All Forum Posts by: Aaron Junck

I have used Getty abstract on many deals and also Stewart title here in town. (Sioux falls) . Try to contact @josh Anderson on here (from tea,sd) pertaining to the seasoning issue. I am currently doing one but inorder to "refi" the ARV I have to own it for 6 months . Otherwise everyone seems to go off of the cost to build/ appraisal , whichever is less if less than 6 months :(.

message me if your interested in newer units . 

wow I'm surprised no one has commented on this.... 

Sounds like you hit a gold mine. 

I however am not too familiar with sheriff sales. :/

My 2 cents thinks that it is best to start with the end in mind.  

Why do you want to invest in real estate? 

What are your goals? WRITE them down and work backwards. If there are blanks research a bit and figure them out and then start and adjust accordingly.

Good Luck :)

If you want to "get up to speed" I would recommend finding someone local that has done or is doing already that you want to do/achieve and figure out a way you can be of some value to them. 

As far as having a mentor goes no I personally didn't pay a mentor/coach. Now by no means am I like the big boys here , however I have done some deals.

If you want a good read I recommend Think and Grow Rich by Napolean Hill and also The 4 hour workweek by tim ferriss.  Its all about changing how society wants you to think and break away from that monotony and get systems in place. Just my 2 cents :)

I personally would recommend selling this property after the rehab and make your money that way if you wanted to get a buy and hold you could do another one and have your DP $$. 

Sorry, I am not very familiar with the homestyle loan other than I have heard of it.

I haven't dealt with Fannie Mae in a while , however you may want to double check. Around here, and I am sure it is nationwide, you WILL have to season the property to use the ARV if its going to be sold to the secondary market. If you get a local bank that will keep the note in house I would think you could have a little more flexibility. But, all the banks/lenders around here that are selling to the secondary market will only go off of the cost of the the total rehab or the ARV WHICHEVER IS LESS. In this scenario the majority of banks won't lend on this unless you personally put 15-25% of your own money in the project.

I think you would have to talk to whichever lender you plan on using. 

I have heard both 720 and 740 for a FICO score, however there is more to it than just that. DTI and DP and reserves will all come into play to name a few.

Welcome @Brandon M. .

Set a little time aside and check out the Ultimate Beginner's Guide to REI found under the Learn Tab above and then Free How-to-Guides. This can give you some insight in which direction you may want to follow to invest in real estate.

Best of Luck!

FYI be cautious of leaving the faucets running. It will keep your water lines from freezing however you can get a frozen sewer line... yes, as crazy as that sounds it can and has happened.