All Forum Posts by: Brian C.

I had the sames issue within a month of installation of some LVP I got.  I don't remember what the brand is, but it was a very thin click-lock from Home depot.  It was one step up in price from the really thin glue type; but I think the glued seam would have been better.  The sub floor I installed it on wasn't perfect, but only have very minor imperfections.  I've installed laminate click-lock many times with no issues. 

I ended up using a vinyl glue and banged it back together, but couldn't get it all perfect (there were separated seems all over the place.   When my tenant moves out, I'm just going to eat the cost and put in the flooring I've put in my last few rentals that went in very well, look great, and, so far, no issues; the Pergo Wet Protect from Lowes.  

Also, FYI, on most holidays Lowes does an .89 square foot install cost.  Even if I'm not ready for new flooring yet, if I know I'll need flooring soon, I'll lock in the price on a holiday and schedule getting the measures a month+ out when I'm ready.  We did this on the last house a month before we even closed.

I came across this thread again and although my experience was over a year or so ago, thought I'd add my experience.  I had planned on using Atlas. Jeremy was very responsive and helped me get proof of funds.  However, when I actually had the property under contract, no information changed and all of a sudden the loan points and rate jumped substantially, with no changes in any of my or thendeal info; felt like a bait and switch.  It was rather frustrating as I thought I was ready to go with a quick close but then had to find another lender. 

I ended up going with Groundfloor and the experience went very well.  I closed in just under 3 weeks and the rate and points where one of the lowest during all my shopping around.

Hi @Chris Childers, welcome to BP! I'm also a Fredericksburg investor. The real estate market in the area is a competitive one, but you can find deals if you're persistent (and maybe a little bit of lucky). My advice is if you find a house you're interested in, jump on it. Obviously do appropriate analysis, but if you take too long to jump on something, it'll be too late. If it's listed on the MLS and it's a good deal, it will typically have offers on it the first day.

The one we did was a complete guy.  Completely new electrical, new panel, etc.  Ripped out the old cast iron plumbing, new roof, siding, insulation, drywall... Pretty much everything except foundation and studs.  Permits took about two months.  After that took about 4 months.  I also used expensive financing, so could have had more room if I didn't finance 

i think real estate is definitely worth it.  I see pretty decent cash flow every month and my net worth growing very quickly.  I plan to "retire" 20+ years earlier than normal and not sure I'd know how to do it without real estate.

Me and my wife did one, bought end of last year and sold in March of this year.  Turned out pretty good, but wouldn't have been worth it had I not done a lot of the work myself and paid a contractor.  As far as auctions, every one we've done, the reserve price was too high right off the bat and they've all sold at or close to market price.  This has been my experience with every online auction and a few in person auctions.

That is not to say you can't find a worth while deal. I'm more looking for deals that will also pan out as good rentals, using BRRRR. I work full time, so I'm probably not as aggressive in finding deals as I could be.

Also, there may be more expensive homes that have less competition and more upside that I don't even look at.  I currently stick to all in costs of 200k or less, so that limits my options.

@Andria Kobylinski If you get the HELOC to pay for it now, you'll be paying interest on that money until you can manage to pay it off. Because you're trying to keep cash on hand, I'm guessing this may take a little while.

If you're confident in your numbers, I would use the cash to upgrade the property, then get a HELOC. You end up with limited cash on hand, but have the HELOC, which is usually just as good as cash. Now, you're only paying interest on it when it's working for you during a flip, can pay it off fairly quickly and have a big credit line at a low rate to be used over and over.

Using your numbers: 100K cash into house results in 475k ARV. HELOC lends on 75% LTV, meaning up to 356k. 356k minus 237K mortgage means a HELOC amount of 119k. a 80% LTV puts you at a 143K HELOC.

I like HELOC's. I financed the rehab for a flip and a BRRRR on my last two properties with one. The balance is currently at 0 again waiting to be utilized on my next project.

That's a pretty good rate on an investment property.  Who's the lender?

I live in Fredericksburg and there are some deals, but very hard to come by.  For 20k you either need to find a private lender or hard money, neither of which I'd recommend if you haven't done any deals yet.  Wholesaling is a good way to start.  You could get an idea of what a good deal is, maybe learn from some buyers in the process without the risk.  If you find a good deal, money will come.  Maybe you can try and get a piece of the pie with an investor if you find a good deal.  You can be more involved in the actual rehab, learn some things and limit your risk.

Ok, thank you.  I think that makes sense.  So the original loan was taken out for 116k in 2005.  Then, in 2008 they took a second mortgage for 102k and in 2016, the original loan was sold off.  I think what was throwing me off was that both the first and second were owned by Bank of America and one was sold off and the other wasn't.

I'm reviewing the title report attached and I'm not sure I'm reading it correctly.  Does the portion of the report indicate that the original Deed of Trust was transferred and is still just one deed or that a second Deed of Trust was put against the property and therefore there are two loans with a first and second position?

Thanks for any help!