All Forum Posts by: AC C

Thanks for the replies!

Hi,

I'm about to engage in my first fix & flip project. I found a deal that I couldn't pass up. Will be closing in a couple of weeks and I'm already starting to get estimates. But I'm also very busy with work and family responsibilities.

If a get a highly recommended general contractor with good references how often would I need to check on the progress of the rehab? Weekly, bi-weekly, daily? It is mostly cosmetic with some plumbing issues.

I know the better contractors are more expensive but my time is at a premium also.

Thanks

Hi,

I have found a guy who has a single-family home that he has been renting out for 3 years. He wants to buy more properties but he owns 4 properties currently. He doesn't meet the credit score of 720 requirement to have 5 to 10 Fannie Mae loans. He just wants to get rid of one of his properties because he has found better cash flowing deals.

Is it possible that I can take over his property and get his name off the mortgage so he doesn't move into the 5 to 10 loan range of strict loan requirements?

Or should I direct him into other ways of getting around the 5 to 10 loan requirements?

He owns several other properties free and clear and would be willing to sell me one at a discount if I help him solve his problem.

Thank you