All Forum Posts by: Will Wiggins

@Andrew Postell @Will Wiggins @Jack Forester thanks for added clarity but I guess I am still confused as to how folks are accomplishing cash out refi without 6 month seasoning and getting their total acquisition back (purchase and rehab). What am I missing? Is it just as simple as recording rehab costs on the settlement sheet?

The way the source document reads is: 75% of appraised value (75% ARV if you wait) not to exceed purchase price plus closing costs. Not repairs.

Eg -

House purchase cost: $60k

Closing: $1,500

Repairs: $8k

Appraisal: $100k

DFE ReFi amount: $61,500

Notes-

$75k is technically 75% of the ARV

DFE payout is only $61,500

$8k is “left in the deal” because buying with cash and using DFE only allows you to pull out 75% of the appraised value NOT TO EXCEED original purchase price + closing costs

You leave $8k in this deal for the convenience of conducting the ReFi under DFE rules, vice waiting 6-12 months for a traditional cash out ReFi seasoning period. It’s all up to your strategy, how much cash you have, how much cash you need, and how much your repairs will cost you, amongst many other variables I am sure.

2 Votes

Hey Brother. Good to see you again man. Call me!

-Seats

@Tim Kelly, go have lunch with this dude. He's an awesome guy, no ****, and he works down the street from you.

1 Vote

Originally posted by @Shawn Coverdell:

I am going to take some hits by saying this. First, I am a veteran. Active Army. National guard. Police Officer, and 22,000 disability claims completed while working for the Veterans Affairs for long time. as a realistate investor, I am a frequent flyer at Home Depot. I can find things better than the managers in that store. Sometimes I am a daily shopper for months on end while fixing up a stinky. I love the 10% discount for flashing my disabled veteran card. but what bothers me is the part where each cashier is told to say, "thank you for your service".

This bothers me because like the majority of service members I just joined the military to get out of my parents house. have some fun. Chicks dig uniforms! and travel. sign, done. gone. Hired.

I spent 8 weeks listening to some sociopath yelling orders, ran for miles and did push ups. to my knowledge only 2 or 3 people failed the whole ordeal.

I am not trying put down the military! I am only saying the US political system puts veterans on the in pedestal because in this country we have a voluntary military and if being a veteran is no longer prestigious who will join?

We used to joke around at the VA, want to retire at 20? join the military, trip over the first beer can you see, piss yourself, call me. I will get you 3,200/month tax free. you will never have to work again.

I retired thousands of young men who had access to google.

Veterans are just like anyone else, they just have an amazing strong political lobby. Do what every you can to defend your property and do not fear political pressure!

as they tought us, "shoot, move, communicate" (the order is important)

Damn @Account Closed. Didn’t know you had it so easy in the Army brother!

1 Vote

@Ryan McKelvey

0 Votes

Originally posted by @Mel Hayes:

Originally posted by @Gregory Schwartz:

You're obviously investing out of state because you've done the numbers in your area and your area may not be good for deals. So you've already done more than most people will ever do. Keep going man.

Not even close Mel. If he had done his research he wouldn’t be investing out of state. NC has lots of deals FAR better than his current offer with no where near the risk level attached to it.

@Gregory Schwartz, honestly brother I hope your deal falls through. Send me a message and we can talk about why offline. It has nothing to do with Huntsville, the property you’re looking at, or out of state investing in general.

Semper Fidelis,

-Seats

0 Votes

Mike, where are you stationed at?

@Ryan McKelvey

Semper Fi,

-Seats!

0 Votes

Gents,

I was raised in C-ville, graduated ‘04 from Woodland and played ball at Shorter in college. Would love to start investing in Cartersville. MFHs especially. Keep me in mind as you grow in the area if you ever start looking to partner.

-Will

0 Votes

@Jack Center

@Ryan McKelvey

I’ll be moving to Florida 15 June, but figured I could tag the two Gents above for their SA. I will also text this webpage to three or four other investor friends of mine in the local area.

0 Votes

Great job. Next project? Fix the outside of your properties. They are big time dis-jointed and killing your curb appeal. I garauntee that as soon as you make the entire unit 'coherent' that you will be able to up the rent.

0 Votes

All Forum Posts by: Will Wiggins

Will Wiggins has started 0 posts and replied 29 times.

Post: Contractor Recommendations Pensacola

Post: Delayed Financing Exception

Post: Newbie from Pensacola, FL.

Post: Help Evicting a Military Family

Post: Real Estate Market in Coastal North Carolina

Post: Out of state, sight unseen investing

Post: Questions for a couple of new-comers

Post: Out of state investing

Post: Onslow County Investor Meet and Greet!!!

Post: Lightning Strikes Twice - Two Successful Side-by-Side BRRRR's