All Forum Posts by: Chris Barrett

I have a single family home up on a medium term lease, just due to our own circumstances, which otherwise would be a long term rental. Homelink relocation reached out to me to place a family who has had a house fire. Has anyone had experience working with them, I'm curious if there's any difference between having them as an intermediary?

Price drops only matter if you need to sell before prices recover. Make sure you have a healthy margin on rents to keep being able to make payments and just wait it out - then a delay in returns is the worst thing you have to worry about. 

 Garbage in - garbage out: Yes. But it can quickly collate and associate data from accessible sources. Does it make inductive leaps? No not yet. It's not intelligent. Yet. 

I haven't used it for market research because what are it's sources? It's also backwards looking and not forward projecting. 

Go for it! However, listen to all the advice of the experts here and do your due diligence. Real estate investing can change your life and your financial future. Personally I wouldn't rely on Section 8 funding, but instead find a property and location that has a stable group of tenants who will weather the current economic/political storm.

yeah with rock wool for overhead spaces you'll need to enclose it somehow either with plastic or drywall.  Spray foam can work for sound isolation, but probably not as well as rock wool sound insulation. 

Is Lauren an advice bot? :-D 

If you have access to the under side of the stairs and in the stair well you can use something like Roxul Safe N Sound which is a great acoustic isolator. 

It can definitely take quite a bit of time depending on where you are located. I've looked at hundreds of properties and probably only 1% end up being a deal that I buy. 

Yeah not a huge fan on the "art" of appraisals. I'd much rather stick to an income based valuation :-D

One big thing to look out for is your exit strategy bank policies. You need to know beforehand if there is a seasoning period, if they will give a certain max % of ARV or if they just give back the amount put in. I had a situation a couple years ago where the bank changed ownership and their policies changed mid BRRR. So I wasn't able to take out up to 80% of ARV, only the amount I had just paid for the rehab *massive eye roll*. I had to provide them receipts, it was super obnoxious. Now the property is sitting at roughly 62% LTV. Has great cashflow! lol.

The good news is you have nothing to lose in regards to that existing interest rate :-D So after a year you could do a cash out refi, or get a 2nd mortgage or pull a equity line of credit. 

The fastest way to build wealth right now is probably house hacking, keep your current house, rent it out use the equity to put 10% down on the next house, rinse and repeat for a couple years. However, you generally need a well paying job, excellent credit and enough for the down payments.