All Forum Posts by: Wyatt Wolff
Wyatt Wolff has started 6 posts and replied 452 times.
Post: Moving out of my primary home to rent in a new area, sell or rent my primary home???
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
If you have that much equity, you could also consider a cash out refi. As long as the numbers still work and its a long term play (you dont NEED the cashflow), that would solve two problems:
1/ You will get cash in hand to help get whatever you need in the market you are moving to
2/ You will still have that property locked up and benefit from future appreciation
Post: Which market will you invest in 2024?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Personally love Charlotte. Not only do I live here, but I have watched it EXPLODE over the last five years. Construction buddies of mine have more work than they know what to do with, even average realtors seem to be doing well. Booming market here
Post: Can I finance a Kit Home Build with a FHA 203k or Conven. Construction loan?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Paul Welden:
The FHA 203k is not permitted to be used for new builds. It can only be used to remodel homes that have already been built and have a certificate of occupancy or move an existing built home to another piece of land.
May want to look at the FHA Construction to Perm option.
Hope this helps!
The more you know! Thanks Paul
Post: Clickbait headlines or are you worried?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Scott Trench:
No news to me on these points. And, the pressure will continue to crank on rental operators in the south and west. Historic amount of supply is currently under construction in those regions (obviously, sub-regions and individual cities will be impacted differently).
This is a huge pressure cooker for multifamily operators in particular in the South and West, as everything is working against them. High and rising interest rates, falling rents, tons of new construction coming online, and rising costs for labor, insurance, taxes, etc.
Definitely think that rents will fall a bit in the South (in general). Massive amounts of construction around me. If I had to guess, multifamily will have VERY slim margins the next few years.
Post: What Borrowers Say …….And What They Really Mean
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
The last two are hilarious. Definitely been there. My personal favorite is "Ill have the funds in there by closing".
Post: Subject To – Why You Need Money To Buy Using "Subject To" (SubTo) - Safely, Legally
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
I love that! I might look into that in my market.
Thank you for the insights!
Post: Subject To – Why You Need Money To Buy Using "Subject To" (SubTo) - Safely, Legally
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @Zachary Ware:
Great post and thank you for the detail here! Great way to utilize multiple strategies. How did you find the lease option buyer?
Im curious as well! Excellent breakdown!
Post: Time Sensitive - Deal Analysis
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Quote from @David Romero:
Quote from @Wyatt Wolff:
If you are going to do owner occupied, you can do a 203k I believe, but Ill have to check guidelines. That would allow you to build in construction funds to the original loan, and have a GC do the reno.
You could also just do an FHA, and live in each unit as you fix them up. I would hesitate on kicking out the current tenants, as some income is better than no income, and you will be able to use that to help qualify you initially, as well as help offset DTI in any other transactions you are going to do.
Hi Wyatt, thank you I'll have a talk with my lender regarding 203k. And good point, I haven't really thought about renting out bedrooms however I'll give it a look.
Like I said, the more tenants you can get in the property, the better. Good luck, let me know if you have any questions.
Post: VA loan approval
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
Done a lot of VA loans. Shouldn't be an issue, as long as they are actually employed!
Post: Can I finance a Kit Home Build with a FHA 203k or Conven. Construction loan?
- Lender
- Charlotte, NC
- Posts 466
- Votes 278
From my understanding, you have to have a liscensed builder, with approved plans and specs... Im sure there is a work around. Maybe getting a local GC or architect to sign off on it?
If that is the route you choose, get a one time close construction loan