All Forum Posts by: Aaron Butler

@Andrew Postell I do have a W2 income job. I was just wondering if anyone "creates" their own contracting business just to work on their own houses. Just to get around having to wait 6 months to get a full cash out refinance, and avoid the potential or getting the lesser amount between the ARV and purchase price in your post. So the only way I can get the max(75%) cash out refi in my situation is to create an LLC is what you are saying? Hope that all makes sense

@Neil Henderson Thanks for the reply. I asked my lender this question and yes! 6 months at the minimum is required to wait. 

@RyanTalmadge I'm using a HELOC to buy this property. I asked them point blank, and they said the only way around this is creating my own business so I could invoice myself to prove income..which seems much.

The BRRRR method is super popular obviously, but I'm just wondering how people do this while also doing some of the rehab work themselves to save money.

I just learned from my mortgage broker that I need a "settlement statement" in order to qualify for a cash out refinance on a property I am considering purchasing & rehabbing. In this settlement, I was told I need to document the amount of rehab money I put into the property in order to qualify for the delayed financing. In order to do this, I need to show proof on invoices, which would be hard to do because I intend to do a portion of the rehab myself instead of using a GC for everything. 

Any quick tips/experiences with this would be very helpful. Thanks!

@Michael Ward Thanks for input as well! My fiancee and I are in no rush to find our place to be, so after we get married I'll get in contact with you if we will be in the area to learn more about NW Arkansas!

@Will Fraser. Thanks for the input! Funny you say Puerto Rico as I had just watched a YouTube video about the benefits before seeing your response! Quite a leap, but definitely something to look into. I've been to Branson, MO many times in my life, so it's great to hear about NW Arkansas not being far away. I'll be checking it out! Thanks again

Hi all, 

My fiancee and I are planning to move next year and start our real estate investing journey. We are currently living in Illinois and we know this is not where we want to start. We have stay at home jobs and are not tied down whatsoever to any specific location. Our plan is to get a multifamily property with a FHA loan, and move onto the BRRRR method. We don't want to start in any super expensive places, but want to be in an area that has a lot of future growth potential.

We would appreciate any thoughts on this, thanks!