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Updated over 5 years ago on . Most recent reply
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Searching for a podcast about brrrr
I listened to a BiggerPockets podcast a few months ago. The person they were interviewing talked about buying the property with cash putting the cost of the rehab in escrow at closing. This bypasses the refi seasoning and leaves little to no money on the table. Does anyone know what podcast that was?
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Originally posted by @Jay Hinrichs:
Originally posted by @Alexander Felice:
Originally posted by @Paul Beets:
@Alexander Felice Got it! Definitely going to try it on my next one. For the most part I've been buying through the same two title companies now anyways. So they know me! And totally agree with you on the game changer. Now that I've been able to track down some banks willing to do low or no seasoning... it isn't going to save me a lot of time.
Thanks for the quick reply!
yeah if you have a commercial/portfolio lender that will give similar terms to fannie and not drag you through the hassle then you're already ahead of the game. That's the relationship to build!
fannie stuff ends at 10 loans correct ??? then you must go to portfolio if you wish to continue scaling is that correct ?
Yeah but I found a very interesting fix along my adventure
my initial plan was to get 10 units over 10 years and call it good, this is a common endeavor on BP. So as I approached loans 7 and 8 I went to look into working around this problem and realized I was solving the wrong issue. Single family doesn't scale well, so doing a bunch of work finding a solution to the 10 loan limit just to buy more single families started to seem inefficient. I started looking towards multifamily instead, much more efficient (just closed a 24 unit too btw)
So my hope is that most people will reach the same conclusion as me. Get a few SFR to learn the ropes and gain some confidence in RE and then raise their ambitions appropriately.
Finding a portfolio lender who will do more loans is fine, but they can't fix the fact that SFR scales terribly.