All Forum Posts by: Asa Ifill

@Jason D.

Thanks for the note Jason, I did not think that was a criteria for getting the loan, I’m gonna have to do a little more research.

Hello everyone! I'm pursuing my goals of being financially free by using the BRRRR method. I'm a new/young investor from Huntsville, AL that would like to get into REI. All criticism needed, I want to soak up as much info as I can! Please respond!

I have been researching the best loans to get for my first investment opportunity and my first thought is to use a Fannie Mae HomeStyle Renovation Loan to cover the cost of the property and the rehabbing.

I’m looking to spend no more than $70k on a property and $30k for the rehab, so ultimately, I’ll be getting a Fannie Mae Loan at 3% since I am a first time home buyer.

I’ve chosen the Fannie Mae Loan simply because they will give you a loan on your property PLUS the rehab costs with as little to 3% down. Also, you can find your own licensed contractors to help with the budget.

All criticism welcomed!

Looking to buy a duplex for 50k and rehab using 30k, I would also take another 10k out for emergencies/misc.

In total I would want to get a Homestyle Renovation loan for 90k and put down 5k cash.

I am also a first time home buyer.

All criticism welcomed, I am trying to reach financial freedom by 30...7 years left to master this!

Thanks in advance!

Asa Ifill

@Rob Massopust Rob, thanks again for the help! My ultimate goal is to fix and flip the house.

I would not oppose for renting the property out to a tenant for maybe a year to pay down mortgage/give me a chance to refinance, then sell.

I know selling the house comes with spending money also but I am not sure how much it is...I know some realtors take 6% of the sale for commission.. I don’t know much about the point system and how that works tho..

Maybe I could do a Rent-To-Own option on the home after I fix it up...hmmm.

Ultimately, I want this flip to become “my big catch”. I will try to get +$40k out of this deal and then find a multi-family property and buy that and rent that out for passive income..

@Rob Massopust Rob, thanks for the thoughts! I have a couple roadblocks with the 203k loan.. If I were to get the 203k loan I couldn’t sell the property until a full year so I would have to live in the property or have the money to pay vacancy fees, which I don’t have haha. Also, 203k loan has mortgage insurance and Fannie Mae does not.

Also, Fannie Mae has as low as 3% down while the 203k loan has as low as 3.5%.

This is what’s going on. I have a great opportunity helping out a family member, they want to downsize and don’t need a big home anymore. They have a 4bd/4bth, the house is estimated at $212k and was assessed for $174.5k in April 2019. They owe $98k on the home and I will offer them $117k (what they paid for the property). I plan on buying the property for $117k and using about $20k fix-up and have $10k for emergencies with the property *vacancy costs/other emergencies*.

I will end up taking a loan out for about $147-$150k and hopefully flip the house and sell for $190k+

I’ve been looking into investing into RE and looking for loans and have came across the Fannie Mae HomeStyle Renovation loan. This loan looks the best for investing into property that might need some work but not too much. Also, I am a first time home buyer. Please leave your thoughts or criticism!

I have been reading up on the Fannie Mae Homestyle Loan, this one looks promising.

Hello Team!

I’m a beginner investor in RE and would like to become my own boss in the near future. I would love all criticism and thoughts!

I believe I have a great investment opportunity with a family member. They are trying to downsize to a 2 bedroom townhome and would like to sell their house.

The house is estimated @$212k says (usrealtyrecords.com) not sure if this is an estimate of the house with repairs or as is?

Anywho, they owe 98k on the home and it appraised for @174.5k in April 2019. I am thinking about offering them $117k for the home (what they paid for it). so they would have $19k to give them a good start for a down payment on a townhome/payoff some debt.

I would definitely fix the house up some and make it *up-to-date* add appliances/add fence and other things, but the house is in good shape, it was built in 1999! So, let’s say $20k for repairs. I would be wanting to get a loan for $145k to buy the house and also fix the home up some.

I would be a first time homeowner and I know they have some great deals for first time homeowners so I am looking for some guidance!

Ultimately, I would want to get a loan for the cost of the home also include the repair costs in that loan ($117k) + ($20k) = $137k.

Could anyone give me some advice about this? Are there any loans that include repair costs to the home as well?

Thanks for reading!!!