All Forum Posts by: Carl Crump

Nice! Thanks for all the info. I am trying to nail down a market now. Congrats on what you've achieved and hope it gets better from here out!...

Well that is awesome @James Gates!!  That is what I am looking to do also.  I need to get out there and find some people to work with and like minded investors.  Thanks for the motivational story!

Are all the other properties in Huntsville?  Are they all from wholesalers?

Well that is awesome @James Gates!!  That is what I am looking to do also.  I need to get out there and find some people to work with and like minded investors.  Thanks for the motivational story!

Are all the other properties in Huntsville?

@James Gates.  Thanks for sharing your story that is inspiring and awesome!  You took action and it paid off for you and it looks like you are chugging along now. 

I am interested in starting some BRRRRs myself soon and this was great to read.  You said you have been doing them for 7 months now and are already on your 6th property!...  Are you using money you saved up from before?  I am in California also and looking out of state.  

Great job and thanks for the post!

Hi @CJ Mathieu. Welcome to BP. Getting that VA loan is a great place to start and possibly can do a house hack where you buy a multi unit and stay in one of them. This is a great community to answer any questions you may have and motivate you along the way!

Thank you for your service and be safe!!

@Frank S.  There are options for her to get a loan now.  They would be unconventional as the BK was recent and conventional lenders want that to be seasoned.  Hard money is not a good idea as that would need to be paid back short term.  

Is she able to show good income on bank statements?  How much does she have down?  There are other options but the rate will be high of course with the situation.  9% is too high though...

It is a pretty standard HELOC option. Are you able to qualify using your taxes and is your credit 680 or higher? Try PRMG they should be able to do it.

Hi @N'neka Scruggs Yes you can defitely get a HELOC and use it as cash out. What will happen is the current loan you have will be paid off and replaced by a new firs then there will be a HELOC that you can withdraw from for 10 years. So the current rate that is adjustable will become fixed with the HELOC as a second lien. Hope that makes sense. What area are you in?

@Kyle Myers I agree with Chris.  Most lenders will limit the amount of owned properties you have.  I definitely think there will be a lender out there that can do it.  You need to contact the local small brokerages and run your scenario by a few of them.

Another option if possible is to put the properties into an LLC. This way they are not showing in your name and they do not have to be counted against you. Also if you or your wife can qualify by yourselves you can deed the other off the loan just to get through the process then go back on afterwards. Some lenders will not like the deed changing recently so that option may have a seasoning requirement. The LLC is a good option as that helps you legally and tax wise. Ask local brokers if these options would allow you to qualify.

Good Luck!

@Tom Knox Mike is right generally if it is habitable and no serious safety or health concerns conventional will lend on it. Depending on how much equity is left in the property once rehab is done you can pull out up to 80% with a conventional loan and 85% with and FHA refi. Make sure the after repair value you have is good and maybe verify with a realtor and/or local investor. Same goes for the repairs as there can be unforeseen issues needing attention.

For the loan our company does loans in FL and I would be happy to help determine if you qualify with your income.  We are a brokerage and work with many different lenders.  There are even some out of the box options but of course they will come with higher rates.   Let me know if you have any questions or need anything