All Forum Posts by: Anil Sharma

Thanks guys for all these inputs. 

I apologize, as I should have been more clear in the OP. It's owner occupied, primary residence property...not an investment. Trying to avoid FHA due to additional insurance cost associated. Thanks guys!

Does anyone know of lenders with REFI of 90% or more LTV with cash-out in Seattle, WA area? Enquired with couple so far and haven't had much luck beyond 75-80%.

Thanks

Thank you everyone, appreciate your valuable recommendations,

Hello everyone,

I am beginning to put my team together and I was hoping I could get some investor friendly contractor recommendations who work in the Eastside (Redmond area). Also do you find it better to work with a general contractor who handles everything or recommend it to be better to find specific contacts for specific jobs (plumbers. painters, electricians, etc). It's going to be my first project.Thank you in advance for any help or direction you guys can provide.

Hello everyone, I recently bought a foreclosure property using HML and expecting the owner to move out prior to this weekend (verbally agreed). Is there any standard cash for keys agreement that is usually signed by both the parties when the keys/cheque transaction takes place or that is not required once the keys are handed over?

Next, I'll need to start talking to few reputed GCs and try to get bids for the rehab work. In order to come out from the HML high interest cost, we have been talking and started a conventional loan process. The property is in good neighborhood to use as primary residence. As the property has been poorly maintained and kept, it will require major rehab (including re-roofing and major work on re-plumbing/electrical due to this being an old house). My question is: should we attempt to get it appraised prior to starting rehab work so that HML could be paid off earlier (though it may not be appraised at a desired price to pay off the HML) or should we do the rehab first prior to the appraisal (pay another ~3 months of high interests)? I'm relatively newbie to this game and doing it first time. Apologies for anything poorly written here. Thank you

Hi everyone,

How do you narrow down the list of good home inspectors in your area and finalize one? Is there a resource/website that has a compilation of licensed, insured and good reviewed home inspectors? I'm looking for an inspection for a 1970s house with a detailed analysis (electrical, plumbing, foundation, structural, crawl space, termites, molds, insulation etc etc....). I need to have an inspection prior to starting the rehab project. I have also noticed some general contractors also recommend an associated inspector they have worked with or probably in-house... I'm not sure though how to evaluate on them. Any tips/recommendations?

(http://www.biggerpockets.com/renewsblog/2013/03/19/home-inspector-real-estate-investing-business/)

Thanks

Anil 

These are wonderful tips. I will come back here after doing some more research. Thanks much everyone.

Hello everyone, 

I understand the relevance and the idea of minimum 1% rule. Based upon online research in my surrounding areas and the prevailing monthly rent they have the potential to generate, I am having hard time to see the numbers working. Getting 0.5-0-6% might be doable with negative cash-flow. I'm less inclined to invest in unknown out-of-state areas yet, based upon some of the horror stories I came across here even on the turn-key properties and also since I know, it may not be feasible to visit the out of state property so often (mid-west and other geographies).

I'm trying to find some advises from fellow investors (Seattle based specifically) - in which areas in WA state this 1% may be close enough to invest that have good enough employment/working class neighborhoods (low vacancy) that would be recommended to target and research upon? I'm open for both SFH and MFH at this point. Thanks much

Thank you everyone for the warm welcome and all the suggestions! Much appreciate it.