All Forum Posts by: Andrew Garcia

 @Rich Hupper, I was about to elaborate but @Patricia Steiner did a better job than I ever could. Listen to her!

@Rich Hupper, could they do a remote notary?

That is the only solution that I can think of where they do not have to travel.

I am sorry that you are in this situation. I wish I could be of more help.

Hi @Paul Lim, there are a few things I see here.

1. The seller is asking for 30% down but you are offering less than 30% down so they might not give you a rate as favorable as 3%

2. Are you fixing up the deal? ARV is only a metric used when repairing or renovating a property.

3. Each seller financing deal is different so there is no "right" or "standard" way of doing things.

An option that you may want to look into is getting a loan for 70% and having the seller carry 20-30% for a balloon payment of 5-10 years.

That should improve your cash-on-cash and you will be more likely to get a 3% interest rate from the seller.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jason Nguyen, welcome to the community!

I would love to connect with you and learn about how you got into real estate!

Seattle is a tough but rewarding market. Luckily, you are in the right place to thrive.

Hi @Brandon Malik, welcome to the community!

I live in the DMV and would love to connect!

Shooting you a request now.

@Kayla Caruso, finding someone can definitely be tough. Go through all the basics of tenant screening as well as multiple interviews to make sure that you will be cohesive with them.

Shopping around for different agents and lenders is always a good idea. 

 @Brittany Trevino, if you have the costs to renovate, you might not need to find a partner.

Since you have experience, you might be able to get up to 90% of the purchase price and rehab costs financed.

For example, if you are buying a $250k property with $50k rehab, you would need to bring $30k to the table, not $50k. Additionally, you will not need to split profits with a partner.

If you would like a recommendation, feel free to connect.

Hope this helps! Please let me know if I can be of any assistance.

Hi @Drez Alford, I do not believe the issue is your lack of trying. You seem to be going plenty hard.

There are a few issues that I have identified.

1. Most buyers do not want to deal with a tear-down and rebuild home.

2. The ARV is on the higher end so most people do not have the capital to take it on or do not want to take on a higher risk.

3. Your email might be going to spam. Try sending it to an agent that you trust and see if it goes to the spam folder or to their inbox.

Here is what I would recommend:

Contact the listing agents that sold those 4 comps on the same street and ask them to get you connected with the investors that flipped those deals. In exchange, give them exclusive listing rights when you sell the property.

Hope this helps! Let me know if I can be of any assistance.

 @Jerry Garay, it is a good idea for many people, however, each scenario is different. There is no one-size-fits-all.

The issue with doing a HELOC is that you are trading in one revolving credit line for another with a lower interest rate. HELOCs are almost always adjustable-rate loans. Therefore, if you do not intend to pay it off in a relatively short period of time, you could end up paying double-digit interest rates.

Additionally, if your goal is to lower monthly payments, a cash-out refinance is almost always the way to go.

However, neither I nor anyone else will be able to advise you on which way to go until we are familiar with your specific scenario.

Please let me know if I can be of any assistance.

Hi @Juan David Maldonado, as the others said, the question is not crystal clear so I will try my best to answer it.

You presumably will have equity in the property after a successful BRRRR. You can access that equity with a cash-out refinance, a HELOC, or a second mortgage (or a combination).

You do not need to wait one year but each lender is different.

Hope this helps! Let me know if I can be of any assistance.