All Forum Posts by: Account Closed

@Shayna Hatcher

Hi Shayna,

I didn’t read all the replies so, sorry if this was mentioned. One flag can be investigated and removed, but you’ve got a few. I’d pass. I’m currently a detective and we have a tonnnnnn of couples living in our extended stay motels because they can’t get approved to rent. And while the felony in 94 can be easily overlooked, the one in 2014 proves potential irresponsibility. In the future, if the only red flag is a house fire and hotel situation, you can always make a public records request on the former address at your police and/or public safety administration in your city/county.

@Sarah Buchanan

Hi Sarah,

I’m a police detective (and investor) that may be able to offer some assistance. When I worked the road, personal property damage was always documented in an informational report. While we patched up doors and windows to prevent further damage, it’s often the responsibility of the property owner to take initiative on reimbursement... but this differs by agency. Another poster mentioned taking your own documentation to city hall, this would be your best bet for reimbursement costs.

Police come with the territory of class C properties, but as time goes on you will grasp how to better manage the “emergencies.”

Good luck!

@Maurice B. Is this the pine hills property? I passed on it as well. Those 1/1s will never get much higher than they are. No room on this one.

Ok that's great advice, thank you. I do have a relationship with my credit union here but I've been so caught up in internet research I forgot about local. On another topic, I'm finding it hard to weed through the wholesale chain to get to the bottom asking price... I'm on different email lists and I see the same property with 5-10k price differences within 5 minutes of each other. Thank you for your help!

Ok, so I did a bit of reading and got some questions answered. As long as LTV is 70-75% and I fit other common loan criteria, I should be able to refi with minimal complication.

I'm beginning research on a particular strategy and need advice. My strategy is very common, but it's to use HML to buy and hold 1-4 unit homes then refinance and use equity to purchase another. While analyzing deals that would work for me, I'm not sure what the best one is in terms of refi options.

Do banks consider ROI or appraised value?
How is the equity most commonly used for another deal? Line of credit, cash out refi?

I realize these answers could easily be found online, but I'd like to hear from you all too as I learn the process. Thanks! 

@Alina Trigub We went with my sole ownership and 2 years I/O, and 50/50 equity share. When I build capital and experience, I will be able to leverage better terms. This was the best for now. Thanks for your reply!

@Account Closed Thank you!

@Account Closed Hi Eric, this is a portfolio of 5 single family homes and 1 home has a guest house. I partnered with another investor that is proposing a 60% down payment so that he can be in 1st position. No offer made yet, as the broker is a whole other story at this point... I'm learning seller's agents do not care for new investors. Or at least this one doesn't!

Hi BP Community! Another JV question.. maybe two.

1. If I JV on a property..as its my 1st one... does this prevent me from using this property/equity to obtain another deal on my own?

2. I intend to BH multifamily units and need to JV on first deal. Is it typical to buy out the other investors interest in the deal? Or can one of you experienced investors see my investor objective and offer guidance?