All Forum Posts by: Carol Labbe

I do not currently have any rentals and from what I have read, I think that is where I will have a hard time getting the money.

I am still going to try and shop around.

I will try that, thanks. I think I understand now. I hear of investors getting loans on their properties, but I guess the difference is they are rental properties and therefore income coming in?

I recently acquired a single family residence that I plan on flipping. I paid $65,000 for the property which had a recent appraisal of $124,000.  There is no mortgage on the property. I need the funds to rehab it, but I am trying not to go the hard money lender way. Do regular banks give HELOCs to LLCs?

@Kevin Romines Thank you for the information. I didn't know investors could get Fannie Mae loans.

I think I found a great deal. I need opinions on a deal and also the funds to buy it. Its a duplex foreclosure - asking price is $79,000. Needs new heating and plumbing due to freezing. Brick exterior. Haven't actually seen the property yet - only pictures, but I figure maybe needs $50,000 worth of work. Estimated ARV is about $200,000. Maybe more because three single family homes next door being built are selling for $250,000. I am thinking of maybe a buy and hold or could be a flip? Rents go for about $1200 in the area. I have about 1/2 of the funds needed. Does this seem like a good deal and what type of loan should I look into?

I am interested.

It took us about 3 months. Competition is fierce. We had to go with a house in really bad shape that no one else wanted. We have been working on it for 3 months now. Should be ready to go on the market in a few weeks.

In a single family house, do you rent the rooms individually to each student who pays their own portion, or do you rent to a group who may know each other and want to share a house?

Sounds like a better deal than what I've got. $50 credit check fee $350 application fee. 2.5 points. $250 legal review fee. $75 appraisal review. $30 service set up. $30 draw admin fee. $1250 attorney fees. My own appraisal fee. $230 each draw for rehab. Plus on top of all that they want special home owners insurance that is going to cost me $3500 for a year.

Has anyone ever used one of the companies that claim to help get you loans, lines of credit and credit cards? And of course they charge a fee of their own on top of whatever fees from the actual lenders. They make it sound like they do all the work, but do they really? Or do they just find the lenders and then you have to deal with the rest?