All Forum Posts by: Ankit Garg

Try Figure.com for HELOC on investment property

@Nick Brubaker I recommend @Matthew Nicklin. He is awesome and very resourceful. 

I am hearing from several from my Property Managers, Real Estate Agents that there is a shortage of rentals and housing in Decatur as well so I am not concerned about investing there.

Even though the population may have declined a little bit, majority of the development is happening west of Huntsville. Decatur will benefit longer term is the hypothesis. It might be like Athens 3-4 years ago, so in my opinion it is the right time to get in. 

Nobody including me has a crystal ball into the future but that overall region doing well over the next 4-5 years including Decatur is my view. 

@Gaurav A. Wanted to check how your experience is going with Alto IRA? Did you pick the basic option and have you invested in syndications through them?

@John Neville - I have brought one deal from roofstock in atlanta metro area which turned out to be a great deal but here are some suggestions. 

1. Find some reputable turnkey companies, I know of several which post deals weekly and you can make offers on them

2. Highly recommend always putting a financed offer and an inspection contingency. There are 2 parties which will protect your investment as bank will do an appraisal before they will lend and home inspection will reveal any major issues. 

3. Lastly, if you have identified Birmingham as an area, find a good realtor. It is going to be invaluable as they will tell you which areas to stay away from and can give you their opinion on properties. 

I have realized after doing my first deal on roofstock that real estate is purely a relationship business. You need a strong network. If you don't want to go build one, find a strong turnkey company which is highly reputable. 

@Amy Hatcher I highly recommend finding a investor friendly realtor and having them take a look in person and provide their opinion on location, rent potential, repairs needed and value of the property. You can figure out with them what you pay them but doing due diligence and having a trust worthy realtor is absolutely critical to protect your investment.

Hi Folks, 

Wanted to know more about costs associated with filling in a pool. If someone has done it, could you share any referrals and the costs associated with it? 

I am looking for someone to do it in a house in Decatur, AL.

I am trying to understand what it would cost to fill a pool like below?

@Michael S. Thanks man. Yeah HOA fees and that structure can cause some headaches which will hold back value of the condo in some cases.

@Kiley N. Thanks man. What you said is exactly the feedback I got from my lender. He was like I won't recommend buying a condo with HOA in place. I agree Huntsville has strong demand so condos might still make sense but you have to vet everything as bank financing or when you sell for a buyer to finance can be challenging.

@Caleb Bryant Thanks man. I did check and you are right. Several folks are behind on HOA payments.

After a lot of deliberation I let the deal go as I don't want to limit my exit options. 

Try Certain Lending. 

@Tim Fazio at Certain lending is super helpful.

@Michael S. Thanks for your feedback and insight. As I dug into this some more there were a few challenges which emerged 

I reached out to my lender and they said that there are some considerations for bank to lend. More than 50% to be owner occupied in the complex, budget and reserves of the HOA. I feel even if I buy cash selling it over to an owner occupant could get tricky. I like a lot of flexibility and options on exit side if I really need the money for whatever reason.

@Peter McDonough Excellent point. If there are some special assessment's every year that just kills the cash flow and you may not have any control over it.