All Forum Posts by: Tri Le

Thank you Slocomb!

I'll give them a call.

No, I've done 3 deals so far.  

Hi everyone, 

I have a house under contract in Cincinnati, OH

Hard money seems to be tightening, but does anyone have recommendations on a lender that can do renovation loans or hard money?

The purchase price: 65K

Rehab Budget: 100-110k

ARV 270-300K

I plan to fix and hold/rent.

Thank you!

Hi BP,

I am about to close on a cabin in Gatlinburg.  How are the nightly/short-term rental bookings.  Has there been a drastic decline in bookings and increase rate of cancellations?

Just want to get a pulse for the market right now in the setting of this COVID-19 pandemic.

Thank you!

Thank you Stephanie, this is wonderful advice.  

Avery, you have a good point.  Contractors are the source of my anxiety, and I have been burnt in the past with my other projects.  I definitely don't want a repeat.  

I do have an itemized scope of work, but I would like to vet the numbers.  

  My follow up questions are:

1. Anyone open to looking at the scope of work and the subject property offline with me to see if the numbers are accurate for the market?

Thank you BP, let's put this deal together!

Hi everyone, 

Need some help Bigger Pockets!  

I have a house undercontract, and I was going finance the purchase and rehab with hard money.  

Gatlinburg, TN

Purchase Price: 285K

Rehab Cost: 50-65K

ARV: 550-600K

Current Appraisal: 390K

Hard Money terms through AMZA are 10% down of the purchase price and rehab cost, 3.5% origination, and 8-9% interest for a 12 month loan.

2 questions:

1.  Is there another hard money lender with better terms?

2. Does anyone know of any lenders that will do a delayed finance, so after I am done with the rehab in 6-8 weeks, I can roll this into a conventional loan?  Trying to see if I can avoid holding this hard money loan for the full 6 month seasoning period required by many lenders.

Thank you in advance for any insight!

Tri

Thank you Adam, this is great advice.  I will double check the zip codes.  I am looking at Sugar Land , but the market is rather high and Texas property taxes are a bear.  

Any input with dealing with the housing authority and applying to be a section 8 landlord?

Hi everyone, 

After listening to the recent podcast with Joe Asamoah, I was inspired to look at Section 8 more closely as a viable long term rental model.  

I am interested in buying a house in Houston that is 5 bd and 4 bath, and then renting it to Section 8.  I looked at the City Metropolitan Housing Authority and vouchers for 5 bd in this particular zip code is approx $3200.  The house is listed for $290,000.  Perhaps, I could make a 6th bedroom and get $3600.  

I do not have any experience with Section 8 other than reading The Smart Section 8 landlord.  Is there anyone in Houston or Sugar Land that is implementing this strategy and does it work?  Are there any pitfalls?

Your input is kindly appreciated!

Hi everyone, 

I have a house 1500 sq ft that needs renovations.  I was looking to reconfigure the lay out and update the Kitchen and Bathrooms.

The house is in Cincinnati, OH.  Does anyone have any recommendations/references for contractors that can help with these renovations?

Thank you!

Thank you Chris!