All Forum Posts by: Chari Nash-Cannaday

Hi Edgar,

I am from Milwaukee and while I dont have any resources, I know people do rent rooms. I have a duplex in Milwaukee where the two individuals in the property are roommates but they signed the lease together. I dont have experience renting to multiple strangers. You could try furnished finder to target traveling nurses that are intrested in renting a room. 

Good morning and Happy Thanksgiving,

Are you a modern home builder in Washington, DC? I have a lot with approved plans and permits. I have also been approved for the purchase price of the lot and the construction cost by my mortgage company. However, the builder that brought me the deal was not approved to do the construction by my mortgage company. If I cannot find a builder I will have to pass on the lot. I decided to check this forum as a last resort to see if I could find a builder. The mortgage company shopped the plans around to a few builders they have worked with in the past but the builders told them they don't build those types of homes.

Thanks.

Hi Guillermo, 

If your actually total cost comes in at 51k, it might be a good deal depending on a lot of different factors. It depends on the rent you can get in that area, do you have contractors to do the work, are you getting a loan and what is the interest rate etc. I purchased a property for 55 and I put about 40 into it. The renovation took me way longer than expected. I don't regret it. I rather learn a 95K lesson than a 200k lesson. Nonetheless, I cashflow nicely on the property and values have gone up in my area. Just assume a lot of things can go wrong, plan to spend more than what is quoted for essential repairs, and if the numbers still work, go for it.

@Agus Hartono, I'm not in CA. Let me know if you issue loans for people in other states. Thank you.

Hi @Andrew Postell, I will definitely read your post. I did get the sense that most of the lenders I spoke to were not interested. Refinancing an investment property is new for me so I am open to all the advice I can get. Thanks for the info. 

Thanks Sean. I'll give them a call right now. Penny Mac is looking at giving me a loan but the interest rate would be 4.3. They said they couldn't give me a better rate because the amount I'm asking for is low. 

Hello All,

Can someone tell me how to get a loan on a property that is paid off? I called several banks this morning and I was told that I cannot refi or get a HELOC on a rental property. Any advice? Any bank recommendations?

Thanks,

Chari
 

@Sara Frank i'm interested. Do you have pics? Let me know the price. I can get back to you quickly. I'll inbox you. 

@Sara Frank this is a great idea. I was recently considering purchasing a portfolio of homes in an up and coming location. I live in the DMV but I invest out of state and the area I invest in has a lot of old inventory. Only recently has new construction started to pop up. I am also a newer investor and was struggling to understand who to contact to help redesign a space if I wanted to do a full gut and change the layout of a property. I would definitely be interested in your services. 

As far as marketing, I think Bigger Pockets is a great first start. I also follow a lot of people on IG who post before and after pics and explain their approach on different projects. I think your following on social media would grow over time but the key would be to post a lot of pictures to showcase your work. 

Hi Ryan, I'm a new investor in Milwaukee but I was born and raised here. Nice to meet you. Let me know how I can help.