarily motivated to do what’s right, just do what the constituents want.

A conversation with three economists would dispel all the rent control rhetoric. However, the politicians want to follow constituents desires, even if they are erroneously calling for “off with his head”.

Sad...

@Brittany Snyder

Don’t forget everyone hates that stuff now days too.

Mold resistant drywall in the bathroom, always.