All Forum Posts by: Claudia Adams

@Jonathan Paul Shortt

Just curious why you wouldn’t go through a turn key provider again? I sometimes think that might be a good route especially since my husband and I have full time jobs. I know there are good and bad aspects of turn key, so I was just curious about your experience.

Thanks in advance.

Just curious about everyone’s thoughts on Turnkey Real Estate Investing companies like Smart Invest in Birmingham, AL?
Does anyone have any experience with them?  It actually sounds too good to be true but before I reach out to them I just wanted to hear from the BiggerPockets community before I do.  
They state that they find the home, rehab it, find the tenant and get the investor in touch with the lender.  I am sure there is probably a fee and commission paid to the company as well.

Thank you. Any feedback would be welcomed.

Thank you Evan.  I am going to see the property again with my contractor tomorrow.  I think I should be able to get a close to accurate estimate as the demo has already been completed.  The upper level of the house just needs flooring, paint and a whole new bathroom and the downstairs needs some sheetrock and new kitchen with appliances.

I was unaware of the construction loan, but I will discuss that option with my realtor.  Thanks for the tip.

@John Warren thanks so much for your reply. The rehab is the hardest part to estimate but we will take our contractor in this week to see what his numbers come out to. I just get a little nervous because it would take up our entire HELOC to fully fund this house and not knowing the ARV is nerve racking as well. If the numbers don't work then we will pass, because there will always be other houses to consider.

Thanks again for your response.

There is a house I am looking at that is "cash only" because it is not finished so the banks will not give me a mortgage on it. I could pay for the house with a HELOC but still unclear about how much the rehab would be. If I were to buy it with cash then rehab it and the ARV was more than I put into it what would be my next step? Can I do some type of "cash out" loan to replace the funds back into my HELOC?

My husband and I are brand new to investing so not quite sure about the best financing route. It is across the street from a lake and should be easy to rent out.

Any feedback is welcome. Thank you!