All Forum Posts by: Vinnie Da silva

Hi Alecia, the FHA 203(k) mortgage may be a good option, but be sure to weigh the pros and cons against your unique financial needs. 203k standard maximum cost I will be the Lesser of purchase price plus rehab costs, or 110% of the after-repair home value. You will need to find a licensed contractor, and he will need to write an estimate of work needed and materials required which will be submitted to your appraiser and lender. So before you look for a contractor or agent, I suggest you to crunch the numbers with your lender first. Once you have all your numbers in hand, it will be easier to do the rest. I also live in Alpharetta, and I can say that you are very luck to find any multifamily available here. I've been lookin myself and had no luck at all. Best of Luck :)

 Low 5 right now

I would do an open end line of credit HELOC. That way you can use the money like a credit card. You can have the 23k at your disposal at all times, as long as you pay it back of course. And the best part of it, you only pay interest on the money o take out and not on the full HELOC amount.

FHA 203k is a type of Government loan that can be used to fund both a home's purchase and renovations under a single mortgage. However, that's for first time home buyers only. It looks like you already have a couple properties under you name. So you would not qualify for FHA 203k. What you could possibly do, if you have at least 1 year lease agreement for your rental properties, you can used that to offset the mortgage debt. Lenders will generally allow you to count up to 75% of your expected rental income toward your DTI. Thus allowing you to purchase another investment property using Conventional or DSCR loan.

 Its public information. You can find them at your local news paper and your states online public record. Each state is different, so I can only speak for GA. You can also try Auction.com its free and they have some pre-foreclosures 

This also an option, but that's not how I do it. Since the creditor/bank is required by law to notify potential buyers of the sale ( Foreclosure ) through advertisement. For a period of 4 consecutive weeks in a newspaper/online. So its public information, and there is no need to contact banks and financial institutions. Cut the middle man and go straight to the source. 

I don't use apps, I go use Auction.com, city news paper, and city new website. Pre-foreclose needs to be announced for 4 consecutive weeks before the auction. So it will be on the papers. 

Pre-foreclosures, they are unlimited supply. There are tons of pre-foreclosures hitting the market every month, in most counties. The competition is a lot less than conventional real estate. You just have to figure out how to get to the homeowner.

1834 Walker ST, Augusta, GA 30904.Its free and clear. The house its in ok condition, it need some renovation before I can put on mid-term rental.

Investment Info:

Single-family residence buy & hold investment in Augusta.

Purchase price: $13,000

Purchased on t a Tax Sale in Augusta, GA