All Forum Posts by: Asa Ifill

@Melissa Denning

I’ve been hearing about this book for a good minute on the podcast but haven’t pulled the trigger on actually getting it, thanks for the push!

And Atlanta is fairly close, good opportunity for AirBnB investment there.

I also need to dedicate myself to mastering all of the BRRRR steps within the next 6 months to be comfortable pulling the trigger on an investment property beginning of next year.

What is the core 4 exactly?

Maybe we can start a small accountability group since we’re fairly close and just beginning. I will bring my undivided attention to the table along with my coachable/driven mindset.

I’m ready to take the steps of being financially free.

@Melissa Denning

Melissa, thanks for the reply!

I just bought the BRRRR audiobook this morning and can't seem to stop listening!

What route of REI do you take?

@Todd Rasmussen

Todd, thanks for the reply!

The hardest part is getting started! It seems like the best way to go about this is to have money for the property along with the rehab upfront, maybe using a private money lender or a family member, friend.

I can maybe front 7k of an investment upfront. But borrowing money for the rehab/payment of the house from hard money lenders sounds too risky. What if the appraisal doesn’t come in high enough.

Ultimately, I’m looking to find a loan that will pay for the home AND rehab along with me putting a tenant in the home not me staying in it for 1 year.

Thanks again Todd.

@Karl McGarvey

Thanks for the help Karl! I’ll shoot you a message now!

@Karl McGarvey

Karl, thanks for your feedback.

Hard money lending looks like an option for me right now or I could use some of my contributions from my 401k

Hard money lending seems so expensive and risky if the refinance doesn’t happen to turn out good (appraiser lowballs).

Do you know of any loans that can take on the rehab costs along with the mortgage costs? I’ve been researching a good bit but seem to be having issues finding the right lender.

@Jerry Padilla

Jerry, could tenants take the position of someone being in the home for a year?

@Jason D.

Jason, thanks for the feedback.

I must’ve been mislead with my reading. I was thinking that I could use this loan for buying a property and also using extra money for rehab.

I was also mislead thinking that I could sell this home without living in it for a year.

Another negative is that I cannot use this type of loan for a duplex that I originally thought of.

Jason, do you know if any other loan I could use for rehabilitation along with the house mortgage...not to mention being able to sell it after the rehab is finished.

@Jerry Padilla

Thanks for the input Jerry.

So if I use the Fannie Mae Loan I would have to live in the residence for a year before selling it, correct?

Also, this loan can only be used on SFH?

Do you have any suggestions of any other loans I could use for buying the property and also getting money for rehab?

@Jason D.

Jason, I believe you might have the Fannie Mae Loan and the 203k Loan mixed up.

I do not think you have to live in the property for a year if you were to get the Fannie Mae Homestyle Loan.

@Jason D.

Is the FHA 203k loan the same way with living in the property?

Is there another route I can go to get the mortgage loan & rehab loan without having to live in the property for a year?

Could a tenant not be the person living in the property for a year?